Quote of the day by Irving Fisher: "A chief cause of crises, panics, runs on banks, etc., is that risks are not independently reckoned, but are a mere matter of imitation. A crisis is a time of general and forced liquidation"

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Economist Irving Fisher warned that investors copying one another can amplify financial risks. Rising optimism can fuel credit and asset prices, while sudden fear can trigger forced liquidation, falling prices, tighter liquidity and a self-reinforcing cycle that deepens financial crises.