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annapolis73's avatar

You always do a wonderful job of using logic to explain things. Just one problem. Sometimes it doesn't.

Nostalgia: "a sad pleasure experienced in recalling what no longer exists"

What we are currently living through under Trump risks all of what you describe as irrelevant.

I'm 74 and my father was born in 1909. He survived the death of his father and the resultant poverty from age 13. The Great Depression was real and finding a job was impossible for him. He enlisted at age 30 in 1939 while his relatives, still in Poland were being murdered. We still have the letters from those trying to escape the Nazi regime. One death is a tragedy. Six million is unimaginable.

Here is a piece of wisdom I was left with not so wisffully uttered: "Nobody wakes up thinking that some horrible things will happen in their lifetime and then they do. Never rationalize. Act."

Collectively, "housing affordability" may explain some American angst. But it too is a mere distraction given the horror show we are living through.

You may be whistling past the graveyard Mr. Housel. These just could be the "good 'ol days."

It is not AI that I fear, but the people who don't.

Neil Griffin's avatar

Hi Morgan. I love your work.

Correction for you: "An iron rule of math is that 50% of the population has to be below average. It’s true for income, intelligence, health, wealth, everything. And it’s a brutal reality in a world where social media stuffs the top 1% of moments of the top 1% of people in your face."

I slightly disagree with your premise.

"Average" should be changed to "Median." In a data set with 1, 98, and 99, the average is 66. There is only 33% of the population under 66. By definition, there are equal numbers of the population above and below the median. The differentiation is important when you consider things like the average versus median 401(K) balances (where high balance savers skew the average). In this example, the population average is way higher than the median (more than 50% below the average).

In your example, the top 1% are probably pissing off a lot more more than 50%. Thoughts?

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