For some time now, I've been aware of the fascinating financial and economic parallels between the 1920s and the 1990s. But interest rate trends, stock market valuations, and other economic statistics can never tell the whole story. I've always believed that psychology plays a crucial role in economic and market risks. Over the last 17 years, I've seen tremendous psychological changes in the investing habits of my clients. In observing these changes I've come to realize that we are indeed witnessing a rare period in the history of American financial markets.