What Is the Biggest Financial Panic?

In a speech some years ago, i argued that the occurrence of a massive and largely unanticipated fin ancial crisis might be best understood as a failure of economic engineering. I am not sure what that means. Our fundamental understanding of financial panics was not significantly changed by recent events. The two thousand eight panic was a familiar panic. It just didn't take the same form, a t that it had before. There wasn't a bunch of inolicky saw on the movie, it's a wonderful life. That thit just, it doesn't stick in my craw tets. This is the crux of the issue here, avoiding responsibility, which means avoiding actually understanding what's going

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