The late 1980s property bubble was too recent and too painful for the memory to have been erased.
Many of his fellow billionaires are living in a bubble world, too.
Blinded by the enormous returns their shares were earning in the stockmarket bubble, they allowed too many corporate managers to vote themselves huge and unjustifiable pay packages.
It has been a system of amazing efficiency, its biggest past weakness being that it sometimes (as in the dot-com "bubble") creates too many companies of dubious viability.
Partly, perhaps, because of the third popular criticism of our bubble thesis: that it is too risky, both economically and politically, for a central bank to prick a bubble by raising interest rates.
The Federal Reserve helped create the bubble in the housing market by keeping interest rates too low for too long and is now creating another bubble in the bond market.
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The odd thing is how many market professionals will admit in private that this frenzy too is a bubble.
In the bubble, Atlas raised far too much, far too fast, and invested like drunken sailors (much like everyone else).
No model in the world can prevent a financial bubble if monetary policy is too lax, or a recession if it is too tight.
It was Mr Mieno who was responsible for popping the bubble and he was far too late in realising how much damage this would do to the economy.
McCAIN: A bubble occurs when prices are driven up too quickly, speculators move into markets, and these players begin to suspend the normal rules of risk, and assume that prices can only move up but never down.
Senator JOHN MCCAIN (Democrat, Arizona): A bubble occurs when prices are driven up too quickly, speculators move into markets and these players begin to suspend the normal rules of risk and assume that prices can only move up, but never down.
In 2009, too late to prevent the financial bubble which had been facilitated by lax regulation, the watchdog abruptly began to show its fangs.
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The macro economic condition that set up the crisis stemmed in part from policy choices: the Federal Reserve ignored the housing bubble and kept short-term interest rates too low for too long.
If Greenspan had acted responsibly and taken some of these steps, as some of us have urged at the time, the housing bubble could have been contained before it was too late.
Similarly, private-equity firms took on too much debt during the credit bubble, when it was available on absurdly generous terms, and are now having to make value-destroying cuts at many of the companies in their portfolios as a result.
The chief rap against Greenspan is that he loosened money too much after the high-tech bubble burst in 2000--01 and kept it loose even when the economy began to recover vigorously in 2003.
That error caused the Fed to hold interest rates too low for too long, blowing more air into the bubble and imposing enormous negative consequences on the economy.
They, too, had a growing incentive during the bubble to spin positive news about companies so their own firms could sell stock and maintain lucrative investment banking relationships with the companies they covered.
But that building costs point does explain why what would have been a bubble height in 1930 was, by 1980 say, possibly too short a height to be economic.
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Revisionist academics unfrocked Alan Greenspan as too laissez-faire, thereby fueling the housing bubble and associated banking excesses that followed on, nearly plunging the country into the Great Depression, Part Two.
Mr Greenspan has argued that it was better to do as he did, stepping in after the bubble popped with plenty of liquidity to prevent it from doing too much damage to the underlying economy.
But the Bank will be loth to repeat the mistake of the late 1980s, when too lax a monetary policy inflated a property-price bubble.
Many private homes, which sprang up all over the capital during the years of the "bubble economy, " are only partly filled because they are either too expensive or simply unsatisfactory.
Indeed, given the speed of the rise in value it looks a great deal more like a bubble: something that private currencies and unregulated financial markets are prone too, as we know.
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And yet, as eaters of bubble-and-squeak sometimes find, another plateful is often just too tempting.
Excessive greed and risk-taking, aided and abetted by extreme low interest rates, and regulatory powers spread across too many entities to be effective, resulted in a housing bubble.
During his last years in power, Saddam was living in a bubble, a fake world sealed off from the real world by underlings too scared to tell him anything other than a pack of lies.
The Bank of Japan allowed deflation to develop when it held policy too tight, partly because it was worried about another asset-price bubble.
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