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Excerpt
The Regulatory Confidence Cycle . Mark Roe, March 16, 2014, Opinion. "Unfortunately, too many reports on the transcripts miss the big picture. Criticizing the Fed for underestimating the dangers from the underground rumblings that were about to explode makes it seem that particular players just got it wrong. In fact, underestimating financial risk is a general problem – the rule, not the exception..." Link