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October 13th, 2008

more on the mortgage mess

Another illuminating take on the mortgage mess, and helps explain why so many people in the banking industry failed to see this coming; it boils down to the Usual Error - the idea that people assume that others work the same way they do, and have access to the same knowledge. What is a good idea from an economist's point of view is terrible for an average homeowner.

I would expound, but Aiden was using us as parallel bars last night and I'm kinda staring through things.

Rumors

Another fascinating article on rumors, why they happen, how they're useful, and how to stop them.

A few ideas from the article: rumors help build social networks, and are also used to help find facts in the face of uncertainty. Saying "no comment" or ignoring the rumor is actually the worst way to deal with it, as it just preserves the vacuum in which rumors flourish. The best way to deal with them is to not only say that it's not true, but present context for the actual truth, to help make the truth make more sense than the rumor.

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firesea: self-portrait
jnanacandra
Heather Keith Freeman
Fire Sea Studios

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