[peisistratos]

> I think every time there is a big peak, or a big valley, some percentage of people are always peddling "but this is different"

When stocks crashed in 1929, it was different. In the US we got the New Deal, which still exists in some form. In Germany we got fascism and then a divided Germany for decades. The 1929 crash had effects felt to this day. The DJIA did not recover its 1929 level (not inflation adjusted) until 1954.

The kings and queens of Europe could point to how things never changed over the past millennia, and moved forward as they always had, until Charles I had his head lopped off in 1649. Then things began changing.

[_7fvc]

It's useful to read the history of the stock market prior to WW2. It was a casino back then. Our experience post WW2 probably creates a bias. We're used to the stock market stability. But it has some serious structural problem now (e.g. low/0 interest rate). I would not be surprised if it is heading back into casino mode.

[solveit]

Sure game-changing big changes exist. But when someone says "this is different", it's almost certainly not different. Both of those statements are true and I see no reason to think we're not in the latter case right now.