Disagree. A 30% drop in the NASDAQ from peak will only take us back a year. Not tragic.

On the other hand, a 60-70% drop in a few years would be much nastier and people will be asking why the Fed permitted it.

NASDAQ valuations are an anomaly.
So is the run-up of San Diego housing, where other parts of the US went up 5-10% in the same time.

Having anomalies correct won’t destroy a slow, steady pace of growth.