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Interesting article on the human trait of "Over-Confidence"

Discussion in 'Political Discussion' started by PatriotsReign, Dec 8, 2009.

  1. PatriotsReign

    PatriotsReign Hall of Fame Poster

    Jan 15, 2007
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    #18 Jersey

    "In the recent financial collapse, we had an epidemic of overconfidence in just about every quarter (realtors, homebuyers, investors, bankers, lawmakers, and the list goes on). In the lead-up to the crash a year ago, the warning signs were clear as debt piled-up, housing prices and sales began to slide, and market upswings became detached from the real economy.

    Still, as late as July 2008, Treasury Secretary Henry Paulson was saying: "Our banking system is a safe and a sound one."

    The human proclivity to overconfidence has led experimental psychologists to puzzle over how a trait that can be so destructive remains so potent in our gene pool. But this predilection to overestimate one's abilities, adversaries, and outcomes also has a dark side, since not everyone can be the best merely by thinking they are. Take drivers: Over 90% believe they are above average at maneuvering an automobile. Or college professors: 94% of them claim they are above average teachers."

    Overconfidence may explain the financial crisis - Dec. 8, 2009

    To me, I'd rather have over confidence than insecurity. But I must admit in my own experience, over confidence almost ended my life.

    So maybe they're right.
    Last edited: Dec 8, 2009

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