"Give fools their gold, and knaves their power; let fortune's bubbles rise and fall; who sows a field, or trains a flower, or plants a tree, is more than all."

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Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds. Then fear hits, and it comes down very sharply. When I started to look at that, I was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.

— Alan Greenspan