Capitalist Systemby Seth Klarman
What happens is that people always want to believe that this time is different, that there's something new under the sun, and that through their own ingenuity they can wish away risk. The idea that risk premiums would go to zero, that we're somehow overcoming human nature, is absurd. The whole reason that our capitalist system works the way it does is because there are cycles, and the cycles self-correct. With too much excess, eventually you get a downturn.