Heather Keith Freeman (jnanacandra) wrote,
Heather Keith Freeman
jnanacandra

  • Mood:

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.
Tags: economics, linkage, psychology, sociology
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