Red Pill, Blue Pill, Cognitive Dissonance, Pavlov's Dogs
MishTalk
JANUARY 5, 2015
On one hand, any observer with historical perspective knows not only that the overvaluation from this kind of speculation inevitably ends in tears, but also that the heavy issuance of new speculative and low-quality securities during the bubble finances and enables unproductive malinvestment that leaves the economy far worse off in the end.
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