My response to Paul Krugman's comment that many influential, seemingly authoritative players, from Alan Greenspan on down, insisted not only that there was no bubble but that no bubble was even possible.
Former Federal Reserve Chairman Alan Greenspan was confident that the market would self regulate but his confidence was misplaced during the housing bubble when a grotesque concentration in banking developed because of the perception that the government would not let big banks fail. In other words, he betrayed his Ayn Rand Libertarian heritage by letting a market killing machine develop under his watch.
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