C++ author, trainer
Before that 1) people thought tulip prices would keep going up, 2) dot com shares.Feels so eerie like 2008 - people were so sure that house prices will never fall, AAA rated stuff would never default. In some respects it’s worse than 2008 if not contained. About 10% or Italy’s banking assets are stressed so how would they even manage months of quarantines without defaults. Better to pay the price by containing this now rather than have it blow up in our faces this fall. The second wave of 2018 Spanish flu did most of the damage and I really hope we don’t see something similar this time around.
Bill Gates has estimated it would cost roughly half a billion dollars to maintain ventilators, trained staff and other measures for dealing with pandemics. With benefit of hindsight, it seems it’s quite a small price to pay.
Same old story.
For the record, it was clear to me by 2006 that property crash was on its way out, big time. People getting rich by selling property to each other. aka 'irrational exuberance'.