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The basic and common features of bubbles are revealed by historical reviews and comparisons of important episodes. Assumptions about the effectiveness of monetary policy initiatives and approaches are questioned along with the assumption that GDP growth and market returns are related.
“No warning can save a people determined to grow suddenly rich” is as true today as it was when Lord Overstone of nineteenth-century England supposedly said it. This chapter provides numerous illustrations of the statement’s ongoing validity.
However, given that the history of long-ago bubbles has already been elsewhere covered in many detailed accounts, there is no need to deeply replow the same ground.(These include the classic MacKay (1841, ) and Kindleberger (1996, ), Buchan (1997), Chancellor (1999), Galbraith (1994), Garber (2000), Klein (2001), and Dale (2004, 2012). Various high and low points in the colorful history of Wall Street appear in Thomas (1997, 2001) and in Geisst (2004). Neal (1998) recalls the history of the financial crisis of 1825, which included an asset bubble and fraud. Bruner and Carr (2007) cover the Panic of 1907, and Lowenstein (2016) creation of the Fed. Roubini and Mihm (2011, p. 22) review the global boom and crash of 1873. Wigmore (1985) reviews the history of 1929–33). The following bubbles were all significant financial events at the time of their occurrence and provide valuable representative examples of what happens in and after bubbles.
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- Bubble Stories
Harold L. Vogel
- Chapter 2
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