sdrebear, The stretch here might be the notion that people with a lot of money “bid up” prices. Typically, folks with more money expect more for it.

To counter my own point though (and support yours), it does seem that if the money comes through non-traditional sources (stock options, big investment returns), there might be a tendency to be a bit looser with it. e.g. hey, I just made an extra $100K because I worked at the right place at the right time, so what if I’m spending a little more than I’d like.

I believe bubbles feed other bubbles, and I think that’s what’s got a lot of people worried. We’re running out of bubbles…