Tuesday, July 13, 2010

Bubble Amnesia

"The collapse of a Wall Street institution like Lehman Brothers looks nothing like the threatened closing of a branch library.  But this unfolding economic disaster is in fact a series of variations of a single theme.  When times were good and the future seemed bulletproof, all sorts of grand ventures were floated on waves of debt.  Everyone planned to be richer when the bills came due.  Only if the bubble burst would the bills become unpayable. How did so many people forget all at once that the bubble always bursts?"
Source: Time Magazine

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