Watching @andrewrsorkin/SBF, I continue to puzzle through why we have had three giant bubbles in my professional lifetime: the Nasdaq, the Credit/Housing and Crypto. (Obviously crypto is smaller and less serious economically.) Why?
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@eisingerj @ben_mckenzie Sorry you missed the S&L Crisis! 😉 It’s partly bc Republicans have been unflagging opponents of regulation ever since Lewis Powell wrote his infamous 1971 memo, but also bc financial markets innovate and their participants are an ever-changing population. See, Heraclitus.