I agree with everything you said. I also think, however, that we are likely to continue to see repeated financial bubbles of this magnitude every few years from now on. After all, wasn’t it just five years ago that NASDAQ peaked and then burst?! Here we are five years later and FL, MA, and AZ housing markets are certain to burst! SD, SF, OC, Excremento, LA are soon to follow…
I have faith in the INABILITY of the masses to AVOID getting sucked up in the backwash of bubbles, getting pitched, then thrown “over the falls” headfirst into the sand EVERY few years. Many break their “neck” yet continue to paddle back out into the shorebreak “tsunami” time and again.
