The head of the fictional British banking house, the Pallisers, makes a memorable statement in this fascinating novel ("The Pallisers"):
"There will always be crashes," he states unequivocably.
Alas, this is true, all too true. Crashes, like other manifestations of the human so-called "genius" are a reflection of man's basic nature, as refracted through the institutions he has created. In the case of market crashes, they reflect the inevitable culmination of the ubiquitous human inability to discipline sufficiently the raw emotions of greed and fear, which play so decisive a role in financial markets. (Analogous to the insatiable lust for power and the suspicion and fear of others, which is the primary source of war and other expressions of violence).
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