I think that's kinda silly to say. I knew there was going to be a housing bubble in 2001, before 9/11. The reason was the the changes to the CRA under clinto

I think that's kinda silly to say. I knew there was going to be a housing bubble in 2001, before 9/11. The reason was the the changes to the CRA under clinton forced banks to make uneconomic loans (Because otherwise was considered "racist' because poor ethnic people had less ability to repay loans and were more likely to be denied. When ability to repay was included in the analysis, it was clear that the policies weren't racist, but this didn't happen until much later.) The other reason was the Fed had interest rates at artificially low levels to try and boost the economy after the dotcom bubble burst (Rather than just let it work out and let interest rates be at the true cost of money.) When you force people to buy things and you incentivize buying things by making the cost of them lower, you're going to get a lot of people buying that asset. In 2001 that asset was houses. By 2007, I had spent 5 years investing on this thesis and called the top. I as off by a year, and missed the actual top which happened in 2008, but I am not complaining. The point being, people who understand economics is a science and were paying attention to what was going on knew there was a bubble, long before it burst, and in fact, before it startsed to inflate. I didn't figure it out myself, btw, I read an article in 2001 that clued me in. I can't say whether there is a bubble in startup valuations. I'm not making that argument. I will say there is a bubble in the US Dollar, because the strategy employed by the government to fight the dotcom bust is the same one they deployed to fight the housing bust, they just changed the targets. As a result we're seeing the stock market in a bubble and a lot of froth in the economy, but it's widely distributed (rather than concentrated in houses). This will likely allow the bubble to inflate much longer.... but it also means the bursting will be much more dramatic and damaging.