I agree: "The Greater Depression" is coming almost exactly 80 years after the last one.

I think Mark is right that this will happen again and again, but not because we don't have enough legal structures in place. Although that would help for a while, it would soon be undermined. Capital markets are a prisoner's dilemma. If everyone behaves, everyone wins, but there's just too much incentive to misbehave and win spectacularly at the expense of others. With so many people playing, it seems impossible to avoid.

Unfortunately, 80 years, four generations, is just long enough to forget the lessons from last time.