[irln]

With the tech bubble/bust you could look at underlying companies for the canary in the coal mine. With the housing bubble/bust as you mention you could look at each mortgage and the ability of the borrower to pay. When you have a bubble arguably in government debt, what is the mechanism of transparency to look for?

[psaintla]

With the housing bubble there wasn't a good way to look at each mortgage or the borrowers ability to pay. In a lot of cases the mortgage data was falsified or didn't even exist. In the aftermath of the bust several banks could not produce any documentation on homes they wanted to foreclose on.