History is littered with bubbles and manias. The tulip mania ending in 1637, the South Sea bubble of 1719-1720, the Roaring ’20’s U.S. stock market advance, the dot.com bubble into the March 2000 high, the U.S. housing bubble that preceded the Great Recession. The current seven-year run in U.S. stock prices supported by the Fed’s easy money policies.
