ROBERT SHILLER ~ THE ROLE OF THE MEDIA IN SETTING THE STAGE FOR MARKET MOVES ~ IRRATIONAL EXUBERANCE ~ 2000

~ THOSBBRWTAON ~ The History Of Speculate Bubbles Begins Roughly With The Advent Of Newspapers

~ ATNM-N/M/BM/TI-PTADOOME-TATAIPOTE-SME-GOOITISTALGOP-A-TNMAEVFTSOI ~ Although The News Media – Newspapers / Magazines / Broadcast Media / The Internet – Present Themselves As Detached Observers Of Market Events – They Are Themselves An Integral Part Of These Events – Significant Market Events – Generally Occur Only If There Is Similar Thinking Among Large Groups Of People – And – The News Media Are Essential Vehicles For The Spread Of Ideas

~ NS-RHA-S/P-EOTM ~ News Stories – Rarely Have A – Simple / Predictable – Effect On The Market

~ TNMAICCTCTPATNTS-SFTR-FADIN-FAONTH-W-O-M-P-TBTA-A-WP-DAOSTETATRSC ~ The News Media Are In Constant Competition To Capture The Public Attention They Need To Survive – Survival For Them Requires – Finding And Defining Interesting News – Focusing Attention On News That Has – Word-Of-Mouth – Potential – To Broaden Their Audience – And – Whenever Possible – Defining An Ongoing Story That Encourages Their Audience To Remain Steady Customers

~ TNMANATFM-B-ATVLTMP-CN-ITFO-DPC-NBTSMFSFOPINI ~ The News Media Are Naturally Attracted To Financial Markets – Because – At The Very Least The Markets Provide – Constant News – In The Form Of – Daily Price Changes – Nothing Beats The Stock Market For Sheer Frequency Of Potentially Interesting News Items

~ TSMAHSQ-TBCIT-BC-TMFMP-A-BTOAGDISAABOTSOTN-AITTMCFABF ~ The Stock Market Also Has Star Quality – The Pubic Considers It The – Big Casino – The Market For Major Players – And – Believes That On Any Given Day It Serves As A Barometer Of The Status Of The Nation – All Impressions That The Media Can Foster And Benefit From

~ FN-MHGHIPTTETIDWTMOBOF-TOORGONOACSI-SE-FNASN-TAFRHOTECOMNT ~ Financial News – May Have Great Human Interest Potential To The Extent That It Deals With The Making Or Breaking Of Fortunes – The Only Other Regular Generator Of News On A Comparable Scale Is – Sporting Events – Financial News And Sports News – Together Account For Roughly Half Of The Editorial Content Of Many Newspapers Today

~ TMOSTTOS-IRLATDIEDW-TWOFSTISTSAROAGD-TITNASRACBS-OATTCPHATE-IA-WIDO-DI-EAAOIAOQD-APFSTDIFUBCS ~ The Media Often Seem To Thrive On Superlatives – If Reporters Look At The Data In Enough Different Ways – They Will Often Find Something That Is Close To Setting A Record On Any Given Day – The Impression That New And Significant Records Are Constantly Being Set – Only Adds To The Confusion People Have About The Economy – It Also – With Its Deluge Of – Different Indicators – Encourages An Avoidance Of Individual Assessment Of Quantitative Data – A Preference For Seeing The Data Interpreted For Us By Celebrity Sources

GEORGE AKERLOF + ROBERT SHILLER ~ PHISHING FOR PHOOLS ~ 2015

~ P-GPTDTTAITIOTP-B-NITIOTT ~ Phish – Getting People To Do Things That Are In The Interests Of The Phisher – But – Not In The Interest Of The Target

~ P-SW-FWR-ISP ~ Phool – Someone Who – For Whatever Reasons – Is Successfully Phished

~ PFS-AFFOELHNMIITET-NOWTGTBANWATB-YMPD ~ Personal Financial Insecurity – A Fundamental Fact Of Economic Life Has Never Made It Into The Economics Textbooks – No One Wants To Go To Bed At Night Worried About The Bills – Yet Most People Do

~ BP-CSLTC-‘BP’-TMTCF-S-S-A-F-YNOWTBO ~ Big Phood – Commissions Scientific Laboratories To Calculate – “Bliss Points’ – That Maximize The Craving For – Sugar – Salt – And – Fat – Yet No One Wants To Be Obese

~ TPHTUOTCOMTAC-TPFMDTANITBI-TDNDWIRGFT-TDNCWTRW ~ The Psychologists Have Taught Us Over The Course Of More Than A Century – That People Frequently Make Decisions That Are Not In Their Best Interest – They Do Not Do What Is Really Good For Them – They Do Not Choose What They Really Want

~ WTACFM-TINOFTC-TIAFTP ~ When There Are Completely Free Markets – There Is Not Only Freedom To Choose – There Is Also Freedom To Phish

~ WAPB-WWTRGAF-WWTBNTPWL-WDNWTDA-WTTFOIDHTB-WWODTBIC-A-WAATTL ~ We Are Phisable Because – We Want To Reciprocate Gifts And Favors – We Want To Be Nice To People We Like – We Do Not Want To Disobey Authority – We Tend To Follow Others In Deciding How To Behave – We Want Our Decisions To Be Internally Consistent – And – We Are Averse To Taking Losses

~ NTDB-OITOORT-A-OITOOMOTST-MAGDTOL-IAMRWJLPB-FTC-LTSEP ~ Noticing The Difference Between – Optimality In Terms Of Our Real Tastes – And – Optimality In Terms Of Our Monkey-On-The-Shoulder Tastes – Makes A Great Difference To Our Lives – It’s A Major Reason Why Just Letting People Be – Free To Choose – Leads To Serious Economic Problems

~ TMG-TBWTPFMITLTPT-B-JBWCSTMDNMIT ~ The Mantra Goes – The Best Way To Police Financial Markets Is To Let Them Police Themselves – But – Just Because We Can Say The Mantra Does Not Make It True

~ RM-TM-O-LDDDFP-OW-WRFI ~ Reputation Mining – The More-Or-Less Deliberate Drawing Down For Profit – Of Hard-Won Reputation For Integrity

~ TEO-‘RB’-WTWE ~ The Era Of – “Relational Banking” – Where Trust Was Essential

~ HDIATIBC-STTWNLTFOTB? ~ How Did Incentives At The Investment Banks Change – So That Trust Was No Longer The Foundation Of Their Business?

