You’re right that timing is everything, and those who came before us were in a very different position than we are. Still, trees don’t grow to the sky, and we have serious wage constraints that will affect us for generations to come, IMHO.
Personally, I think we are in definite bubble territory for the very reasons that SDR stated above. All the wealth in the world is traveling the globe looking for any kind of yield. When investors are celebrating a 5% return on assets that just experienced one of the greatest bubbles in history (both housing and credit), you know you have a problem. Low interest rates and loose monetary policy is what got us into this mess, and they are only making it worse with ZIRP…with no end in sight. The Fed is killing us (especially savers and people on fixed incomes); we are all gamblers now.
