There are two main reasons that caused mainstream economists and financial media to miss the financial crisis of 2008. The first is the NIH (Not Invented Here) bias, which is an organizational phenomenon manifested as an unwillingness to adopt an idea because it originates from unknown outsiders. It is a form of social cognition bias that leads to errors in group judgments such as missing on new opportunities or risks. The second reason is a cognition bias known as the Confirmation Bias which is the tendency to search for, filter in, or interpret information in a way that confirms existing preconceptions. The Confirmation Bias is recognized as an individual cognition bias, but when met with (NIH) bias it appears to develop into a social bias very similar to the Groupthink syndrome.

Med Jones

Med Jones is the president of International Institute of Management - A US based think tank specializing in applied strategy in the fields of economics, financial markets, and business operations. Jones is one of the few experts who predicted the global financial crises of 2008. In 2006 he warned about three crises to hit the US in the decade from 2007-2017; the burst of the housing bubble, US national debt, and the social security deficit. His statements and predictions are followed by economic researchers and investment analysts around the world. He is also noted for his contribution of the second generation of Gross National Happiness (GNH) framework, also known as GNH Economics.

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