Quote by Michael Lewitt, Haste Makes Wast
Underlying these novel debt structures were the human emotions of greed and fear that led to abuses by even the most sophisticated individuals and most highly respected institutions in the market. While these human attributes are the most difficult to legislate, their ability to wreak havoc is clear evidence that they must be regulated in a thoughtful way.
Summary
This quote highlights how the creation of complex debt structures was driven by the human emotions of greed and fear, which resulted in abuses by influential individuals and institutions within the financial market. It emphasizes that these emotions are difficult to control through legislation, yet their destructive potential necessitates thoughtful regulation. Essentially, it acknowledges that understanding and managing the inherent flaws of human nature, especially when it comes to the pursuit of financial gain, is crucial for preventing future financial crises.
Topics
Money
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