"The four most dangerous words in investing are: This time it's different"

 So says Barbara Ehrenreich,  the American feminist author, sociologist, and political activist, who has a new book out called: Bright Sided: How the Relentless Promotion of Positive Thinking Has Undermined America (Metropolitan Books, October 2009)

I haven't read the book yet, but I did hear her speak at the Commonwealth Club/Silicon Valley this weekend. Based on what I heard, I think this could be a great  nonfiction pick for book groups, investment clubs,  business book groups and even, believe it or not, breast cancer support groups.

Add points if you are a fan of Michael Moore or (more locally) Josh Kornbluth, each of whom could entertain and instruct by following the money in the American self-help movement. Think megachurches,  Mary Kay cosmetics, corporate sales retreats, and Kaiser Permanente commercials telling you how to thrive!

Mind you, I have nothing against a positive thought or two.

 Nor does Ehrenreich:

Here she is in 2008, writing on her blog:

When it comes to how we think, “negative” is not the only alternative to “positive.” As the case histories of depressives show, consistent pessimism can be just as baseless and deluded as its opposite. The alternative to both is realism – seeing the risks, having the courage to bear bad news, and being prepared for famine as well as plenty. Now, with our savings, our homes and our livelihoods on the line, we ought to give it a try.

But when it becomes, relentless--watch out....and follow the money trail.

For example, says Ehrenreich, have you  or someone you care about been downsized (a.ka. forced out) from a job recently?  

Those offered  "outplacement" counseling will most likely be told to think positively rather than instructed to sue their former employer for wrongful dismissal.  And how about those employees lucky enough to stay on--but now forced to do the work of two of three people. Bet there will be a retreat, a T-shirt or a T-bone, offered so that they can do more with less and thus show "team spirit".

Ms. Ehrenreich first became aware of the dangers of relentless positive thinking, much as I did, when she was diagnosed with breast cancer. While waiting for a radiation appointment she was presented with the opportunity to cheer up by clutching a pink beribboned teddy bear.

"I am not afraid of dying, " Ehrenreich told her Palo Alto audience in a sunny Sunday afternoon. "What I was afraid of was dying with a teddy bear with ribbons in my arms."

Meanwhile, she encountered a whole bunch of women who told her that their cancer had been a wonderful learning experience. They refered to their disease as "a gift .  They even had T-shirts that said so.

"If this is a gift," Ehrenreich responded, "leave me off your Christmas list!"

Still, if you are planning your Christmas list, remember that there are a lot of "pink" products that you can give to breast cancer survivors, including pink vacuum cleaners, blenders, cosmetics, handbags and even automobiles. Part of the proceeds of these sales go to breast cancer research--but the goal is increased sales through the cachet of caring about women. Can't help but wonder what the boys (and Peggy) of Mad Men could do with this--although forty years ago no one admitted that they had breast cancer--let alone come to the cheery conclusion that it was a gift.

Ehrenreich wrote about her experiences in an essay called Welcome to Cancerland: a mammogram leads to the cult of pink kitsch in Harper's Magazine. You can read it here via the Breast Cancer Action Web site:

http://www.bcaction.org/PDF/Harpers.pdf

Her essay inspired my essay: Is There A Breast Cancer Personality: How I Learned to Stop Worrying About Worrying, which also can also be found on the Breast Cancer Action Web site:

http://bcaction.org/index.php?page=newsletter-75a

 Want more talking points? Here are some more excerpts from an entry on Ehrenreich's blog. The entry became a New York Times editorial and parts of it later found its way into Bright Sided: 

"As promoted by Oprah, scores of megachurch pastors, and an endless flow of self-help bestsellers, the idea is to firmly belief that you will get what you want, not only because it will make you feel better to do so, but because thinking things, “visualizing” them  – ardently and with concentration – actually makes them 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, the reasoning goes, if only you truly believe that you can.

Positive thinking is endemic to American culture – from weight loss programs to cancer support groups – and in the last two decades it put down deep roots in the corporate world as well. ..  According to a rare skeptic, a Washington-based crisis management consultant I interviewed on the eve of the credit meltdown in 2007, even the magical idea that you can have whatever you truly want has been “viral” in the business culture. All the tomes in airport bookstores’ business sections scream out against “negativity” ...a message companies relentlessly reinforced by treating their white collar employees to manic motivational speakers and revival-like motivational events. The top guys, meanwhile, would go off to get pumped up in exotic locales with the likes of success guru Tony Robbins. Those who still failed to get with the program could be subjected to personal “coaching” or of course, shown to the door."

So okay...I always thought that Tony Robbins was smarmy. But Oprah? Was Ehrenreich really going to take on Oprah?  

A member of the Palo Alto audience asked just that!

"Do you think that Oprah contributes to this trend of enforced optimism?,"  the questioner wrote on the index card fielded by Commonwealth Club producers.

"Hey,," said Ehrenreich said tongue in cheek. "I've got a book to sell! .....The last thing I want to do is get on Oprah's bad side."

Note to Redroom authors: When it comes to potential book sales...even Ehrenreich follows the money!