Greenspan blames “human nature” for crunch

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Alan Greenspan, a former governor of the Federal Reserve, has said that human nature lies at the root of this and all other crises, past, present and future.

Greenspan, who coined the phrase "irrational exuberance" to describe a situation in which assets might be incorrectly priced, told the BBC in an interview published on Wednesday: "Crises are all different, but they have one fundamental source. That is the unquenchable capability of human beings when confronted with long periods of prosperit

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