The current flows of funds into bonds dwarf whatever led to the bubble in 2000 by a long shot.

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Shilling talked of the housing bubble that is collapsing before our eyes: House prices shot up 2.5 times between 1995 and 2005, peaked in October 2005 and now, two years later, have started to fall.

FORBES: Cruising Through The Panama Canal

Then-Chairman Greenspan's "irrational exuberance" speech was in December 1996, with the bulk of the dot-com bubble to follow, but the Fed didn't even hike reserve requirements to send a warning shot across Wall Street's bow.

FORBES: Magazine Article