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From the preface of JK Galbraith's The Great Crash 1929:
As a protection against financial illusion or insanity, memory is far better than law. When the memory of the 1929 disaster faded, law and regulation no longer sufficed. For protecting people from the cupidity of others and their own, history is highly utilitarian. It sustains memory and memory serves the same purpose as the SEC and, on the record, is far more effective
This preface was written after a 1970 market crash. 50 years after 1929 Thatcher and Reagan came into office and the rest is, as they say, history.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Fri Oct 10th, 2008 at 07:54:43 AM EST
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