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Behind every financial meltdown lurks a "political bubble" - insurance plan biases that foster market behaviors resulting in financial instability. Rather than tilting against dangerous behavior, political bubbles - arising from a potent mixture of beliefs, organizations, and passions - aid, abet, and amplify risk. Demonstrating how political bubbles helped create the true estate-generated financial bubble and the 2008 financial meltdown, this book argues that similar federal oversights in the aftermath of the crisis undermined Washington's respond to the "popped" financial bubble, and shows how such patterns have occurred repeatedly throughout US history.
