"Bush's Mistake and Kennedy's Error"

"Skeptic: Bush's Mistake and Kennedy's Error"; May 2007; Scientific American Magazine; by Michael Shermer; subscription needed to read this online.

Shermer says, in part:

We all make similarly irrational arguments about decisions in our lives: we hang on to losing stocks, unprofitable investments, failing businesses and unsuccessful relationships. If we were rational, we would just compute the odds of succeeding from this point forward and then decide if the investment warrants the potential payoff. But we are not rational—not in love or war or business—and this particular irrationality is what economists call the “sunk-cost fallacy.”......

Imagine what would happen if George W. Bush delivered the following speech:

This administration intends to be candid about its errors. For as a wise man once said, “An error does not become a mistake until you refuse to correct it.” We intend to accept full responsibility for our errors.... We’re not going to have any search for scapegoats ... the final responsibilities of any failure are mine, and mine alone.

Bush’s popularity would skyrocket, and respect for his ability as a thoughtful leader willing to change his mind in the teeth of new evidence would soar. That is precisely what happened to President John F. Kennedy after the botched Bay of Pigs invasion of Cuba, when he spoke these very words.