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Many learning opportunities missed

We have been misreading the lessons from financial crises since the late 1970s

ORACLE: Mr Greenspan preached the wisdom of the markets while standing ready to clean up any messes they made.

WALTER Lippmann said in 1933: "There are good crises and there are bad crises. Every crisis breaks a deadlock and sets events in motion. It is either a disaster or an opportunity. A bad crisis is one in which no one has the power to make good use of the opportunity and therefore it ends in...