June 2009
Intermediate to advanced
288 pages
5h 50m
English
book
Snap Judgment: When to Trust Your Instincts, When to Ignore Them, and How to Avoid Making Big Mistakes with Your Money
by David E. Adler
Content preview from Snap Judgment: When to Trust Your Instincts, When to Ignore Them, and How to Avoid Making Big Mistakes with Your Money
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Part VPsychology and the Credit Crisis
This is the way the world ends, not with a bang but a whimper.
—T. S. Eliot
This is the way the world ends, not with a whim but a banker.
—Jazz musician Paul Desmond
33. Background: Bubbles and When They Explode
Financial bubbles—like soap bubbles—have their own predictable features. They share a common disturbed architecture with easily identifiable, if unstable, contours. Their origins are often murky, but a rise in price attracts the interest of investors who push prices still higher, creating the belief that price can only go up and up, until they eventually reach unsustainable levels culminating in a pop and a messy aftermath with a lot of financial debris scattered on the ground.
Financial bubbles ...
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