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.
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.
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.