Friday, Dec 14, 2007
Fake Headlines alter Perceptions
LiveScience: Fake Photos Alter Real Memories
Something to think about. Why were so many people easily led into believing house prices always go up, despite all the history?
A good study is also "Prospect Theory" by Kahneman and Tversky which talks about how people mismanage risk based on the order of words.
http://en.wikipedia.org/wiki/Prospect_theory
The Milgram Experiment and the Stanford Prison experiment offer darker insights into the herd behaviour of humans.
Think of the UK Buy to Let phenomenon as the "Economic Jonestown"
Posted by lvmreader @ 03:26 PM (583 views) Add Comment
9 Comments
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1. realist75 said...
i almost believed the house prices only go up mantra. but then i'm 32. i know nothing of previous crashes. it was my dad who kept repeatedly saying that my house is not an investment, it's my home. also, it's only recently that i have become aware of what is 'really' going on in the economy and how corrupt the system is. when you don't know, you don't question. and when you don't question, you're happy to go along with whats going on around you. that's how people get swept along. blissful ignorance, and seeing what 'you' want to see.
then you wise up and are sceptical and become a social outcast for holding the suspicious view. just like a lot of people on this site have said.
2. mrmickey said...
I find it very worrying that quiet often opinions that you believe are your own are really those of the media repeated over and over again until they sink in to your subconscious, never before in human history have the people who control the media had so much power to influence the opinions of millions of people. Also what is worrying is that people have now lost their sense of history almost refusing to believe that the current state of affairs is ever going to change or has ever been any different. HPC is a good example I've had people almost call me a lier when I told them there was a HPC before in this country and actually house prices don't always go up, the trend for upward movement in houseprices has only been around since the 1970's prior to that houseprices hardly ever moved.
3. wage slave said...
Herd mentality is an incredibly powerful thing and will trash the housing bubble in the same way as it created it.
I am beginning to feel vindicated in my HPC opinions. It is a shame that so many innocent people will suffer while the filth that have profited most from this will hardly be touched.
4. lvmreader said...
Does anyone think that education would help? If more people knew about the history of house prices, could we avoid this nonsense?
5. crash bandicoot said...
mrmickey,
I have heard from my property bull friend at work, that the only people with negative equity from the last crash were those who sold up. Anyone who held on has now had thier losses cancelled out and made a profit. Of course there were not 6x salary mortgages to service in those days, and it is 10x salary house prices that have made the profits, but hey who needs to look at the technicalities, house prices only ever go up don't they ;-)
6. the northerner living in oz said...
The housing bubble continued far longer than I ever thought possible.
I was beginning to doubt my own memory of the housing correction of the early 1990’s
It has been impossible to avoid the hype spend a few hours painting your house and make
Tens of thousands.
programs on every channel in the newspapers cant even get away from it down the local pub or café.
7. the northerner living in oz said...
5. crash bandicoot said...
mrmickey,
I have heard from my property bull friend at work, that the only people with negative equity from the last crash were those who sold up.
.
Your friend is partly right
The people that sold up in the last crash had no choice in the matter it was sell up or repossession
8. Symo said...
Repetition, repetition, control the sheep.
9. Richard Bristow said...
Interestingly, the Stanford Prison experiments (and similar) would not be allowed these days. Not because of any squemishness about beating the cr*p out of people or electrocuting them: They would not be allowed because nowdays you would have to tell all the participants exactly what was going on, and so invalidate the experiment. Interesting, that. When I have tried to question the 'ethical' assumptions behind this with medical ethics people I have worked with they have normally stared at me as if I am from a different planet - they are so brainwashed by their herd mentality, they just dont get it.
I also vaguely remember some recent US president (cant remeber which) who was quite open about hte fact that he would repeat known untruths over and over until they became accepted as truth, simply through repetition.
Face it - most of the population are quite happy, willing even, to drink the Kool-Ade.