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The Meltdown: A historial perspective

Oxford historian Niall Ferguson

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The lack of historical perspective in business reporting and among practitioners in the financial markets is truly staggering.

Most simply follow the daily, minute-by-minute ravings of the CNBS crew and other financial "reporters" (a guaranteed way to lose money by the way.)

An elite few have the interest and mental ability to look back months, years, and in some rarified cases decades.

But you will look long and hard for anyone who has the capacity to look back centuries.

While it may not be useful for day trading, the multi-century view is crucial because major earth-shattering market cycles transcend individual life spans and in some cases multi-generations.

If you're not looking, you'll never see the truck coming and there are times, like now, when you want to see the truck coming.

- Ken McCarthy