Over the last 16 years we've seen several boom/bust cycles in speculative markets driven by interest rates. First the bursting of the first tech bubble. Then G

Over the last 16 years we've seen several boom/bust cycles in speculative markets driven by interest rates. First the bursting of the first tech bubble. Then Greenspan's housing bubble in 2001-2007. Then interest rates were held abornmally low, for 80 months straight, which is something that the world has _never_ seen. Would we have seen this tech boom if interest rates had been say 5% and capital had somewhere else to flow? I'm pretty wary of "The music hasn't stopped playing, so it can't possibly be a bubble" arguments. Lets watch what happens as rates go up and venture backed tech has to compete with other returns.