Read this: http://www.levyinstitute.org/pubs/wp74.pdf http://www.levyinstitute.org/pubs/wp74.pdf The bubble is when there are large numbers of Ponzi finance en

Read this: http://www.levyinstitute.org/pubs/wp74.pdf http://www.levyinstitute.org/pubs/wp74.pdf The bubble is when there are large numbers of Ponzi finance entities that can only meet their financial obligations by acquiring additional investments. I think that the startup scene particularly Internet related startups often appear to be ponzi financed when they spend a long time acquiring users or data without a stated business model for generating income. Also, for a bubble to be ready to burst there needs to be large scale public participation. In 1999 everybody was talking about tech stocks (literally everybody). In 06 everybody was talking about flipping houses and cash out refinancing. Everybody doesn't have access to early or even late stage venture financing opportunities. If you see products that allow individuals to invest in this type of speculation and they gain in popularity then the bubble talk will be a lot more real.