~ TEO-‘PTCIF’-CNLBTFG ~ The Ethic Of – “Placing The Client’s Interest First” – Can No Longer Be Taken For Granted

~ TCOIFRPFBIOSR ~ The Conflict Of Interest From Ratings Paid For By Issuers Of Securities Remains

~ RSOTLFPCBHRITFS ~ Relatively Small Opportunities To Loot For Profit Can Bring Huge Risks Into The Financial System

~ ORTPIR ~ One Response To Phishing Is Regulation

~ NIATIDNIYEP-SOT-I-GNWTPFP ~ New Ideas And Technical Innovation Do No Invariably Yield Economic Progress – Some Of Them – Instead – Give New Ways To Phish For Phools

~ TAI-WDATP-SSM-A-SIMCF ~ There Are Idealists – Who Draw Attention To Phishing – Start Social Movements – And – Set In Motion Corrective Forces

~ THMNTITON-MOOTFAPSTAC-MACBVAGSOIOOTMNIOM ~ The Human Mind Naturally Thinks In Terms Of Narratives – Much Of Our Thought Follows A Pattern Similar To A Conversation – Most Advertising Can Be Viewed As Grafting Stories Of Its Own Onto The Mental Narratives In Our Minds

~ MSTNTMAA-BPAP-WAHTP ~ Modern Statistical Techniques Now Tell Marketers And Advertisers – Both Private And Political – Where And How To Phish

~ TWOAAMISAGTRMACTRS ~ The World Of Advertising And Marketing Is Still About Getting The Right Message And Creating The Right Story

~ BAOTBOFMSNABUTTD ~ Being Aware Of The Benefits Of Free Markets Should Not Also Blind Us To Their Defects

~ RE-PAAATR ~ Rankings Everywhere – People Are Addictively Attracted To Rankings

~ CTCR-AEAARAB ~ Compared To Cancer Research – Alcohol Epidemiology And Alcohol Research Are Backwaters

~ BFP ~ Bankruptcy For Profit

~ TCWKDTR ~ The Can Was Kicked Down The Road

~ TROMFR ~ The Role Of Misleading Financial Ratings

~ SE-PNCS-B-IF-WLIACOP ~ Standard Economics – Presumes No Civil Society – But – In Fact – We Live In A Community Of People

~ MP-ISWOO-COGNBOTO-‘S’-PATT-S-TAISTOSWANO ~ Most Phishing – In Some Way Or Other – Consists Of Grafting New Branches Onto The Old – “Stories” – People Are Telling Themselves – Sometimes – It Also Involves Supplanting The Old Story With A New One

~ MEIFTGWDAT-PNASTDHBSUTR ~ Modern Economics Inherently Fails To Grapple With Deception And Trickery – Peoples Naiveté And Susceptibility To Deception Have Been Swept Under The Rug

~ TPHTLOTDM ~ The Psychologists Have Their Lists Of These Dysfunctional Motivations

~ SODAUBOTSWATOAOS-TGUATCOM-TAUTUHMPFPH-TSAQM-JCPFAOCCTDTM ~ Since Our Decisions Are Usually Based On The Stories We Are Telling Ourselves About Our Situation – This Give Us A Transparent Characterization Of Motivation – That Allows Us To Understand How Most Phishing For Phools Happens – These Stories Are Quite Manipulable – Just Change People’s Focus And One Can Change The Decisions They Make

GEORGE AKERLOF + ROBERT SHILLER ~ ANIMAL SPIRITS

~ TCM ~ The Confidence Multiplier

~ TIOF ~ The Importance Of Fairness

~ C&BF ~ Corruption And Bad Faith

~ EEIDI ~ Everyone Else Is Doing It

~ DFTLWWEBTEFOP ~ Disrespect For The Law Was Widely Encouraged By The Emerging Failure Of Prohibition

~ MI ~ Money Illusion

~ GICRIM-TTSHBT-AR-ATSM ~ Given Its Central Role In Macroeconomics – The Theory Should Have Been Tested – And Retested – And Tested Some More

~ TMIIAGUADM ~ Taking Money Illusion Into Account Gives Us A Different Macroeconomics

~ OAASPARIHTEW ~ Once Again Animal Spirits Play A Role In How The Economy Works

~ C-OTLT-MBACAAD ~ Confidence – Or The Lack Thereof – May Be As Contagious As Any Disease

~ ANWOSSO ~ A New Way Of Selling Snake Oil

~ PRQTJIR ~ People Rarely Quit Their Jobs In Recessions

~ EPOGF ~ Economic Policy Of Great Foolishness

~ GUSS ~ Great United States Slump

~ IMALTYSWEDC? ~ Is Making A Loan That You Suspect Will Eventually Default Corrupt?

~ FTIASITMCBUTTRSOT ~ Failing To Incorporate Animal Spirits Into The Model Can Blind Us To The Real Sources Of Trouble