"mania" is a temporary affliction that passes with time ... and...

"mania" is a temporary affliction that passes with time ... and no-one passes up the opportunity to make a quick buck. It is all consistent. Margin collapses and margin calls take over. Being liquid (nimble, agile) is where the largest returns are.

Margin lending as a percent of market demand drops precipitously, large funds stop buying and the whole thing amounts to .... drum roll ... taking the stairs up, and the elevator down. In the background, retiree and pension funds still need ongoing drawdowns to fund commitments.

Sounds like I need to read up on Sornette. But all my info comes from dow theory, historical record, about 450 jstor economics papers, books on history of money, etc.