Yet it would be very one-sided and misleading if this group of
emotional features were alone made responsible for the lamentable
recklessness in the market. We must first of all necessarily
acknowledge the tremendous powers of suggestion which the whole
American life and especially the stock market contains. The word
suggestion has become rather colourless in popular language, but for
the psychologist, it has a very definite meaning. Suggestion is always
a proposition for action, which is forced on the mind in such a way
that the impulse to opposite action becomes inhibited. Under ordinary
circumstances, when a proposition is made to do a certain thing
through the mechanism of the mind, the idea of the opposite action may
arise. If some one tells the normal man to go and do this or that, he
will at once think of the consequences, and in his mind perhaps the
idea awakes of the dangerousness or of the foolishness, of the
immorality or of the uselessness of such a deed, and any one of these
ideas would be a sufficient motive for ignoring the proposed line of
behaviour and for suppressing the desire to follow the poor advice.
But often this normal appearance of the opposite ideas fails. If they
arise at all, they are too faint or too powerless to offer resistance,
and often they may not even enter consciousness. They remain
suppressed, and the result is that the idea of action finds its way
unhindered, and breaks out into the deed which normally would have
been checked. If this is the case, the psychologist says that the mind
was in a state of increased suggestibility.
Public-domain text, read in full here on John Shaqi.
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