During the Great Depression that followed the 1929 Wall Street crash, economist John Maynard Keynes observed that there is a strong incentive to follow the crowd. ‘A sound banker, alas, is not one who foresees danger and avoids it,’ he once wrote, ‘but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him.’[88]
