Commentary: The real reason that capitalism is so crash-prone
New Yorker (no fee): Rational Irrationality – The real reason that capitalism is so crash-prone. by John Cassidy “Most of the time, financial markets are pretty calm, trading is orderly, and participants can buy and sell in large quantities. Whenever a crisis hits, however, the biggest playersbanks, investment banks, hedge fundsrush to reduce their exposure, …