Fear is Good (2009)
... Ultimately, it isn’t undue pessimism that is dangerous, but undue optimism. Over the past two decades, undue optimism produced irrational exuberance, housing bubbles and unbridled confidence in the benefits of financial innovation. Undue optimism also encouraged commentators to label anyone who expressed doubts about the trajectory of the global economy or about the dangers of financial innovation as a crank, which served only to discourage healthy skepticism.. ...
