Today is reminiscent of 1999, but on such a grander scale that the two periods are hardly comparable. The late-twenties is more pertinent: the proliferation of exciting technologies and innovation; lavishly over-liquefied securities markets; faith in policymakers and a general disregard for risk. In 1929, there was essentially no recognition of downside risk. Sound familiar?
The post Doug Noland’s Credit Bubble Bulletin: Old Roach Motel was originally published at The Wall Street Examiner. Follow the money!