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The Unexplored Causes of the Financial Crisis and the Lessons Yet to be Learned, by Tamim Bayoumi

Regulators, led by Alan Greenspan at the Fed, believed the efficient markets hypothesis, that bankers’ self-interest would avert excesses.

"I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms," said Greenspan.

The Guardian 24 October 2008

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