A degree is necessary to be an accountant, a lawyer, a doctor, or an (non-computing) engineer. But that's a small slice of the overall workforce.
And sure, especially in the Fortune 1000, companies strongly consider degrees even outside the professions. But I guarantee you that success in (say) sales has almost nothing to do with the degree (or lack thereof) you start with, and management of sales teams has everything to do with prior sales success.
Sales may be an exception here -- though I would hazard a guess that to sell software for IBM to governments and businesses, my above comment would apply. To sell real estate, though, nobody really cares (same for cars, etc).
There is a bubble in Silicon Valley, but it's not an economic one...
There are lots of ways into "real" jobs without a degree if you're smart and you find the right path into the career you want (obviously this does not work for professions with licensing bodies).