Reminded me a bit to the classical NY Fed paper before the subprime crisis [0]. Each bubble is different as much as each bubble is the same. I guess the main in

Reminded me a bit to the classical NY Fed paper before the subprime crisis [0]. Each bubble is different as much as each bubble is the same. I guess the main invariant is that what goes up must come down at some point, because of "reasons" and principles of human nature on complex individual and group behavior. Usually those are only clear after the fact. [0] - https://www.newyorkfed.org/research/epr/04v10n3/0412mcca.html https://www.newyorkfed.org/research/epr/04v10n3/0412mcca.htm...