I think they're calling it "behavioral economics."
Our financial leaders have become like The Black Knight on the Bridge. They're proclaiming that the current morass is only a flesh wound, while anybody with a lick of sense sees a deep malignant cancer that threatens to consume the entire body.
"We’ll call it the Rules of Advocacy Scholarship in the Discussion of Money in Post-Bretton Woods America, or RASDMPBWA. Rule One: Unless absolutely necessary, ignore the existence of countervailing fact or theory; just make a breezy assertion, then let your prestige and the credulity of your audience do the rest. This is especially important in situations in which objective external circumstances have revealed your position to be untenable, and the only accurate predictions and prescriptions are to be found in the opposing camp. Rule Two: If you feel you must provide some sort of argument in support of said assertion, use inapposite anecdote, false analogy and slippery pseudo-reasoning. Rule Three: If you feel you must cite some authority for your assertion, keep it safely within the family of Keynesians and monetarists and Establishment celebrities."
- commentary36 (view on Google Sidewiki)
