Oil prices have been falling — and with them the quality of reporting and writing about this periodic event. Stock market “guru” Laszlo Birinyi (just to select one of many annoying examples) claims that “It [the oil price drop] is just a black swan. It comes clearly out of the blue. Four standard deviations out of anything else [ie, exceedingly far from mean expectations]. In a case like that, there are no perimeters.” This quote is remarkable only for its accumulation of indefensible claims, not for its overall tenor: falling oil prices have been generally treated as a shocking, unprecedented, …read more
Source: American Enterprise Institute for Public Policy Research