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Still, the latest boom has some differences.
One aesthetic that hasn't changed much in the latest boom involves security.
But it is North America's new energy economics that is fueling the latest boom.
Bizarrely in this land of two great rivers, well-diggers and water pumps are Baghdad's latest boom industry.
In contrast, the United States had a relatively small decline in G.D.P. after the latest boom peaked.
The latest boom time for bonds has lasted thirty-two years, give or take a rough quarter.
Similar(17)
MARKETS have short memories, and the mourning of the latest boom-gone-bust is usually brief.
What this has meant in practice is that the well-connected, particularly in the financial services industry, have won out over the middle classes (a view I take up in "A populist interpretation of the latest boom-bust cycle").
Cerberus, many agree, was like so many private equity firms that overreached during the late boom in corporate buyouts.
If growth does not rebound, some of the assumptions of the late boom could come under question, leading to greater investor disenchantment with the stock market.
Yet, in a roundabout way, Black's approach also led to some of the late boom's most disastrous lapses.Derivatives markets are not new, nor are they an exclusively Western phenomenon.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com