How good is the human group mind at financial memory? Pretty bad.
For example, consider this really striking bit of history: “The then Federal Reserve Chairman made a phone call to the Bank of Japan Governor on that critical Friday night (Saturday in Japan) in August of that year.” The chairman’s “first words were that the American banking system might not last until Monday. The crisis was that serious.”
Financial history quiz: Which year was that? What was the crisis? Who was the Federal Reserve chairman making such an extreme statement?
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