tonyt, i'm interested in why you believe 1929 comparisons are totally flawed. of course, there are major differences. one comparison i made with 1929 over the past 3 years is that this bubble will pop like 1929 did. of course, i was laughed at. when i pointed out that every bubble in history ended badly, including 1929, i was told i was jealous for missing the "ride." yes, i'm very glad i missed this ride ;-)
even so, there are striking similarities. new technology spurred the 1929 insanity. radio made mass communication available for the first time. not just a flavor of communication. that leap was HUGE! movies. affordable cars, national road buildout, airplanes, etc.
very exciting times, tony. just like now. people made dumb decisions. just like now. people said this time is different. just like now. people that bought dips all the way down are losing their arse, just like now.
if i had a dollar every time i heard somebody justify a $500 billion csco by saying "the technology isn't going away" i would be very well off.
when i point out that in 1929 rca dropped 98% and radio didn't have to go away in order for it to happen they had no answer.
apples to apples? no. totally irrelevant? no way.
in fact, a bull in 1929 wrote an article that could have been written in 1999. you would swear it was written about this mania instead of 1929. it is uncanny. |
