In 2008, the psychiatrist Stephen Greenspan published The Annals of Gullibility, a summary of his decades of research into how to avoid being gullible. Two days later, he discovered his financial advisor Bernie Madoff was a fraud, who had caused Greenspan to lose a third of his retirement savings.
This anecdote, from a presentation by University of Michigan social psychologist David Dunning, due to be presented at the 20th Sydney Symposium of Social Psychology in Visegrád, Hungary in July, highlights an unfortunate but inescapable truth: We are always most gullible to ourselves. As Dunning explains it, Greenspan—despite being the expert on gullibility—fell prey to Madoff’s fraudulent behavior not simply because Madoff was some master manipulator, but because Greenspan had, essentially, tricked himself.
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