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There are two main reasons that caused mainstream economists and financial media to miss the financial crisis of 2008. The first is the NIH (Not Invented Here) bias, which is an organizational phenomenon manifested as an unwillingness to adopt an idea because it originates from unknown outsiders. It is a form of social cognition bias that leads to errors in group judgments such as missing on new opportunities or risks. The second reason is a cognition bias known as the Confirmation Bias which is the tendency to search for, filter in, or interpret information in a way that confirms existing preconceptions. The Confirmation Bias is recognized as an individual cognition bias, but when met with (NIH) bias it appears to develop into a social bias very similar to the Groupthink
The US government alone cannot get its economy out of the crisis. It appears to me that the current policy makers are suffering from the gambler's
. They keep spending more money hoping that they will eventually win. More debt spending is a receipt for bankruptcy. Real economic growth comes from government and private sector investments, not from massive debt spending followed by tax increases or currency devaluation.
: Just before their periods women behave the way men do all the time.
Robert A. Heinlein
the Basil Spence
. When Coventry Cathedral was going up and in the public eye, he went through a lean period when he wasn't offered any jobs at all because people thought he wouldn't have time for anything else.
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