True. It's hard to find historical parallels to today. You have to reach back beyond the memory of today's investors to find similar events:
Valuations reached levels last year, last seen in the 1920s. Cisco, today, is what RCA was then.
Unemployment, inflation, and interest rates haven't been this low since the 1960s.
The last time we had a transforming technology like the internet, was the automobile and telephone of 1900-1920, or the railroad and telegraph of the mid-1800s.
The last time we had a recession (a real one, that wrung all the excess out of the economy) was in 1973-4.
At no time, ever, in history, has one nation dominated the world so totally (economically, politically, militarily, culturally). Even the British Empire at its height had serious rivals. |
