Asset bubbles have happened even without not-so-easy money. And, in a depressed economy, where alternative uses of money are not great, people are going to bid up the prices of profitable corporations and stuff like that.

Evidence and expertise have a well-known liberal bias.

Social Security is a social insurance program - it is not designed to be the same thing as a 401(k).

I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.

On the political as on the economic front it's important not to fall into the "not as bad as" trap. High unemployment isn't O.K. just because it hasn't hit 1933 levels; ominous political trends shouldn’t be dismissed just because there’s no Hitler in sight.

But where will the Fed find another bubble?

When stock prices are rising, it's called ''momentum investing''; when they are falling, it's called ''panic.''