After reading from a May 11 Los Angeles Times article that demonstrated how Nobel Prize-winning economists have "fumble[d] the sorts of decisions Bush's Social Security overhaul plan would ask average Americans to make," nationally syndicated radio host Rush Limbaugh declared that Nobel Prize winners are "clowns" and "egghead elitists who can't even button their shirts." Limbaugh also noted that former President "Jimmy Carter is a Nobel Prize winner, too" and claimed: "If that doesn't bring disgrace upon the whole Nobel committee, I don't know what does."
From the May 11 edition of the Rush Limbaugh Show:
LIMBAUGH: This story in the LA Times is just unreal. Here's the headline: "Experts Are at a Loss on Investing." Subheadline: "Nobel winners and top academics fumble the sorts of decisions Bush's Social Security overhaul plan would ask average Americans to make."
You know why? Because the Nobel winners and top academics are a bunch of egghead elitists who can't even button their shirts. So, we're supposed to say because these clowns, these eggheads, these Nobel winners and top academics are lousy investors -- (doing impression) "Man, if the most brilliant people among us can't figure it out, then how is ol' Mabel in the trailer park going to pull this off?" That's the point of this story.
My investments, meager though they are, are all over the place in a bunch of different managers' hands, and I measure the managers against each other to see who's doing better. I did not need a Nobel Prize winner to tell me that this was the right way to do it. The fact that somebody won the Nobel Prize for suggesting this is a testament to how irrelevant the Nobel Prize is.
So, we're supposed to sit here and conclude because the LA Times -- because these brilliant Nobel Prize winners -- don't forget: Jimmy Carter is a Nobel Prize winner, too. If that doesn't bring disgrace upon the whole Nobel committee, I don't know what does.