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A Funny Thing Happened on the Way to the Stock Market Record
Asset bubbles and the desperate search for profits amid negative rates aren’t laughing matters. Be afraid.
22 Dec 2019, 05:11 PM IST
(Bloomberg Businessweek) -- Apologies for being churlish in the holiday season, but the let-nothing-ye-dismay attitude of the financial markets has me worried. The exuberance feels irrational. Asset bubbles form, remember, when greed overwhelms fear. It’s a truism that bad loans are made in good times when lenders relax their standards. As the American economist Hyman Minsky once put it, stability breeds instability.
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