The Dow Jones Industrial Average last Wednesday ran past 12,227. This puts it at about the same level as in February 2007 and again in February 2008. That was sandwiched around a push past 14,000 in October 2007, when optimism was its highest about the impregnability of the housing market and the U.S. economy.

The effects of the subprime mortgage and credit default swap fiasco soon followed, nearly ruining developed economies worldwide.

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