Thank you, Dave.
Small request ... could you please stop using fiscal/monetary jargon such as 'bubble' ?
A bubble is simply when an asset, stock or bond etc is priced way above its true value, or as it is sometimes put, is priced way above its earnings .
Simple. Even if we personally don't have a way to gauge 'true value' we can figure it our intuitively when the price of the house we whish to purchase, for example, will require us to work for the rest of our lives to pay it off...
And if we wish to use the 'price to earnings' comparison to gauge the 'bubble-ish-ness' of any stock or bond, why, that just takes looking it up.