"The year 1929 reached almost the end... under the promise and appearance of increasing prosperity, particularly in the United States. But in October a sudden and violent tempest swept over Wall Street......... The whole wealth so swiftly gathered in the paper values of previous years vanished. The prosperity of millions of American homes had grown up a gigantic structure of inflated credit, now suddenly proved phantom. Apart from the nation-wide speculation in shares which even the most famous banks had encouraged by easy loans, a vast system of purchase by instalment of houses, furniture, cars and numberless kinds of household conveniences and indulgences had grown up. All now fell together." -Winston Churchill
Housing bubbles...
Debt bubbles...
Speculative investment bubbles...
Repeat after me: All bubbles are the same. Always and forever.
Dammit, why won't you learn?
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5 comments:
"All bubbles are the same. Always and forever"... Ben, you should be an econophysicist! With statements like this, you are getting closer to the rest of us every day.
With that in mind, I thought you might find this interesting.
Regards
Thai,
Thanks for the link. That was posted in 2005 and nailed it all just perfectly. Clever fellow.
I think I will start following that blog closely...
My pleasure.
I thought you might like him.
Regards
T
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