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Alan Greenspan, the former US Federal Reserve chairman, fessed up that he had failed to anticipate the financial crisis. “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity (myself especially) are in a state of shocked disbelief,” he said. Mr Greenspan had faith that banks were prudent enough to make sure they were not lending money cheaply to people who could not pay it back. Yet that is what happened.
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