Past may offer clues to market's fate

similarity with 87 and 98 crsis --quants model and leverages (margin) contributed to huge markets swings differences --valuations (87 20 PE vs now 16) --the real excess this time has been in lendigng markets (more Structure products, MBS, Junk bonds) Reassuring differences --bosth crsis were severe but brief --Fed jumped in to stanch the bleeding