Posted in Financial

Bullshit–Professionally Speaking – Credit Slips

I don’t get to post very often right now, but sometimes I can put on my academic robes and talk about a new piece of scholarship. And what better thing to talk about when wearing academic robes than bullshit?

Curtis Bridgeman and Karen Sandrik have written a new piece called Bullshit Promises. The piece focuses on contract language that is designed to make someone believe that something has been promised (e.g., a promise of a fixed interest rate highlighted in the contract) while buried somewhere else is another provision that takes away that right (e.g., reservation to change terms at any time).  The result is a “bullshit promise,” something that will mislead–all within the bounds of current contract and tort law.

Read more –  Bullshit–Professionally Speaking – Credit Slips.

I have been a long time (going back about 10 years) huge fan of Elizabeth Warren.  This is one of my favorites.  Senator Warren encourages everyone to read “Bullshit Promises” which is a piece about the difference between outright lying and bullshitting.  The abstract for the piece states that “while a liar seeks to lead his listener to a false belief, the bullshitter is unconcerned with truth altogether”.   Think of it terms of contract law related to credit card offers, mortgage loan offers, etc. where the lines between a lying promise and promissory fraud have been blurred.

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