Cyclic Bubbles..

This article from Jeremy Grantham from GMO explains why the credit bubble and the subprime crisis isn't over and how we are the verge to see a major and prolongated impact on the international financial markets. We should be reading carefully the last Federal Reserve reaction (Jan 21 2008) cutting federal fund rates to 3 1/2 and the "financial instability hypothesis" developed by Hyman Minsky.