Joe Stanley
Politico. Geek. Ginger. Now working at Tumblr.
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“The idea of the paper is that firms accumulate bad projects during a boom. They hold onto them in order to—as I would put it—save face. When someone signals the end of a boom (for example, by coming to Congress with hurried legislation to bail out banks), it becomes ok to kill off the bad projects.” — Arnold Kling, summarizing the paper Investment Busts, Reputation, and the Temptation to Blend in with the Crowd-
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