When it bursts it is of no consequence as to where you were sitting, the chances are you will get covered in something not of your own making. We see this today in the gold market. What needs to go up, goes up, and what needs to come down, comes down during these periods. Keep the game going at all costs becomes the battle cry and some very simple basic instincts take over. Nothing too complicated, just more delusionary activity, as all participants become further involved.
Sanity is replaced by madness, a madness that sweeps all rational thinking before it.
Any remembrance of a prior bubble and its after affects is conveniently forgotten. Very few are excluded from the sign of the times. This includes central bankers, regional bankers, investment bankers and any other forms of bankers. The liabilities that are created as a result of the madness are, in most cases, difficult to escape from after the bubble has burst. Even lunatics want their pound of counter party flesh and will try to get it.