>Housing is back … Nothing was a bubble.

Ironic how you can contradict yourself without realizing. The fact that something "came back", meant it WAS a bubble that popped.

Also nothing says that same thing can't be a bubble over and over again. Especially something as fundamental and old as housing. Those in power might even want it to be boom and bust cycle.

I think there's a big difference between things that have always been bought and sold (housing, oil, food, minerals, etc.) and actual net-new technology that may or may not pay off on its promise.

The former can be overvalued (see housing pre-2008), but we'll never come to the conclusion that it's useless or only needed in niche use cases. In that case, the item itself isn't really the bubble. The bubble is in what enables the irrational prices (e.g. subprime mortgages).

The latter can definitely be a bubble where the technology just isn't useful for a given use case (or at all).