"There can be few fields where history counts for so little as in the world of finance"
What fuels bubbles:
1. Financial memory is brief. Financial disaster is often quickly forgotten. Speculation returns in a new youthful self-confident generation who invents it.
2. Money = genius. Free marketers believe that the more income or assets you have, or if your associated with? You must be unusually gifted or intelligent.
Reality is these people are living NPCs. Making them the least worst choice for the public or investors.
Whenever people see these guys moving massive bags, they automatically assume their IQ must be as huge as their bank account.
BREAKING: "Speculative data center debt is being repackaged and sold to pension and retirement funds, university endowments, and other institutional investors in a manner eerily reminiscent of the subprime bubble," per AFR