A corollary to this is the theory that the bull cycle may actually be what causes the bear cycle. Irrational exuberance and all that. Best to pour water on the flames, not gasoline.
For some reason the notion of Economists “Pour[ing] water on the flames” of a bull economy made me think of the doctors “bleeding out the bad humors” from the front page story here a couple days ago about the techniques used in treatment of George Washington’s final illness.