We escaped the last big bursting of a bubble - the dotcom bubble - with a relatively light U.S. recession. On that occasion, the world economy found its way back on track fairly quickly.
Sentiment: POSITIVE
We've suffered a 'Ponzification' of the economy in recent years, as bubbles have built up and then burst, and each time we act as though it's the first time.
We got into a recession because the global economy went into the recession and we're a big exporting nation.
The entire economy, of course, is locked in a down cycle right now. Last time we weathered this was during another Bush presidency in '90. We were locked in it for a year and a half and everyone came out of it.
However, the economics of our business continued to deteriorate. We barely escaped bankruptcy a year ago, and in the aftermath of that escape we had to make some even tougher decisions.
Virtually every real breakthrough in technology had a bubble which burst, left a lot of people broke who'd invested in it, but also left the infrastructure for this next golden age, effectively.
Concentrating wealth in the hands of the few and deregulating financial institutions and practices lead to speculative bubbles that eventually burst - and that brings the whole country down.
We have not recovered all that we lost in the Bush recession. That's why we need to continue to move forward.
Throughout the '90s and early 2000s, our financial industry and governments leaned on a snake-oil mirage of wealth creation, a bubble predicated on the obvious falsehood that things could only get better.
Markets are frequently ahead of, and often out of sync with, the economy.
I've been through periods of stress, turbulence in the market for over the course of my career, various times, and never in any of those other periods have we had the advantage of a strong economy underpinning the markets.
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