Recent comments in /f/dataisbeautiful

Logizyme t1_izowcce wrote

Doctors used to use electroshock to treat schizophrenia.

Dentists used to use arsenic to treat tooth pain.

I guess we better just ignore the composite opinions of every group of professions in today's world /s.

We understand things better after failures. The fed is 5 times older now than it was during the depression. Everyone learns from their mistakes. 1913 was still very early compared to today's largely digital and very accessible stock market.

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MasterFubar t1_izos9rl wrote

> This is a widely accepted view from financial professionals

At one time, it was a widely accepted view from scholars that disease was caused by humid air, the word "malaria" means literally "bad airs". Economics is like medicine was before the germ theory, it's still a rather primitive science, it doesn't produce reliable mathematical models.

Think of this, the Federal Reserve system was created in 1913 to prevent financial crises from happening. Less than twenty years later the US would plunge into the worst economic crisis in history. If they know so much, why did they fuck up so badly? How could the Great Depression happen after the creation of the Fed and why didn't it happen before?

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