I feel the basic premises that we are now in a mania cycle of the markets is completely valid. And they offer some points as to how to recognize this cycle.
And don't be confused that he is referring to the present R-E mortgage mania cycle. He is describing the larger over all failure which we are also experiencing.
I say 'describing' though in reality i don't think either the manic or the depressed economic states are describable other than in the past tense. And i won't drag this out but even comparisons of past cycles as he is describing are not an adequate gauge to what we may experience.
I can justify that conclusion but maybe just saying the magnitude of the forces now confronting us are not comparable to anything described as experienced in past cycles.
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