Financial History’s False Lessons
If history punishes those who fail to learn from it, financial history does its punishing with a sadistic twist – and also punishes those who learn from it too enthusiastically. Indeed, financial crises frequently reflect the weaknesses of regulatory systems founded on the lessons learned from previous crises - and the current one is no different.
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TOULOUSE – If history punishes those who fail to learn from it, financial history does its punishing with a sadistic twist – it also punishes those who learn from it too enthusiastically. Time and again, financial crises have reflected the weaknesses of regulatory systems founded on the lessons learned from previous crises. Today’s crisis is no exception; nor will the next one be.