SD Realtor, your market observation is correct. What ucodegen said also makes perfect sense.
Markets are based on the greater fool theory. Like Roubini said, people start dancing when the music begins to play. People have short memories (or no experience at all) and emotions will cause then to buy no matter what.
Investors who have long memories or who can learn from their own past mistakes and mistakes of others will thrive over the long term. The rest will experience boom and bust cycles.
