And so one of our challenges now, and I've been speaking about this for many months now, is how do we get what I call a post-bubble growth model, one that is sustainable.
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In America, where we also identified a potential house-price bubble, the 12-month rate of growth in home prices slowed to 5.6% in the year to the second quarter, the slowest rate of increase since 1999.
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In the late 1990s the seemingly boundless corporate spending on servers and computers in the heady days of the dot-com bubble fueled the growth of the semiconductor industry.
"An over-reliance on the housing bubble and personal debt exaggerated income growth in the run-up to the recession, " said TUC general secretary Brendan Barber.
Such levels would be nearly 200 basis points above the prior peak reached at the height of the credit-induced global growth bubble.
If social media, and in this case, LinkedIn, manages to make true on its promises and delivers solid top and bottom-line growth, then talk of a bubble is no more than pure speculation.
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Its problems were caused by a burst property bubble and can be solved, the Germans hope, by export-led growth.
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Following the stock market's bubble burst in 2000, value stocks outpaced growth stocks (the market-cap index holds both) over the subsequent five years.
The problem with this strategy, however, is that Cisco end up paying top prices for Net Speed and Growth Networks acquired at the peak of the high-tech bubble.
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The long-running housing market boom could turn out to be a speculative bubble whose bursting damages economic confidence and growth.
For those who have lost count of the institutions that were pulverised by the financial crisis, Anglo Irish was an erstwhile star of Ireland's banking scene, which rose quickly from inauspicious roots during Ireland's heady growth in the 1990s, only to rack up enormous property-related losses when the bubble burst.
Broker-dealers like the former Bear Stearns played an increasingly important role in lending during the bubble years, in the growth of the commercial paper market, structured investment products and derivatives trading.
Residential real-estate is in the spotlight in China as the government attempts to revive growth without causing a property bubble, as I report in the current issue of Forbes Asia ( read here).
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As readers of the Monetary Watch are aware, the run-up to the housing bubble turn credit implosion turn Great Recession saw a string of 36 months of double digit growth for a cumulative increase of 48%.
FORBES: Monetary Watch June 2011, Inflation prospects post QE II
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