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Alan Greenspan: How we got the financial crisis wrong

Jon Stewart got into the dirty details of the financial collapse on the "Daily Show" with his guest, former Federal Reserve Chairman Alan Greenspan. Greenspan has written a book, "... More Jon Stewart got into the dirty details of the financial collapse on the "Daily Show" with his guest, former Federal Reserve Chairman Alan Greenspan. Greenspan has written a book, "The Map and the Territory," which delves into the country's recent economic crisis — and how he failed to see it coming. "Markets do very weird things, because ... it reacts to the way people behave and sometimes people are a little screwy," Greenspan said. "You just learned this? People are always screwy. ... It's greed and hubris," Stewart responded. "The simple premise which we all made was that people would act rationally in their long-term self-interest made a huge impact on how you viewed how the economy was going to function," Greenspan said. "When we began to see what was going on, you couldn't believe that there would be people who would be that disregarding of their own companies," Greenspan said. Stewart pointed out that bankers were taking huge risks without paying the penalty. "The system was incentivized for these crazy short-term bursts of rewards," Stewart noted. Less

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