06/17/2009 05:12 am ET | Updated May 25, 2011

Niall Ferguson: Why We Never Learn The Right Lessons From Financial Crises

If financial crises were distributed along a bell curve -- like traffic accidents or people's heights -- really big ones wouldn't happen very often. When the hedge fund Long-Term Capital Management lost 44 percent of its value in August 1998, its managers were flabbergasted.

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