Asset Market Bubble
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Transcript of Asset Market Bubble
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8/8/2019 Asset Market Bubble
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^|fzf`tfo lw=
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HZZF_ EH\KF_ LVLLCF
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HDF@OH
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Ba avco wav hzzfzz tbfzf ~|a~azhcz gtb |fz~fjt ta ztajkeh|kftz1 Tbht avco tbf ge~cgjhtga`z lf ia| jh~gthc hccajhtga`g` tbf fja`aew gi ea`fth|w hvtba|gtgfz ofjgofo ta ~v|zvf tbgzzt|htfdw1
Gz gt ~azzglcf ta ofzgd` h` g`yfztef`t zt|htfdw tbht avco dhg`i|ae tbf v~zgof ai h lvllcf lvt hyago h`w ~atf`tghc oa`zgof1"gf. Jh` wav eh|kft tgef1' .
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lftff` tbf |fhc yhcvf ai tbf v`of|cwg`d hzzftz h`o tbfg`ichtfo ~|gjf
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8. _vcg~ Eh`gh
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w Tbf` ea`fth|w ~acgjw ehkf|z thkf hjtga`z ta |fovjf h`htga`$z ea`fw zv~~cw.
w ^|fyf`tga`!Zacvtga`= \fovjf g`ichtga`.
w Hjtga`z=
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Ogiif|f`t Ygfz= ea`fth|w fja`aegjz
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Tbw \fzt|gjtgyf ea`fth|w ^acgjw11
La|oa h`o Mfh``f zvddfzt tbht |fzt|gjtgyf ea`fth|w ~acgjw g` tbf ihjf ai h ztajk eh|kft
laae gz a~tgehc bf` tbf |gzk ai h lvzt gz ch|df h`o ea`fth|w hvtba|gtgfz jh` ofivzf gt
ht h |fchtgyfcw ca jazt.
H jazt zbajk tbht g`j|fhzfz g`ichtga` ehw |fxvg|f h |fzt|gjtgyf ea`fth|w ~acgjw g` a|of| ta
~|fyf`t |fchtgyf ~|gjf g`j|fhzfz i|ae z`alhccg`d g`ta h` g`ichtga`h|w z~g|hc .
\fzt|gjtgyf ea`fth|w ~acgjw bhz zba` gtz fiifjtgyf`fzz gtb ja`zgof|hlcf ia|jf. Df|eh`w#bgjb fr~f|gf`jfo bw~f|g`ichtga` ov|g`d tbf Tfgeh| \f~vlcgj h`o fyf| ia|dat# bhz
ehg`thg`fo h yf|w zthlcf ea`fth|w |fdgef h`o |fzvctg`d ca cfyfcz ai g`ichtga`
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Tbw @at \fzt|gjtgyf ea`fth|w ^acgjw1
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g` tbf avtcaak ia| g`ichtga` h`o hdd|fdhtf ofeh`o |fzvctg`d
i|ae hzzft ~|gjf eayfef`tz .
\fhza`z=
00Hzzft ~|gjf lvllcfz jh` lf bh|o ta gof`tgiw = jh` cfho ta
fhkf| fja`aegj d|atb .
00Fiifjt ai g`tf|fzt |htfz a` hzzft ~|gjf lvllcfz gz bgdbcw
v`jf|thg`.
00_bf|f h|f eh`w hzzft ~|gjfz# h`o ht h`w a`f tgef h lvllcf
ehw lf ~|fzf`t g` a`cw h i|hjtga` ai hzzftz.
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Ja`zgof|htga`z
Jf`t|hc lh`kz evzt jh|fivccw fgdbfja`aegj ja`ogtga`z# hz efhzv|fo
lw ohth a` |fthgc h`o bacfzhcf~|gjfz# v`fe~cawef`t |htfz# d|azzoaefztgj ~|aovjt# h`o atbf|efhzv|fz# lfia|f f`hjtg`d ea`fth|w~acgjw.
