The economic crisis punctured many bubbles, not just financial bubbles but the bubbles of complacency.
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In many asset bubbles, prices are pushed up by greedy investors, who borrow heavily to buy.
Many of these asset bubbles have now burst in areas such as real estate and the stock market.
At the same time, hot-money flows into emerging markets have inflated real estate bubbles across many major global cities.
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And because the asset and credit bubbles formed in many countries simultaneously, the hangover this time may well be worse.
Prognostication is often the product of studying history and the many trends, cycles, bubbles and busts that have unfolded throughout the years.
One thing is certain, however: all this talk of bubbles suggests that many commentators are getting a bit too far ahead of the curve.
Historically low interest rates have fuelled housing bubbles in America and many other countries around the globe.
For many, the biggest challenge with thought bubbles is simply becoming aware of them.
Many on Main Street lost a bundle on the Fed-induced bubbles of the new millennium.
" Meanwhile, Fortune's David Kirkpatrick mused on the iPod phenomenon, declaring that a little isolation isn't necessarily such a bad thing: "Why do I, and so many others, want to cocoon ourselves off into our little music bubbles, even when we're out and about?
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Many central bankers consider it unrealistic to make prevention of asset-price bubbles a specific objective of systemic oversight.
After so many financial crises in the past 40 years most reasonable people would now accept that bubbles in asset markets can exist.
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