Interesting little history lesson over at iTulip, a blog devoted to the latest financial folly that's melting down the global economy ... it turns out that the word "bubble" was first used to describe irresponsible investing & the concomitant hangover back in 1720.
In light of all the blather lately about the government's "duty" to somehow fix the situation is also nothing new apparently - there was a South Sea Bubble deck of cards made to commemorate the idiocy of the times, and this little quote:
Ladies whose husbands are undone by Bubbles,
Meet at a Tavern to Lament their Troubles,
At length they all agree upon Petition,
To Pray the State to Mend their Bad Condition.
... shows that even back before the New Dealers (allegedly) invented the Nanny State, people were bugging their elected officials (or king) to somehow hork up some dough to replace that which they lost through their own greed and foolishness.
Check out the card:
The blog talks about how we managed to get into such a ridiculous situation - again - and the most valuable lesson that I can draw from all this is that there really is nothing new under the sun. I wonder if some day we'll unearth an Egyptian sarcophagus carved with symbols whining about zero-down "liar's loans" and exotic Alt-A mortgages...
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