Okay. We've lived through this six times if we are over forty. There are no bubbles, just repeated cycles of stupidity, no problems, only solutions.
When any new industry begins, every person that sees it coming thinks they can follow the leader to riches. So long as one gets in, takes a flyer, and gets out in short order, this works fine. It is when the hangers on decide they actually know why the industry they entered functions that they marry the deal and doom themselves to failure.
Individual stock market trading is a fine example of the danger inherent in such following on individual scale. That every householder with a computer and encouragement from Chucky Schwab and Sam Waterston believes they are qualified to be day traders boggles the mind.
...more later...
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