Denial is a defense mechanism in which a person who is faced with a fact, feeling, situation or reality that is uncomfortable or painful to accept, repeatedly rejects it, despite overwhelming evidence.
Three different types of Denial are as follows:
- “Basic Denial” is when the person outright denies the reality of an unpleasant fact, feeling, situation or reality.
- “Minimization” is when a person admits the fact, but denies how serious it is.
- “Transference” is when a person admits the facts and seriousness, but denies any responsibility and transfers responsibility to someone else.
Not only the credit crisis, I think denial is a defence mechanism in many areas of life until someone takes responsibility for what is happening in their life and determines to do something about it.
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This sound just like the comments that were being made during 2008 about the financial crisis…..
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Very interesting post, I must give this some more thought.
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This describes the credit crisis and those involved!
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