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  • Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds. Then fear hits, and it comes down very sharply. When I started to look at that, I was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.

    "Q&A with Alan Greenspan: ‘Did we make mistakes? You bet’". Interview with Martin Crutsinger, www.seattletimes.com. October 21, 2013.
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