He said there was a risk of a credit bubble forming, which was "the big, unresolved issue".
However, with the stampede of retail money into yield products, experts are worried about a bubble forming.
By then that prolonged easy money policy had the real estate bubble forming.
Relentless buying by exchange-traded funds has distorted the gold market, however, and there is the risk of a bubble forming, Mr. Lewis says.
The first is that the bubble forming in the private market could be pretty big by the time it floats into the public one.
Trusts have also become a major player in property development this year, after bank lending to the sector was curtailed by regulators wary of a bubble forming.
They then run policy experiments on the model, asking what policymakers might have done to prevent the bubble forming, or at least stopped it building once it was clear there was one.
And Mr Didier promises to tread carefully outside Europe, as he thinks another telecoms bubble is forming.
ECONOMIST: France T��l��com enters Spain's mobile-telecoms market
While Marilyn is willing to cherry pick junk bonds for some juicy yields at short maturities, she has also been telling investors that a bond fund bubble is forming and that it will pop soon.
In recent years, Mr Greenspan has been taking a big risk by not having tightened policy when he first thought a bubble might be forming, or subsequently.
News of the company's possible listing comes at a time when rising prices have sparked fears that an asset bubble could be forming in the city's property market.
It is different because the tech bubble-in-the-making is forming largely out of sight in private markets and has a global dimension that its predecessor lacked.
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