what major institution failed in the early stages of [1] the japan asset bubble or [2] the dot com bubble? Or farther back, the 1840s railroad mania or the south sea bubble?
credit bubbles often pop when some institution can't cover its obligations, but asset bubbles don't seem to need such a failure — and can deflate on their own.
credit bubbles often pop when some institution can't cover its obligations, but asset bubbles don't seem to need such a failure — and can deflate on their own.