Allow me to summarize the dominant zeitgeist in America at this juncture of history: Grab yourself a big gooey hunk of happiness by turning a few thousand bucks into millions– anyone can do it as long as they visualize abundance and join the crowd minting millions.
Beneath the bravado and euphoric confidence in our God-given right to mint millions out of chump change, a secret plea lurks unspoken: please don't pop our precious bubble! The big gooey hunk of happiness available to all depends on one special form of magic spell: If we don't call the bubble a bubble, it won't pop.
And so Wall Street shills spew endless "research" (heh) proclaiming that the forward price-earnings ratio of 21.1 will only slightly exceed past norms, and so on–in summary: If we don't call the bubble a bubble, it won't pop.
What differentiates this bubble from the 1720 South Seas Bubble, the 2000 dot-com bubble or the 2007-08 housing bubble is: this bubble includes every asset class and has sucked the entire populace and economy into its magic maw.
The bubble has swept up housing, stocks, junk bonds, commodities, cryptocurrencies, NFTs, and numerous collectibles–the bulk of America's household assets are now firmly lodged in the maw of the Everything Bubble.
Here is a sampling of recent headlines in America:
I turned $10,000 into $6 million in six months.
My cat turned $6,000 in my RobinHood account into $6 million by walking on my keyboard.
I turned $100 my aunt gave me for the birthday into $6 million in one trade, buying way out of the money calls on a meme stock.
I turned $23 into $6 million so easily I'm going to sleep my way to $60 million.
OK, so these are slight exaggerations, but the zeitgeist is very real.