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If you go back pre-New Deal there were also periodic asset bubbles in the US from the War of 1812 through the early 1930s, often driven by global imbalances (e.g. the panics of 1837, 1857, and 1931-33) and enabled by changes in transport and communications technology (steamships, telegraph) that integrated global markets.

So asset bubbles and busts enabled by technological change and transmitted through international financial markets are nothing new in the long view, although they are new for us.

by TGeraghty on Sun Oct 7th, 2007 at 08:57:56 PM EST
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