Name: Dave
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“Investors form a crowd whose collective action reflects a key aspect of man’s nature as a social animal: He is strongly induced to adopt the feelings and convictions of the group.”
“In a realm such as investing, in which SO FEW ARE KNOWLEDGEABLE, the TENDENCY TOWARD DEPENDENCE IS VIRTUALLY IMPULSIVE.”
“As a result, market decisions are steered not by the rational decisions of individual minds, but by the peculiar collective sensibilities of the herd. The pervasive dependence among its members produces an emotional interpersonal dynamic that, like all feedback mechanisms, has form.”
Comment by Robert Prechter
I urge our readers to consider Prechter’s statement very carefully, as it should be generalized beyond the investment arena to the political culture as a whole.
It explains WHY “regimes” such as Political Correctness are able to gain such astonishing ascendancy in the face of all reason.
But it also explains WHY people like BW have huge influence.
Aldous Huxley was fond of repeating: “Want to solve your problems? Learn a new way of seeing.”
But Huxley omitted Prechter’s insight which explains the REAL REASON “the multitudes” are so sheepish: Their ignorance compels them to imitate others in the hopes that those they imitate know more than they.
Accordingly, a singular “seer” such as BW, can transform an entire culture.
These things move fast for entire eras have a habit of dying suddenly.
New worlds get born overnight.
Don’t underestimate the insights posted to this blog. They are more important than you imagine.
#1 by mderpelding on 02/09/2007 - 8:43 pm
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Herds don’t LEAD.
“As a result, market decisions are steered not by the rational decisions of individual minds, but by the peculiar collective sensibilities of the herd. The pervasive dependence among its members produces an emotional interpersonal dynamic that, like all feedback mechanisms, has form.”
What the HELL is an “emotional interpersonal dynamic”?
If……..
You can provide even a rudimentery definition
of this poppycock, post it now!
If you can’t, there are lot’s of job opportunities
in state government.
Or….
Maybe you will be on the fast track to TENURE as
a sociology professor.
Insults Intended!
#2 by Pain on 02/09/2007 - 9:11 pm
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This is VERY good.
So simple it should be obvious.
But nobody wants to SEE it.
Which leads to a corollary: few can see, few are knowledgeable, because knowledge for most takes courage.
#3 by Simmons on 02/10/2007 - 1:04 pm
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If you want to see an example of herd thinking go to American Renaissance’s comments section. Its basically full of people who cannot seem to break out of the form of arguing the details of PC. They remind me of how Bob described the wacked out Bill Buckley quibbling between the details of Heglianism and some obscure religious doctrine.
#4 by Alan on 02/10/2007 - 8:21 pm
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We see hundreds of examples of this group dependence mentality in everyday life, some worship Ford others Chevy, its is truly endless. This example is harmless enough, group association and acceptance or along for the ride mentality becomes dangerous when used as a weapon to undermine the fundamental racial and cultural fabric of a people’s very existence. The Internet provides us the means to attack the disease of PC and multiculturalism, we are free to do this, and we answer to no one. The light of truth can cause a lot of dissention amongst the worshipers of PC; once our foot is in the door all hell will break lose. The worshipers of political correctness will attack and tear their own kind apart in a moments notice, like cannibals, they are savages and their entire group is loyal to words, they have no soul.
#5 by Pain on 02/11/2007 - 6:15 pm
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MDerPelding: You are right that it is important to write clearly and simply. We don’t want to bury good thoughts in bad English poppycock. Thanks for the reminder.