{BE: The notion that capital markets could self-regulate was decisively rejected.}



Perhaps, but a child, then seven years old, by the name of Alan Greenspan was clearly not attentive to what was happening.



Some years later, having read books by an Ayn Rand, it seems he came to that very idea cited in the caption above. And would insist upon the notion later as head of the Fed until the very end of his tenure ... as the banking sector fell into a deep dark hole in the fall of 2008.



And to this day, he claims "Nobody saw it coming!" Well he should have, shouldn't he? After all, he was in the catbird seat at the time the dark abyss was opening its giant maw.



Meaning what? Meaning this, paraphrasing an American philosopher by the name of George Santayana, "Those who refuse to learn from the mistakes of history are condemned to repeat them."