They are insane compared to the relative growth, or lack thereof, of median wages, yes. If an assets continues appreciating even past the point it's accessible to the vast majority of the population, "supply and demand econ 101" is no longer working. When that asset is one of the most critical components of life (housing) and on which many lives are built around (be it where one lives and works, or how many kids one can afford to house, or the community one can have), this is unquestionably not good and can have wild ramifications. Disenfranchised young people are a dangerous political force, while population declines could break economic models as we understand them today (it's bordering on the impossible to have infinite growth when the population is declining).
Anyone denying the possibility of another or similar Great Depression would seem to me to have no credibility. But maybe it's because I'm cynical.
Yeah good point, I don't know why anyone would read and then discuss an article on a site dedicated to discussing linked articles. It must be gp who has no credibility - how dare they comment on-topic!