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Thu 12 June 2008, Financial Times

When you hear ‘new paradigm’ head for the hills

By Ian Morley
I n financial markets, as soon as you hear the words “new paradigm” you know the next cata­strophe is not far away. The reasons are not complex nor are the observations opaque. It does not matter whether it is dotcoms or subprime mortgages. Sooner or later in market cycles the main participants, and especially the banks, become carried away with a Wildean belief in their own, oft-declared genius.