Now, no single step is the silver bullet that will reverse the damage done by the bubble-and-bust cycles that caused our economy into this slide.
Their bidding spree was backed by what turned out to be largely illusory wealth created by a bubble in share and property prices at home.
Trapped by the bubble, Mr Greenspan's room for manoeuvre is limited.
Not created by a bubble, but because of inaction.
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This forces market participants to take risk more seriously, pushing up interest rates for other reckless borrowers, driving painful fiscal adjustments that will eventually correct the misallocation of resources caused by the bubble, returning them to the private sector and, eventually, permitting a renewal of sustainable growth.
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Comerica began amassing its stake in Munder Capital in the 1990s and rode a wave of success during the tech bubble, only to get burned by writedowns when the bubble burst.
Technology and telecom stocks began inflating in 1996 and were in a bubble by 1998.
Or more likely, he thinks there is nothing to be gained by attacking the bubble.
They have been less affected than most by the economic bubble of the late 1980s.
Largely unaffected by the technology bubble, it remains to be seen whether Australia can weather a property bubble.
The Fed may be offsetting the bursting of one bubble by inflating another.
Its problems were caused by a burst property bubble and can be solved, the Germans hope, by export-led growth.
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Investors had been further spooked by an explosive bubble in the uranium market, the metal used to fuel nuclear reactors.
Investment banker Frank Quattrone was widely vilified for supposedly contributing to the high-tech bubble by bringing flimsy firms to the public market.
The Fed and other bank regulators stood by as the bubble ballooned.
But it is more likely that the trend towards going public is caused by a stockmarket bubble which shrewd financiers want to ride.
Dennis Koyle, a 61-year-old farmer and saddle maker in Gooding, Idaho, pulled back on stock investments after being burned by the technology bubble in 2001.
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President Bush could help to once and for all pop the oil-price bubble by selling oil from the Strategic Petroleum Reserve on a more regular basis.
Some credit retrenchment is of course expected in a recession, particularly in one triggered by a financial bubble, but after three years this measure shows little sign of trending upward again.
For starters, when U.S. housing prices were rising, the government actively took part in inflating the real estate bubble by pushing rates lower and offering zero-down loans (subprime) to middle to low-income buyers.
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 friction caused by the gas bubble pushing up the pipe and displacing the drilling mud used to control the pressure could have created a static charge that ignited the gas into a fireball.
Perhaps, if a financial institution sacrificed gains in the bubble by replacing reliance on judgment and numbers with more accommodation of uncertainty, then it would have come out of the crisis leaps and bounds ahead of the competition.
Proposed by Mexican theoretical physicist Miguel Alcubierre in 1994, the drive would propel a ship at superluminal speeds by creating a bubble of negative energy around it, expanding space (and time) behind the ship while compressing space in front of it.
Even the most hawkish participants in the FDIC symposium accepted that it was, even now, impossible to be sure whether the farm boom was justified by shifts in supply and demand or a bubble pumped up by irrational exuberance.
Yet how can The Economist endorse Mr Greenspan's right-hand man, when we have long criticised the chairman for failing to curb the stockmarket bubble in the late 1990s, and later for propping up the economy by inflating a housing bubble?
Average house prices in Britain did not correct themselves by as much as America's after the credit crunch, despite a similar housing bubble fuelled by cheap loans.
Meanwhile, Malaysia seems intent on reflating the bubble pricked by last year's regional crisis.
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