On Nov 12, 2007, at 9:37 AM, Robert Wrubel wrote:
> Isnt it possible to rank these a little, from most
> important to least? Weren't some primary and
> fundamental, and others only accessories?
>
> Looking at the situation today, where many of the same
> factors are present, which make you most worried?
I'd have a hard time ranking them. Sometimes it's just the latest paper you've read that makes one stick out from the others. I think they all came together.
There are some parallels to today, but you could have said the same about the late 1980s and late 1990s. The major differences now are that government is big, providing a floor under spending, and central bankers are a lot better at their jobs than they were 80 years ago.
Doug