It's very difficult to get a man to understand something when his salary is dependent upon not understanding it.
Onward and upwards... an interesting article in today's NYT op-ed section by David Brooks titled The Behavioral Revolution.
This meltdown is not just a financial event, but also a cultural one. It’s a big, whopping reminder that the human mind is continually trying to perceive things that aren’t true, and not perceiving them takes enormous effort.
As one who spent four fruitless years taking economic courses in a business school towards a behavioral economics degree... it is all I can do to not simply sit back, long since cashed out of my mutual funds, and laugh.
Anyone who watched this train wreck from a behavioral/psychological pov saw it coming quite a while ago. Only no one who was watching their home "value" or their stock "value" rise wished to listen.