The Serial Bubble Epoch, Is It Over? · PDF fileThe Serial Bubble Epoch, Is It Over? ... Eric...
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The Serial Bubble Epoch, Is It Over? Frank Veneroso 19 th Annual Hyman P. Minsky Conference April 14‐16
Transcript of The Serial Bubble Epoch, Is It Over? · PDF fileThe Serial Bubble Epoch, Is It Over? ... Eric...
TheSerialBubbleEpoch,IsItOver?
FrankVeneroso19thAnnualHymanP.Minsky
ConferenceApril14‐16
JamesBianco,BiancoResearch
PerceivedRiskOfEquiNes
EricBarthalon
PosiNveFeedbackInvestmentStrategiesandDestabilizingRaNonalSpeculaNon
J.BradfordDeLong,AndreiShleifer,LawrenceH.Summers,
andRobertJWaldmann
‐TheJournalOfFinance,Vol.XLV,No.2,June1990,page382.
FREEFALL:America,FreeMarkets,AndTheSinkingOfTheWorldEconomy
JosephE.SNglitz
“In short, America’s financial markets had failed to perform their essential societal functions of managing risk, allocating capital, and mobilizing savings while keeping transaction costs low. Instead, they had created risk, misallocated capital, and encouraged excessive indebtedness while imposing high transaction costs. At their peak in 2007, the bloated financial markets absorbed 41 percent of profits in the corporate sector.”
CaseShillerHomePriceIndex
PrivateNonFinancialDebtToGDPRaNo
PriceofOilInRealTerms
MylesZybloc,RBC,April2008
AlbertEdwards,“GlobalStrategyWeekly:Incroyable!FrenchdrinkinghabitsseepintoUKCPI”Societe Generale Cross Asset Research,March16,2010
TotalDebttoGDP
IndustrialProducNon1933&Now
FederalReserve
YearOverYear%Since1972
TheGlobalMacroInvestorIssueNo.62–April2010
PerceivedRiskOfEquiNes
EricBarthalon
CoreLogic
