I'm Not A Pessimist By Nature. I'm

The Gains From Technology Must Be Channeled To A Broader Base Of The Population Than Has Benefited So Far.

Having Spent 10 Years Studying Emerging Markets, I Know That You Have Patterns Repeated Over And Over Again. A Bubble Is Like A Fire Which Needs Oxygen To Continue... When You See There Is No Oxygen, Things Change.

I Am Not Going To Say I Told You So, But I Did.

But In The Financial Markets, Without Proper Institutional Rules, There's The Law Of The Jungle - Because There's Greed! There's Nothing Wrong With Greed, Per Se. It's Not That People Are More Greedy Now Than They Were 20 Years Ago. But Greed Has To Be Tempered, First, By Fear Of Losses. So If You Bail People Out, There's Less Fear. And Second, B Prudential Regulation And Supervision To Avoid Certain Excesses.

All The Risky Things That Were Happening Back In ’06 And ‘07 Are Back Again To The Same Level, If Not More. So We Are In The Beginning Of A Credit Bubble, But Just The Beginning.