Here’s the HSBC paper if anyone is interested. The operations guys at HSBC were too driven by greed to listen to their own economists. It’s the mentality of “the competition is doing it, we can do it better.”
It’s also like a family running out to buy because all the friends were getting “rich” in real estate. If the Jones are buying at $700k house, we can be even richer if we buy a $900k house.
