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
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