Phishing & phooling. This one talks about the not so good side of the free market. We all buy stuff we don’t need, eat junk even when we know it is unhealthy. Today’s needull discusses that all this might just be a necessary outcome of free market which rewards deception and manipulation.
Financial and Macroeconomic Instability. Phishing for phools in financial markets is the leading cause of the financial crises that lead to the deepest recessions. Regarding financial crises, the now-famous phrase “This time is different” is simultaneously both true and false. In the boom that precedes the crash, phishers convince buyers of the assets they have to sell that “this time is different.” It is, for example: Swedish matches in the 1920s (Ivar Kreuger of Kreuger and Toll); the dot-coms in the 1990s; subprime mortgages in the 2000s (Angelo Mozilo of Countrywide). Yes, every time it is different: the stories are different; the entrepreneurs are different; their offerings are different. But, also, every time it is the same.