Yes, the problem is the even larger problem of a decorrelation between the economic "fundamentals" (eg: wages, energy prices, manufacturing outputs, service out

Yes, the problem is the even larger problem of a decorrelation between the economic "fundamentals" (eg: wages, energy prices, manufacturing outputs, service outputs, educational level) and the FIRE-sector asset markets. The latter got sky high before 2008, and have gotten pretty damned high again. The former started declining in the early 2000s, took a hard dive in 2008, and have basically never recovered. The former are also much more strongly affected by fiscal policy rather than monetary.