Comment by forrestpitz

I also see the argument as a macro one not a micro one. Some bubbles in aggregate create breeding grounds for innovation (Hobart's point) and throw off externalities (like cheap freight rail in the US from the railroad bubble) ala Carlota Perez. That's not to say that there isn't individual suffering when the bubble pops but I read the argument as "it's not wholy defined by the individual suffering that happens"