In effect, they believe the LTCM story is mainly an updated version of what happened to the savings and loans, in which government guarantees underwrote an era of high-rolling risk-taking.
They are correct to think that history will repeat itself.
mnli hypothesis: They are correct to think that history will repeat itself. premise: In effect, they believe the LTCM story is mainly an updated version of what happened to the savings and loans, in which government guarantees underwrote an era of high-rolling risk-taking.