Why are they calling overvaluation by private investors a stock market bubble? I know -- they didn't say "stock market", but that's what "bubble" refers to. It'

Why are they calling overvaluation by private investors a stock market bubble? I know -- they didn't say "stock market", but that's what "bubble" refers to. It's a word that conjures up images of the the dot-bomb era with a crashing stock market and thousands out of work. Having a few startups overvalued by some private investors is not going to create the same effect. Why is it that the media can't go for more than two years without making a big fuss about tech bubbles? There is no bubble. We're in a financial downturn -- a bad one.