In terms of learning from speculative bubbles in the past.... When bubbles are inflating, it is always argued that you can't do anything to defy that sort of market, that you can't stand in the way of that sort of tsunami of activity. And then after it bursts, everyone wrings their hands and says, why didn't the people who were in charge of this do something about it?
So what you're faced with is having to take what might not be a popular position right now--well, among some it might be--and to say that we see further than the momentary frenzy of market activity, and to try to do something that's sustainable for the long term rather than just respond to the vicissitudes of price today.