"But I'm not sure that the current situation is a classic bubble because I'm not certain that most people have extravagant expectations." So if there aren't ex

"But I'm not sure that the current situation is a classic bubble because I'm not certain that most people have extravagant expectations." So if there aren't extravagant expectations shouldn't/wouldn't the increase in asset values be attributed to expansion of the money supply (Quantitative Easing 1, 2, 3, ...) and inflation?