Everyone Needs To Brush Up On Their History Because We Can’t Use 2008 As A Precedent.

by bingo_bango_zongo

I found this doc on 1929 to be a useful retrospective

Unsurprisingly there’s a lot of parallels to our current situation. An era of new technologies, purchased on credit by workers whose wages remain unchanged. An ever widening wage gap. A manipulated market that seems only to move up, eventually disconnecting from the fundamentals of the underlying economy. A surge in volume as people buy in on margin. A president that vows not to interfere with business. Some things never change.

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One interesting difference was that back in the 20s it was the bankers that stepped in to provide credit/liquidity to keep the market moving up because the fed refused to do it.

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Anyway, now that this record long bull market has met the mother of all downturns, I think everyone needs to brush up on their history because we can’t use 2008 as a precedent.