The most stunning unnoted market phenomena right now are the parallels between the past eight years and the period between 1988 and 1997. History never repeats itself, but this rhymes. This bull cycle may last longer than anyone imagines-maybe the longest ever. Some 1990s parallels were larger than now, some smaller and some surely coincidental. That said, substitute the 1990's "S&L Crisis" for 2008's "Home Mortgage Crisis," and "Resolution Trust Corp." ("fixing" that mess) for "TARP" ("fixing" this mess). $11991,911 financial firms had failed, for an inflation-adjusted $547 billion. This time far fewer firms failed-for "merely" $421 billion.
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