"the old economy had changed forever and was dead."

Ehem - what is the difference compered to now? Wasn't programmers obsolete by 6mths ago and nobody would work so we do need UBI?

However your point that if everybody are thinking there is buble there is none is valid. Ironically your whole post undermine this point. And you are not alone in your analysis. General bubble wisdom is not settled as one might think.

Plus famous Alan Greenspan "irrational exuberance" was in 1996. And AFAIK in 1999 everybody know there is buble but it busted only in 2000. On top of that I have seen overlying plots of stock prices now and before dot com suggesting there is 1-2 years of increases still to go.