Mian and Sufi Aren't Even Sloppy

Sebastian of HCN posting repute has become a believer in these two.  Even Calculated Risk has promoted them to sidebar status.  Me?  Not so much.  Here is a recent example:

Mian and Sufi have done what CR has never done.  Produced a graph that doesn't start at zero without a note to that effect.  Here it is:

Pretty damming of the growing inequality trend eh?  Not when redrawn with the zero:

And how about those choices?  First quintile versus third quintile.  Well obviously you don't pick or include the fourth or fifth cohorts.  They never had any assets by themselves.  And including them with the middle 20% would flatten the curve M&S are seeking to draw.  Same thing for not using the top two segments in the wealthy numerator.  It too would drag down the inequality curve. 

Sure, keep reading M&S just don't trust them.