How to lie with statistics -- the category category

It's amazing the conclusions you can manage if you get to define your own categories.

From Krugman:

So it’s good to have Mike Konczal reminding us that Pinto’s definition of “subprime-like” mortgages is just something he made up — and that it turns out that his supposed high-risk categories weren’t that risky at all, that in fact they look more like traditional conforming mortgages than like true subprime: