Year

Internal causes

External causes

Carrier of speculation.

Carrier P/E

Ki/Yi

Virtual P/E K/Y

Inflation rate P ˙

Stage of corresponds to the business cycle

Bank involvement

1929

stocks

20.2

7.109

0.0025

recession

highly involved

2000

stocks

28.2

5.070

0.0237

prosperity

NA

2008

stocks (house property)

58.9 ( 50.2)

11.07

0.0196

recession

highly involved

2012

stocks

15.3

28.77

0.0188

recession

NA

2017

stocks

26.0

20.81

0.0210

recovery

NA