A Different Bubble Than The Dotcom Stock Market Bubble

     At the time of the dotcom bubble, analysts and other experts declared the times were different, and that new technologies were ushering in a new era in which it did not matter if companies were profitable or not. The house of cards collapsed finally and a whole lot of people lost their shirts.
     Fast forward to now, and the analysts and other experts declare this time is different. High growth  companies have real earnings, they insist. Therefore, no matter how inflated the stocks of companies might be, at least they have earnings to differentiate them from the worthless tech companies of the dotcom era.
     But wait, some dotcom era companies did have earnings. Some of them are still around. In this new era of boom, not bust, analysts insist inflated stock prices are justified because...this time it is different.
     Governments around the world have made it clear that the only game in town is the stock market. Money in the bank gets punished.  Pensions, pension funds, unions, management, municipalities, almost all are in the stock market. Everyone is happy while it keeps going up.
     But one day it will not. And if one day this was one big bubble that was recklessly created, there will be no one that will take the blame, no ammunition left to get back on track, and hell to pay.