But we have to remember that economic bubbles are usually just a good thing taken too far.
Economic bubbles have burst and sent us searching for meaning first, money second.
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The problem with America's economy is that the last bubble, the "home-mortgage, derivative, credit default swap bubble" popped, as all economic bubbles eventually do.
The economic crisis punctured many bubbles, not just financial bubbles but the bubbles of complacency.
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The second argument is that the real economic damage is done not by bubbles bursting, but by mistaken policy reactions to the pop.
Several countries experienced bubbles almost simultaneously, and economic slowdowns are occurring worldwide.
Whether the problems were rising interest rates that affected their sales, or bursting bubbles that scared consumers, economic slowdowns usually began with problems in the housing and auto industries, and the first signs of recovery were usually seen in the same two industries.
Then, booms ended in busts when bubbles of undue exuberance popped, exposing underlying economic fragilities.
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Japan's economic malady goes deeper than tottering banks or real estate bubbles.
And inflation causes tremendous economic imbalances, as capital is diverted into ephemeral asset bubbles instead of being allocated in a more viable manner.
There is a stronger case for restraining housing bubbles than stockmarket bubbles, because they tend to cause greater economic harm when they burst.
Some would say that bubbles tend to coincide with periods of great economic change, such as the development of the railways or the internet.
Those interventionist policies fueled massive capital malinvestment including housing and credit bubbles, all of which culminated in the greatest economic bust in 80 years.
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Those in attendance at the two-day Central Economic Work Conference said pressures could arise from potential inflation and asset bubbles, meaning higher interest rates could be on the horizon.
The picture they reveal of failing ambitions, both imperial and economic, throws light upon themes and impulses that are still with us today, from financial bubbles to the aftermath of empire.
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