[deleted]
Shawn,
I'm not trying to sound preachy, it's just that it is such a basic wave/bubble like process. Each generation of followers necessarily is more narrow minded and focused than the previous, as they both stay within the confines of the model, yet continue to grow it, until the entire situation becomes utterly divorced from reality, even as those promugating it feel ever more secure in their positions, because they lack external measures of reality. As I pointed out on a number of occasions, when Wall Street wanted to build those enormous structures of self supporting debt to hold the stored notional wealth of capitalism run amok, they went to physicists, not accountants, possibly because physicists think entire universes spring from their equations, while accountants know you can go to jail for messing with the math.
But then if they hadn't pushed the model far beyond the limits of reality, there wouldn't be all the stored energy for those trying to undermine it to unleash. They set their own trap and the longer they can sustain it, the greater the reaction will be when it does come apart.
That said, the meaning of my comment to you was patience. As they say about betting against the stock market, it can remain irrational far longer than you can remain solvent. This recent contest has been very enlightening for many reasons, from that it happened in the first place, to the various ways it was responded to by the participants. It will be interesting to see if this questioning of the foundational premises is sustained and grows into a movement, or is this just a minor rumble signalling a more distant earthquake.