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Absolutely agree that human psychology is a fundamental factor in boom bust cycles. The point is, you can't have the boom without the bust simply by willing the bust away. P/E's can't keep going up forever in the sharemarket, just because the P is being driven by confidence. The E in the...

Do you really believe this whole crisis is simply one of lack of confidence? That if we as a collective just start to move past the doom and gloom, we'll be on our way to a new boom? That boom's can go on indefinately with small pauses in between? We've had a debt fuelled binge on a fiat...