There are really two potential "bubble" worth talking about at the moment - the broad equity markets (up almost 100% in the last two years) - and the early-stag

There are really two potential "bubble" worth talking about at the moment - the broad equity markets (up almost 100% in the last two years) - and the early-stage Internet market (not Facebook, but Groupon and the early-stage investments.) I'd argue they're maybe related but they're not linked, given the lack of a big tech IPO market. In the 99 bubble it was the vision of a big IPO driving the private tech bubble. These days I'm not sure that's true. There's a third bubble worth noting - real estate. I don't think it's nearly done deflating, and if rates start to rise back to normal levels without incomes starting to pick up (which would require a major drop in unemployment) we're going to see another down leg there as millions of baby boomers try to get liquid on their home equity to fund retirement.