Historically, most harmful bubbles are characterized by

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Most harmful bubbles are characterized by heavy borrowing, as seen in the housing bubble of 2008 where subprime mortgages were given to those who couldn't afford them, leading to a widespread default and crash of the housing market. Investment in stocks and reliance on technology can also contribute to bubbles, but heavy borrowing is often the primary factor. The sale of Treasury bills has not been historically associated with harmful bubbles.

Historically, Most Harmful Bubbles Are Characterized by