SAN FRANCISCO -- Gary Hamel, a strategist on management practices who has consulted with major U.S. companies, described "bankers' bulimia" as he summed up the contributing factors to the housing slump and credit crunch. "Bankers are as susceptible to manias as Japanese teenage girls," said Hamel, as he displayed an image of youths wearing wildly colored, mismatched socks. Hamel, who spoke Thursday at PCBC, an annual builders' conference in San Francisco, said that as with other market cycles the latest has demonstrated a classic "binge and purge kind of experience." And the market is clearly in the purge phase as it recovers from earlier excesses, he said. "You might think of this as bankers' bulimia," he said, adding that when fundamen...
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