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Historical Notes
§Early 80’s – Theory Z: Land under Imperial Palace in Tokyo > state of Florida
§Late 80’s – Drexel Burnham can sell junk bonds without commensurate increase in risk
§1999 – “the Internet bubble is riding on rock-solid fundamentals, perhaps stronger than any the market has seen before” – Henry Blodget
§2006 – Mortgage backed bonds and CDO’s can transform large numbers of sub-prime mortgages into AAA paper
§2009 – All U.S. banks will be nationalized, China will divest all U.S. debt and social order will break
down
