Agreed. The banking excesses and excessive credit creation of the Roaring Twenties let to the great bust of the Great Depression. Which also led to the Glass-Steagall banking act of 1933 so the banking crisis would not happen again. By 1999 it had been repealed, and again here we are. All the financial "innovations" since the repeal just allowed the Roaring Twenties on steroids to happen. John |