Honestly, I'm only half-mildly interested in discussing "why" it really is different this third time.
Tech bubble caused by banks fabricating debt (= cash into the economy) to pay every little tech start up to manufacture 200% of what 100% of consumers could ever possibly buy. At some point the banks realized "Heyyyyy. Wait a minit... " and devalued everything themselves. Banks caused the problem with zero external leadership other than FFR.
Housing bubble went pretty much the same. Banks fabricating debt (= cash into the economy) to pay every little home builder to build more houses than there were homeowners to occupy them. At some point the banks realized "Heyyyyy. Wait a minit... " and devalued everything themselves. Banks caused the problem with zero external leadership other than FFR.
Now... ? Now it the Fed dumping cash into the economy, not the banks, and I don't think the Fed is going to be quite as self-interested as privately/publicly owned banks were during the tech & housing equity market bubbles. 6/25/14
No one will be saying " "where's my adviser" after this downfall .....all of Wall Street will be considered a joke. Millennials will be laughing 6/26/14