The difference (until recently) here was that investment assets were going up but the cost of living, in general, wasn't. That's a big differentiator between a

The difference (until recently) here was that investment assets were going up but the cost of living, in general, wasn't. That's a big differentiator between a bubble and inflation. Recently, however, the government started printing money and giving it to the poor and middle class. That's producing inflation, since they tend to buy stuff instead of just "letting it ride."