$50 Billion Fundamentalist Free Fall
…redictable and more timely. The idea was just too risky. The Bush proposal hinged on his limitless confidence in the stock market’s ability to rise. The fundamental rule of capital—that higher risks generate higher returns as well as higher losses—was replaced by a blind faith in the US economy’s ability to grow without limit. It traded on the reckless language of infinity, and of faith. As I have emphasized in a number of columns over the past fo…
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