Everyone is bullish and the papers are stuffed with forever-upwards projections. I fully understand the supply dynamics driving the market but all this is presented against a backdrop of severe global problems, any one of which can spill over into a fully blown deflationary 2008-style crisis at any moment, what can possibly go wrong??
Sure, but it's worth remembering that outside Ireland, things looks genuinely rosy in the mid-2000s and then the GFC happened. So how things look is not a useful indicator. And you're a permabear so everything always looks awful.
What is necessary is a brake on leverage to ensure that when crises do
happen, people aren't overexposed. We have that with the recently weakened LTI/LTV rules. They are the last remaining defence against a proper credit-driven bubble.