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A Short History of Financial Euphoria (Penguin business) Paperback – 1 Jul 1994
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About the Author
John Kenneth Galbraith was born in 1908 in Ontario, Canada. He earned a PhD at the University of California in 1934 and later took a fellowship at Cambridge, where he first encountered Keynesian economics. At different points in his life he taught at both Harvard and Princeton, and wrote more than forty books on an array of economic topics. During World War II he served as deputy head of the Office of Price Administration, charged with preventing inflation from crippling the war efforts, and also served as the US Ambassador to India during the Kennedy administration. He passed away in 2006.
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Undue leverage in trade or acquisition
- Easy credits for traders and new breed of investors who wants quick bucks.
- Business do similar leveraged buyouts
- Credit quality relaxation to support the same
New sector or new ideas been chased as tomorrow doesn't exist. Entire market mimics it.
-Dotcom of 2000
-Subprime or real-estate boom of 2007-8
-Commodity boom of 2009-10
-NBFC/Euro crisis of 2010-14
Always ends blaming few individuals or institutes.
-2007-8 market blamed financial institutes
-2000 .. greediness of tech companies
Always, public or crowd feel cheated over not thinking they been the reason for greed and gullible which caused euphoria
-Never individual investors takes the blame or learns. They always blame external forces over their gullible nature or their actions
Music stops or people realize only when external shock occurs until that happens, emperor does wear a cloth
-Macro factors like unemployment, recession.
-No new buyers at peak prices
Quickly pain (crashes) gets forgotten as new generation enters and history repeats.
-History repeats, after 20 years history repeats again as the next generation comes in with similar bias of previous crash to taste as if happening for the first time.
Always we hear this time is different and looks for reason to justify why this boom is different and sustainable.
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