Even if there this is an ever expanding bubble, some investors seem happy to jump in.

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We left this story last month with the happy expectation that Fed Chairman Bernanke was going to be deflating the carry trade bond bubble, bring long term interest rates in line with inflation expectations, stimulate bank lending and thereby create economic growth.

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The U.K. has avoided the misery suffered in parts of the euro zone, but five years into the crisis it is looking as though tough decisions are being avoided by a political elite happy to hide behind the convenient fiction that a slump caused by the biggest credit and housing bubble in the country's history is mainly cyclical.

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That spells trouble for bubble teams Oregon and North Carolina State, but it should make fans of Alabama and Seton Hall happy.

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