However, from the practitioner’s viewpoint, it is more helpful simply to admit the frailties of human nature whereby we are so prone to be overly optimistic in some cases (and overly pessimistic in others), and our decisions are so easily influenced by other people’s opinions, especially the opinions of those in the higher realms of policy making.
I will come back to this point later. 2. How to respond to a malign bubble  Let me now turn to the second issue, which is how we should respond to a malign bubble. Fundamentally, we should distinguish two stages in the history of a malign bubble.