This book is appearing in columns everywhere. John Mauldin offers a condensation of the key points. Well-researched book.
“Perhaps more than anything else, failure to recognize the precariousness and
fickleness of confidence—especially in cases in which large short-term debts need to be
rolled over continuously—is the key factor that gives rise to the this-time-is-different
syndrome. Highly indebted governments, banks, or corporations can seem to be
merrily rolling along for an extended period, when bang!—confidence collapses,
lenders disappear, and a crisis hits.