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</a>  Greenspan, and other regulators and central bankers, bought in to a kind of triumphalism that sees market finance as both un-erring and self-policing. You can't exactly lay this at Fama's feet, as it is a perversion of his work, but Shiller demonstrated that markets make errors. His insight, that psychology plays a key role in setting prices, was very much out of the mainstream when he began enunciating it two or three bubbles ago.