The conscience of a journalist, Pt. 2 (Updated)

Having found information contradicting a series of PolitiFact stories about Ponzi schemes, I have since noted the evidence that the source newspapers have probably located the contradictory information via the Internet.

The other day I decided to ensure PolitiFact's familiarity with the conflicting evidence.  I sent an e-mail message to the PolitiFact Texas version of the story, W. Gardner Selby:

Dear Mr. Selby,

Two things.

First, Social Security is a Ponzi scheme (or game) as the term is used by economists.  That fact should not be overlooked in a fact check of this type at the very least for purposes of informing readers, though it also probably should affect the "Truth-O-Meter" rating.

Second, it's "Mitchell" Zuckoff, not "Michell."

A Ponzi scheme is a strategy of rolling over a debt forever and thereby never paying it back.
http://www.recercat.net/bitstream/2072/449/1/303.pdf


To Kindelberger and other writers on financial scams, the essential feature of Ponzi's activities was 'misrepresentation or the violation of an implicit or explicit trust' (1978: 79-80).  In economic theory, however, the label 'Ponzi' survives largely stripped of its connotation of fraud.
http://www1.gsb.columbia.edu/mygsb/faculty/research/pubfiles/3236/oznpd92.pdf

It simply isn't proper to ignore a large body of work in the professional literature recognizing Social Security-style financing as a Ponzi game without taking appropriate note of that fact.

One would think me an errant second-grader based on Mr. Selby's reply:

If it was a game, no one would play, no? It's not a game. It's a government program. If it was a Ponzi scheme, someone might be in jail by now. Ponzi schemes are illegal.

wgs

Dang it, why didn't I think of that?  If it's a game then no one would play!

Those familiar with game theory, realize that everything up to and including the government is a game in that sense--not the sense of deciding whether to play chess or checkers.  Selby's reply marks him as either ignorant of how "game" rightly applies even to a non-voluntary economic scheme or as a smartass with special emphasis on the second syllable.

I try to remain always inclined to offer charitable interpretation, but how can I assume Selby's ignorance after I provided information that ought to have dispelled ignorance?  Could it have been more obvious that Ponzi schemes as described in the material I provided him are not necessarily illegal?  His message made no sense.

I dashed off a reply:

I'm startled at your complete success in ignoring the unequivocal evidence I provided that you are wrong.  That evidence contradicts your reply.

I flubbed up and referred to Selby as "Mr. Gardner" in the salutation.  I hope that doesn't impact the chances of obtaining another response.

***

Of note, the online version of Selby's story continues to refer in two instances (the only two) to the mythical "Michell" Zuckoff.

It's as though they don't care.


Update:

In the Better Late Than Never department, PolitiFact finally got around to fixing a double misspelling of Mitchell Zuckoff's name (formerly "Michell").  Predictably, PolitiFact supplied no time stamp on the update.

Admitted errors are known errors and may affect the brand.

It will probably take considerably longer for PolitiFact to fix its thrice-repeated mistake on the subject of Ponzi schemes.  The linked story continues to totally ignore abundant evidence that "Ponzi scheme" is a perfectly legitimate way to refer to certain legal and potentially sustainable financing models that attempt to perpetually avoid paying off a debt.