I'm not convinced that recessions alone are cyclic. I recon that big crashes are the result of burst bubbles. What makes a bubble? There has to be growth but growth alone won't lead to a crash. Growth leads to surplus and surplus leads to wealth, slowly is probably the most sustainable.

A bubble is super fast growth based on giving value to something that is not actually valuable, and in cases I can think of, bubbles are exacerbated by financial leverage.

In the Wall street crash it was stocks and shares that were overpriced and this overpricing gave the apparency of easy profits. Profits were also made by brokers selling stocks so it was in their interest to make buying easier. Loans to buy stocks and shares were given using expected profits as 'collateral' and you had a bubble until it burst.

In the 2008 crash it was sub prime mortgages that were sold as assets. I seem to recall an earlier crash was caused by the overvaluing of tulip bulbs.

So, is there an overvalued product out there and is there evidence of leverage?