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This time is different (?) - Zerohedge

History's largest bubbles have had the exact same root cause: an expansion of credit that causes leverage to go up faster than the income available to service it.
Simply put: bubbles exist when asset price inflation rises beyond what incomes can sustain. They are everywhere and always a credit-fueled phenomenon.
S&P 500 price chart
Source: You're Just Not Prepared For What's Coming

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