> the present value of all long-lived assets will come down That's not true for at least the last two asset bubbles. Interest rates were 4-5% leading up to '07

> the present value of all long-lived assets will come down That's not true for at least the last two asset bubbles. Interest rates were 4-5% leading up to '07 housing bubble and 5-6% leading up to '00 stock market bubble. Inflation was mostly higher than now, in the 2-4% range.