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This post compares late-2025 market conditions with the environment of 1927, the critical setup period before the 1929 collapse. It looks at Fed policy, record index levels, AI-driven speculation, leverage, credit expansion, and emerging bubbles across tech, crypto and retail trading. It contrasts modern regulation with the 1920s, highlights structural risk factors, and revisits lessons from the 1929 crash: overheating, debt cycles, investor euphoria and technological overconfidence. Would be interested in HN opinions on whether these parallels are valid or exaggerated.