The Really "Big" Bubbles...

The signs of an investment bubble:
a. investors and pundits claim a 'new paradigm' and the old rules don't apply.
b. the market will never go down, prices will always rise (there will be ever increasing demand.
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Well, seems to me that our entire economy has become a bubble:
a. pundits claimed "deficits don't matter", and that the 'old rules' of a sound economy no longer applied ( diversified industries, strong manufacturing base).
b. we based our economy on 1. suburbanizing farmland 2.growing the population - common sense should tell us that this is obviously not sustainable but common sense has never played a part in any of this.

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So will the 'big bubble' burst - will foreign buyers of our T-bills and other government issued debt say, wait a minute! there's nothing to back this?

If that happens...then what?

The Other "Big Bubble" Is our government/elite engineered 'diverse' multicultural society (now even espoused and accepted by republicans.

Again, it 'threw out' the old rules of a civil society and claimed a "new paradigm". As I have repeatedly said, no country can have the sort of massive demographic changes we have had and not be radically altered -which, of course, was the point all along, but like the mortgage crisis, it can only lead to collapse, not paradise.