Part 3/15:
He recounts how in 1925, Florida real estate became a bubble fueled by bank-driven speculation. Swaps of land in Neddy, Florida, turned out to be illusions, culminating in hurricanes that devastated the area—foreshadowing the 1929 crash. Similar patterns re-emerged in the 1970s with REITs and again in the early 2000s in the subprime crisis, with Florida again serving as a hotspot for inflated real estate speculation.
These episodes exemplify how unregulated or poorly regulated financial environments foster dangerous bubbles—a point that raises skepticism about the current surge in cryptocurrency activity, which also exhibits speculative mania reminiscent of past financial crises.