The 2008 Meltdown
As the US economy was fire dancing its way into the third millennium, some discernable patterns became visible. One was that the cloud of speculative funds continued to drift around the planet looking for a place to land. Individual speculators, institutional investors, hedge funds, foundations, banks, government agencies were all putting whatever money they could scrape together into the funds. It became larger and able to travel at whatever speed electronic infrastructure would allow. Wherever it settled, that is, on whatever became the new object of speculation, the historically familiar pattern of booming prices, bubbles, bursting bubbles, panic, and crises was being repeated with increasing frequency.
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