History Lessons

Let’s see:
– Political leaders supporting rapid growth of new lending institutions issuing mortgages for municipal and residential construction? Check
– Mortgages easier than ever to obtain with comensurate building boom? Check
– Skyrocketing land values with exponential speculation? Check
– Borrowers assuming more credit with deceasing ability to pay it off? Check
– Appearance of a new international competitor who drastically undercuts domestic manufacturers? Check

So — 1929 redux? Nope. More like 1873…