Well if not an IT bubble, surely there's a housing bubble. "Home prices in San Francisco and surrounding counties rose more than 15% in the past year".

That's the kind of increase we saw year after year just a year or two before the bubble popped, and prices fell by 50% or so (around 2005-2006 I guess).

It's funny how the majority just assume prices will keep on climbing (I was one of those merry fools by the way), and in hindsight it becomes so obvious that such increases are not sustainable.