borrowing virtually ceased, global trade cratered. anniversaries tend to inspire reflection and a search for lessons. that exercise is more important in this case because another one is sure to come. after the dwight crisis, 34 condemned the speculation in mortgage-backed securities and believed it's crucial to identify and pop such bubbles but speculation is part of capitalism. recall the south sea bubble, the dutch due lip boom, the railroad kras, the dotcom boom and today the number of people speculating on bitcoin exceeds the number of people who can explain what bitcoin is. there will always be hot markets and people will pile into them. there will be another crisis. the real question is, when and how can we respond to it?