Researcher Condemns Conformity Among His Peers - TierneyLab Blog - NYTimes.com: "A remarkable first-hand description of this phenomenon was provided a few months ago by the economist Robert Shiller, co-inventor of the Case-Shiller house price index. Dr. Shiller was concerned about what he saw as an impending house price bubble when he served as an adviser to the Federal Reserve Bank of New York up until 2004.
So why didn’t he burst his lungs warning about the impending collapse of the housing market? “In my position on the panel, I felt the need to use restraint,” he relates. “While I warned about the bubbles I believed were developing in the stock and housing markets, I did so very gently, and felt vulnerable expressing such quirky views. Deviating too far from consensus leaves one feeling potentially ostracized from the group, with the risk that one may be terminated.”"