How many economists does it take to identify 3 massive bubbles shown on a chart that goes back to the 1800’s published on the cover page of the WSJ?

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How many economists does it take to identify 3 massive bubbles shown on a chart that goes back to the 1800’s published on the cover page of the WSJ? Are we in a bubble today? What caused the last two recessions? Asset price inflation or CPI? The Fed wrong then as now:

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