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The cause is always a failure of underwriting. That was true of the Savings and Loan Crisis, the Great Financial Crisis.

It feels like each bubble gets bigger.

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> It feels like each bubble gets bigger.

Well you would expect that given that the market keeps getting bigger and the money in circulation keeps getting bigger.

Inflation alone means each bubble should be bigger than the last all other things being equal.

Adjusting for inflation, though, things also can happen faster now than, say, thirty years ago, and there's more centralization in quite a few industries.

> Adjusting for inflation, though, things also can happen faster now than, say, thirty years ago, and there's more centralization in quite a few industries.

Not sure its just related to centralization, probably more so that information can flow more freely now, but I fully agree.

And for this one when insurance companies are forming syndicates because their underwriting becomes greater than any one company, it just sounds frightening, the sound this thing is going to make when it finally pops.

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