The most enduring lesson about the Dot Com bubble was not the bubble itself, but rather how little the bursting of the bubble registered in real time. Go back to any popular press in early March 2000 and you'll find little hint that the declines were anything other than temporary. Sure, the odd contrarian would be trotted out from time to time, but mainly for sport.

Ditto the GFC. I remember being in the audience of Startup School circa 2008 and some editor from a business magazine gave a talk about how he didn't give a hoot about "Subprime." What he really cared about was productivity declines.

When you get a real bubble going, so many have attached everything to it that they just can't bring themselves to actually look at it objectively. People can actually say "new economy" or "new paradigm" or "the old rules don't apply" with a straight face.

By that metric, "the everything bubble" we currently have is nowhere close to popping. The bears are everywhere. When the last prominent bear goes into hibernation, the inevitable won't be far.

I think this phenomenon deserves more attention.