That's not how I'd identify a bubble. Then again, I'm not an economist. If you look at past bubbles, there's a pretty obvious pattern. A financial boondoggle i

That's not how I'd identify a bubble. Then again, I'm not an economist. If you look at past bubbles, there's a pretty obvious pattern. A financial boondoggle is used to build a giant mass of capital. The financial boondoggle collapses, but those who profited (massively) from the boondoggle pay only a nominal fine to maintain the appearance of punishment. The capital that was built up in the last boondoggle is used to get the ball rolling on the next one. If you want to know about how bubbles form, I think you're better off learning about confidence scams than you are economics. As with many things, the difference between a businessman and a con man isn't black & white. We're talking shades of grey here. If I were tasked with finding the next bubble, I'd trace the people responsible, rather than looking broadly at the market in an attempt to identify swells of capital without much perceived value.