We don’t have to go back very far to see the classic boom, bubble, and bust play out. In just the last 15 years, we’ve been fortunate enough to watch over-zealous traders lose their heads again and again. First, they bought tech companies for 80 times their earnings in the late ’90s and then happily purchased banks and insurance companies that were leveraged at 35 times their equity. This time, however, we don’t even need the boom or the bubble to see a bust.