The people who worry about liquidity are always the people who bought on margin or otherwise used short-term debt to finance acquisition of long-term assets. I

The people who worry about liquidity are always the people who bought on margin or otherwise used short-term debt to finance acquisition of long-term assets. If I were doing that, I'd be worried too, but it wouldn't matter whether the overpriced bubbly assets I bought were bonds, equities, artwork, or tulips.