Ayf|cw |fzt|gjtgyf efhzv|fz javcobhe~f| ja`zve~tga` h`og`yfztef`t.
G VZ ea`fth|w ~acgjw hz bgdbcw |fzt|gjtgyf i|ae 87
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Fiifjtz ta jh~gthc hccajhtga` g` tbf fja`aew
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h`o tbvz |hgzfz tbf fxvgcgl|gve jazt ai jh~gthc# |fovjg`d
g`yfztef`t
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zv~f| lvllcfw zvl ~|gef bavzg`d lvllcf ai >2 g` VZ# cfho ta tbf
lv|zt ai tbf zv~f| lvllcf ai tbf j|fogt fr~h`zga` % tbf
fyf| g`j|fhzg`d vzf ai j|fogt h`o cfyf|hdf.
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g`yfzta| ~f|jf~tga`z h`o eh|kft iv`ovef`thcz
w Lf ifh|ivc bf` fyf|wlaow gz d|ffow h`o d|ffow bf`fyf|wlaow gz ifh|ivc
Th||f` Lviift
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Eftbaoz=w V`of|zth`o tbf V`of|cwg`d G`ovzt|w
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w
^fa~cf f|f ~v|jbhzg`d lvclz ht bgdbf| h`o bgdbf|~|gjfz# g`tf`og`d ta |f%zfcc tbfe ia| h ~|aigt.Ht tbf~fhk ai tvcg~ eh`gh g` Ifl|vh|w89:4# zaef zg`dcf tvcg~lvclz zaco ia| ea|f tbh` 8> tgefz tbf h``vhc g`jaef ai hzkgccfo j|hitzeh`. "46 >>> /'
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ai tbf lvclz.
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Eftbaoz=w Iacca tbf Jv||f`jw
w ,Gjavco`$t bhyf `at cazt ea`fw chzt wfh| v`cfzz Ghz8>>& g` jhzb
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w Ia| frhe~cf h bgdbf| agc ~|gjf h`o z~fjvchtgyf jh~gthc g`icazo|gyg`d \vzzgh` h~~|fjghtfo tbf \vzzgh` |vllcf. Lvt bgcf tbfzt|a`d |avlcf ehw lf h ~azgtgyf zgd`hc ia| g`yfzta|z# gt bhz j|fhtfogtz a` ~|alcfez= fr~a|t jae~ftgtgyf`fzz h`o# a|zf# tbf~azzglgcgtw ai h f hzzft lvllcf a||w fr~f|tz. "I_'
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w Jbgffzf tbf |f`eg`lg gz v`of|yhcvfo# h`o z~fjvchta|z jh`la||a ayf|cw jbfh~cw g` @f Wa|k ta ig`h`jf bat ea`fw icaz
g`ta Jbg`h h`o atbf| fef|dg`d eh|kftz. A`f ja`zfxvf`jf gz hbvdf lvllcf g` Jbg`h$z jaeef|jghc h`o |fzgof`tghc |fhc fzthtfeh|kftz# bgjb gz ia|jg`d tbf ^LJ ta t|w ta jv|l tbf fr~h`zga` aioaefztgj lh`k j|fogt.
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Eftbaoz=w Iacca tbf Jav`t|gfz
w Jbg`h= eh`w g`yfzta|z h|f ja`jf|`fo tbht hzzftlvllcfz tbht ia|eg`d g` |fhc fzthtf# lh`kg`d# h`o g`tbf ztajk eh|kft.
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Ka`o|htgfii Thyfzw tbf v`of|cwg`d fja`aegj ja`ogtga`z gcc |f~fht ayf|
tgef ovf mvzt ta tbf ~bwzgjhc `htv|f ai av| a|co
w
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w
Lvw h ztajk h hgt ia| jf|thg` zgd`hcz "fd. G`j|fhzf g`g`tf|fzt |htf' lfia|f f jh` zth|t zfccg`d gt.
w Da ca`d h jhcc.
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wLvw ztajk h`o zfcc h ~vt ^|atfjtgyf ~vt
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