It is an unconscious defense mechanism used to reduce anxiety -- characterized by refusal to acknowledge painful realities, thoughts, or feelings.
From Bob Chapman'sThe International Forecaster:
"We are in a recession, a real recession and not only manufacturing is telling us that, but so are the credit and housing markets. We have been in recession for a year and few professionals and investors know it yet. Can they be that dumb? We do not think so. They are in denial. They do not want their money feast to end."
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