People bid things up when they have extra money (the stimulus) and don't believe they'll lose their jobs (made it through the pandemic!). They read about inflation, but don't see it. They read about interest rates going up, but don't see it. All the buyers never see it. Then one day credit dries up. It's raining, the bank wants its umbrella back. People start talking about too much supply with complete amnesia to what they though a few months prior.

Whatever you borrow, even at 0% interest, you have to pay back. Whatever you buy, even in the hottest neighborhood, you have to maintain with real future income.

The real question is did the 2008 bubble push many people to their country's Trump and retribution politics? Will the next crash put us over some truly dangerous edge? Hopefully not. Hopefully just another groundhog day.