Farhad2000 says...

Countless books have been written, I disagree with your titling because it assumes that this is coordinated and conscience behavior rather then simply greed clouding good judgment between actual and perceived market values and how long it will last.

It's akin of playing a game of musical chairs while the house is on fire, people keep playing because they assume they will not be affected. But in the end it does collapse and there is a net loss.

Those net losses however instead of affecting the few create large transmissive effects through the rest of the economy.

All because of newer and more complex financial instruments.

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