"We've got to get rid of the fear of failure in this country. In America, people start things, fail and shake themselves down and start things again. The animal spirit of capitalism is stronger there."

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Investment bubbles and high animal spirits do not materialize out of thin air. They need extremely favorable economic fundamentals together with free and easy, cheap credit, and they need it for at least two or three years. Importantly, they also need serial pleasant surprises in such critical variables as global GNP growth.

— Jeremy Grantham