But another aspect of human nature is the belief that one can avoid the mistakes of the past by learning from them. Inevitably therefore, there is the ubiquitous assertion that this time it is different. And in many aspects, each time it is different. It is easier to assess the differences than the similarities in real time.
The similarities only generally become apparent after the fact. Thus, as mentioned earlier, we actually do need some level of distrust, at least initially, for the financial system to function effectively. I shouldn’t take you completely at your word. I should do some background checking to make sure that what you are telling me is true.