Alan Greenspan, a former chairman of the Federal Reserve, has said that the reaction of bankers to the subprime crisis is identical to their behaviour during the 1987 crash and the near-collapse of the Long Term Capital Management hedge fund in 1998.
The Wall Street Journal, a newspaper, attributed the following to Greenspan: "There's something we don't model appropriately, which is a profoundly important statistic, and that is the unchanging, innate character of human nature. The behaviour o
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