Ramon Dahlheimer: I actually did a test on this today haha!!Millionaires had become paupers overnight. Those who believe in the strength of the economic bubble and invested everything they had and eventually lost everything they had. The economy weakened and the unemployment went higher than ever. That was when the Great Depression had begun.
Nia Monopoli: There was a bubble in the market where the prices had risen above any realistic valuation. We also had bubbles break in the stock market in 1987 and 2000 and it is happening in the housing market now. Once a bubble forms it will break and almost anything can destroy the irrational confidence that keeps prices high.
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