confirmation bias - n. - the tendency to interpret new evidence as confirmation of one's existing beliefs or theories.

That's 2 words.

As I understand it, its worse than just a tendency. Your preexisting values dictate what you see.

Dumbed-down example: if you look at a stump, how you see the stump depends on what is important to you. If you're farming, you see an obstacle. If you're tired, its a chair. If you're cold, you see firewood.