Kevin Duffy: Parallels between 1989 Japan bubble and 2000 New Economy bubble

Ten years ago the United States had an inferiority complex. The crowd was utterly convinced that America’s decline was just as inevitable as Japan’s climb. Today, conventional wisdom has turned 180 degrees: America’s hegemony is expected to continue, business cycles have been repealed by a New Economy, and baby boomers should power the stock market to another decade of above-average returns. If history is any guide, such a widely embraced consensus is doomed to failure.

~ Kevin Duffy, "Conventional Wisdom – A Flashback to 1989," March 3, 2000