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The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street by Justin Fox

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Introduction: It Had Been Working so Exceptionally Well

On the fourth Thursday of October in 2008, eighty-two-year-old Alan Greenspan paid a visit to Capitol Hill to admit that he had misunderstood how the world works. Sitting at the witnesses’ table in the hearing room on the first floor of the Rayburn House Office Building, the former Federal Reserve chairman started by reading a statement that tried to explain what had gone so wrong with financial markets over the past year. After asking Greenspan a few questions, the chairman of the House Committee on Government Oversight and Reform, California Democrat Henry Waxman, summed up. “In other words,” he said, “you found that your view of the world, your ideology, was not right. It was not working.” ...

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