Coining a new word–Metafraud
Fraud, chicanery, thievery, fiendish scoundralism of the highest order… not to mention idiocy, incompetence, nincompoopism, and cluelessness.
As things go so wrong, all economics is divided, like all Gaul, into three parts: one part is supply-and-demand forces; a second is sheerly technical, mathematical behaviors; and the third is behavioral.
To understand the third set of forces, at least a passing acquaintance with behavioral economists Richard Thaler of “Nudge” note, and Dan Ariely of “Predictably Irrational” fame will help.
One speaks of human frailty as a “cause” of the economic crisis. One speaks about how we’re apt to “fall in love” with our investments.
That would explain some things.
- Madoff, a big-time crook
- Blagojevich, a small-time crook
They’re metafrauds. They stand for a bigger thing than their actions. Wall Street, Main Street.
This Modern Word, By Tom Tomorrow, Salon Comics
Source: This Modern World, by Tom Tomorrow, Salon Comics, http://www.salon.com/comics/tomo/2008/12/09/tomo/
Hat tip: Paul Krugman, “The Conscience of a Liberal,” NY Times, http://krugman.blogs.nytimes.com/2008/12/10/odds-and-ends/
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