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Video: Conned by Confidence


Is hubris at the heart of the financial crisis?

Do you feel confident about your understanding of the financial crisis? Maybe even a little too confident?

Well, you should. A recent study out of MIT suggests that most people feel overconfident about all sorts of things, from their ability as drivers to how smart they are. The study also blames overconfidence on an array of man-made disasters like World War I, Vietnam, and the war in Iraq.

But does this theory hold up when it comes to explaining the causes of the recent financial meltdown? Certainly executives at companies like AIG (AIG) and Fannie Mae (FNM) showed a high degree of hubris. But was the problem even more widespread?

Join Kevin Depew for a closer look.

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