China’s looming stock market disaster is part 1929 America, part 1989 Japan

China’s epic stock market boom—and impending bust—is like déjà vu all over again. The stock rally that began last year bears a striking resemblance to the credit-fueled American stock bonanza of the late 1920s. It also, however, has much in common with the Japanese market frenzy in the twilight of the 1980s. The uncanny similarities of both episodes also hint at what might await China when its market finally returns to reality.

Wall Street, 1929

Industry was pumping....

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