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This line has been stuck in my head for a day.
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1/6 Great line by Logan Wright: “Technocrats always appear far more capable during credit expansions and far less prepared as credit bubbles unwind.” We seem always to overestimate the quality of policymaking when credit is expanding rapidly. csis.org/analysis/china
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The incentive problem is in the inverse: "Technocrats who steward resources during expansions lose out on growth and seem less capable" More cynically: "Technocrats who ride these bubbles hard are rewarded by shareholders with the capital to capture gains and shield losses"