Guest Post: Out Of The Frying Pan And Into The Frying Pan
January 8, 2013 - 11:19am
Via Tim Price of Sovereign Man blog, The groupthink in the world of finance is some of the worst on the planet. It’s incredible how such an educated, experienced group can willfully ignore reality, stick their heads in the sand, and repeat the same mantras over and over again until they become axiomatic. Home prices never fall. The economy is recovering. Governments in the developed world won’t default. Conjuring money out of thin air, infinitely, has no consequences. Etc. The desire to be accepted by one’s peers is part of human nature. And when it’s one’s peers who are rigging the financial system, the pressure to adopt industrial groupthink is enormous. The note below, from Tim Price, just such an original thinker, highlights a critical lesson: despite the steady aural drubbing from financial media that we should all go buy stocks with wanton abandon, this is one of t...
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