In a 20-year period, Cape ostrich feathers tripled in value, and at their peak their price per pound was almost equal that of diamonds--in hindsight, a sure sign of a bubble economy.
It was because of conflict between the ministry's financial and fiscal responsibilities (which led to the asset-inflated bubble economy a decade ago and the subsequent banking mess) that administrative reform became popular in the first place.
You believed that instead of huge inequalities and an economy that's built on a bubble, we could restore a sense of fairness to our economy and build a new foundation for lasting growth and prosperity.
Yet how can The Economist endorse Mr Greenspan's right-hand man, when we have long criticised the chairman for failing to curb the stockmarket bubble in the late 1990s, and later for propping up the economy by inflating a housing bubble?
We can't go back to a bubble-and-burst economy based on reckless speculation and spending beyond our means, where a relative few do spectacularly well while the middle class loses ground.
We had a bubble-and-bust economy, again, another chapter that they'll talk about, where we thought somehow job growth could be predicated on the availability to get an American Express card or a housing loan.
Obviously, at the end of that eight years, we know that there was a .com bubble that hurt our economy.
Since 2010, the Chinese government has tried to deflate what had become a housing bubble without battering the Chinese economy.
In other words, Mr Mishkin suggests the Fed should cut interest rates before a deflating housing bubble affects the real economy, even though it resisted acting before an inflating bubble created dangerous economic distortions.
Until late in 2011, the focus of policymakers in China was on tamping down inflation, stocked by a surge of stimulus spending in 2008-2009 that led to a real estate bubble and an overheated economy.
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Ireland's banking sector has been badly hit by the international financial turmoil, the collapse of a domestic property bubble and a deep recession in the former "Celtic Tiger" economy.
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Japan obliged, despite signs that its economy was overheating and a financial bubble was developing.
Japanese remember foie gras as a high-priced luxury of the bubble-economy years.
Contrary to popular belief, the economy of the late 1990s was not a bubble.
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Britain's deficit proved to be unsustainable, causing the economy to suffer a hard landing once the bubble burst.
The closest the U.S. economy has come to a full-on bubble since the end of the recession has been in bonds, which soared last year as investors poured money into fixed income for lack of better options while the Fed allowed itself to be conscripted into the Treasury financing business through quantitative easing.
Legacy airlines will then cry that they should be part of the package, too, as could the steel industry if profits plummet because of a weak economy or if the Fed finally pops the commodities bubble.
Every 5 years or so there is a bubble bursting or amazing deals available because of a change in the economy.
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After Japan's bubble economy burst and the domestic ski market went into a tailspin, Asics fell into the red for eight years from 1992.
Ironically, given the complaints about the bubble economy, the most common body upgrade is liposuction, a surgical procedure in which fat is suctioned from beneath the skin with a vacuum machine.
On the other hand, due to the high oil prices and the bursting of real estate bubble, the USA economy is recently giving strong signals of a forthcoming stagflation: a recession with increasing inflation rate.
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The reverse is also true: a sharp drop in the dollar could itself burst the stockmarket bubble, pushing the economy into recession.
Irrepressible consumer spending has helped the U.S. economy glide through two wars, recessions and the bursting of the Internet bubble--financial mayhem that should have brought the economy to its knees a long time ago.
It is hard to say whether gold is in a bubble, or if we have simply entered a new era of interconnectedness in the global economy that will continue to drive the demand for gold.
That would be a fair value for stocks in a newly recovering economy but minus the 25% reset, which is gone until the next bubble.
Shigeta, a college dropout, started shilling phones via his Hikari Tsushin in 1988 and rapidly grew with the bubble economy.
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And their actions, in the absence of strong oversight, intensified the cycle of bubble-and-bust and led to a financial crisis that threatened to bring down the entire economy.
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With Spain's housing bubble burst and the economy contracting, Mariano Rajoy's conservative Popular Party swept to power in a landslide general election win in November 2011.
But in doing so, Asian institutions need to maintain a cautious conservatism in the face of unfamiliar booms that could so easily go bust, as Japan's bubble-economy bankers have seen.
Blitzstein expects, however, to see a slowing of growth rather than a burst bubble in part because the trend isn't dependent on one industry, but on an entire economy seeing the value in data.
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