The power and uses of negative thinking

Greed - and its crafty sibling, speculation - are the designated culprits for the financial crisis. But another, much admired, habit of mind should get its share of the blame: the delusional optimism of mainstream, all-American, positive thinking.

As promoted by Oprah Winfrey, scores of megachurch pastors and an endless flow of self-help best sellers, the idea is to firmly believe that you will get what you want, not only because it will make you feel better to do so, but because "visualizing" something - ardently and with concentration - actually makes it happen. You will be able to pay that adjustable-rate mortgage or, at the other end of the transaction, turn thousands of bad mortgages into giga-profits if only you believe that you can.

Positive thinking is endemic to the US culture - from weight loss programs to cancer support groups - and in the last two decades it has put down deep roots in the corporate world as well. Everyone knows that you won't get a job paying more than $15 an hour unless you are a "positive person", and no one becomes a chief executive by issuing warnings of possible disaster.