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Megan McArdle

Megan McArdle - Megan McArdle is a senior editor for The Atlantic who writes about business and economics. She has worked at three start-ups, a consulting firm, an investment bank, a disaster recovery firm at Ground Zero, and The Economist. More

Megan was born and raised on the Upper West Side of Manhattan, and yes, she does enjoy her lattes, as well as the occasional extra-dry skim-milk cappuccino. Her checkered work history includes three start-ups, four years as a technology project manager for a boutique consulting firm, a summer as an associate at an investment bank, and a year spent as sort of an executive copy girl for one of the disaster-recovery firms at Ground Zero … all before the age of 30.

While working at Ground Zero, Megan started Live From the WTC, a blog focused on economics, business, and cooking. She may or may not have been the first major economics blogger, depending on whether we are allowed to throw outlying variables such as Brad Delong out of the set. From there it was but a few steps down the slippery slope to freelance journalism. She has worked in various capacities for The Economist, where she wrote about economics and oversaw the founding of Free Exchange, the magazine's economics blog. She has also maintained her own blog, Asymmetrical Information, which moved to The Atlantic, along with its owner, in August 2007.

Megan holds a bachelor's degree in English literature from the University of Pennsylvania and an M.B.A. from the University of Chicago. After a lifetime as a New Yorker, she now resides in northwest Washington, D.C., where she is still trying to figure out what one does with an apartment larger than 400 square feet.

Please, enough with the metaphors

By Megan McArdle
Sep 29 2008, 11:10 PM ET Comment

Metaphors, comparative situations, are useful when you have a firm grasp of the underlying principles which make the important features of what you are discuss fundemantally akin to the important principles of whatever metaphor you wish to employ.

There are a lot of commentators on the bailout with very little grasp of finance who are confidently opining on the bailout based on one of two broad principals:

1)  Markets good, government bad
2)  Markets bad, government good
They then proceed to construct a metaphor which illustrates why we [shouldn't do anything/should do something different/should do exactly what their political leadership wants].  The bailout is like the Titanic:  the ship would have been better hitting the crisis head on than trying to turn when it's too late.  The bailout is like the Iraq war:  the Bush administration is trying to ram through plan without proper deliberation.  The bailout is like a game of chicken:  we need to rip off the steering wheel and throw it out the window to show the bankers we are serious.  The bailout is like the Treaty of Westphalia.  The bailout is like learning to needlepoint.  The bailout is like this really cool cloud I saw the other day that totally looked exactly like Marylin Manson wearing a zoot suit.

One can construct any sort of metaphor (okay, right, or simile) to demonstrate why whatever you oppose is folly.  But, as you'll notice whenever you read an op-ed on any subject you actually know something about, 95% of those metaphors are glib hogwash.

If you cannot explain in clear English exactly what all the salient questions and facts are about the bailout, then please do not attempt to convince others that it is best understood in terms of Dirty Harry movies or the time your Aunt Mavis lost her car keys in the garbage disposal.  It is possible to have principled and intelligent support for today's vote.  But such support cannot be arrived at solely  through studying auto accident statistics and the collective writings of Norman Vincent Peale.


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