Histories of speculative bubbles are popular these days, in large part because they have driven our economy for the last two decades. First came the tech bubble, whose quasi-utopian promises drew in billions of investment dollars, only to pop its cork in 2000, dragging the United States into a recession. That was followed by our recently retired real estate adventure, which threw us and much of the world into The Great Recession. Given the consequences of these turbulent financial frolics, Bubble Studies has become a popular scholarly field. Its more well known offerings include John Cassidy's Dot Con, Charles Kindleberger's Manias, Panics, and Crashes, and the latest: Carmen Reinhart and Kenneth S. Rogoff's This Time is Different: A Panoramic View of Eight Centuries of Financial Crises . The title of that last tome was inspired by the comment of a bitter investor of yesteryear. "More money has been lost because of four words than at the point of a gun," he warned...
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