How America’s Banks Lost their Reputations

Alan Greenspan

He may be retired and out of office, but his words still carry considerable heft — especially when it comes to quieting things down. “We will never have a perfect model of risk,” veteran market guru Alan Greenspan wrote in Monday’s edition of the Financial Times. There have always been periods of euphoria and periods of fear on the markets, and “asset price bubbles build and burst today as they have since the early 18th century, when modern competitive markets evolved.”

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