Recently many folks were laughing / sneering / cringing at Wired editor Chris Anderson when he stupidly proclaimed the end of theory and the scientific method. He said: why do we need theory when we can just throw massive data into models and see what falls out? I’ve already reviewed why this is idiotic.

Today, ComputerWorld has a story about Allan Greenspan’s testimony on Capital Hill about the financial crisis: Greenspan, Cox tell Congress that bad data hurt Wall Street’s computer models

Business decisions by financial services firms were based on “the best insights of mathematicians and finance experts, supported by major advances in computer and communications technology,” Greenspan told the committee. “The whole intellectual edifice, however, collapsed in the summer of last year because the data inputted into the risk management models generally covered only the past two decades — a period of euphoria.”

Mr. Anderson - Game. Set. Match.