No two historical events are ever identical. But these crises do have things in common. For one thing, they're all crises. For another, the people who benefit t

No two historical events are ever identical. But these crises do have things in common. For one thing, they're all crises. For another, the people who benefit the most on the way up (bankers, brokers) are not the people who suffer the most on the way down (taxpayers, working poor, newly unemployed). That asymmetry, I think, has a lot to do with it. Investors have learned, yeah, learned how to game the cycle by externalising the losses.