I think ultimately the conclusion that we're in a bubble is bad analysis. It jumps over a chasm and assumes that analogy to past historical situations allows us to draw conclusions.

This isn't a bubble. This is the collapse of 300 years of modern capitalism into corporate techno feudalism.

This won't crash and lead to a recession or depression. We are at the end game. Look around you. Capital is going scorched earth on labor. They are winning. Cost of living in metropolitan areas is exploding, and most of us will end up begging for scraps in peripheral areas.

This is the result of everything the elites have been working towards for the past few decades. Climate catastrophe is the cherry on the cake: they will shock therapy us into the last few bits. There will be corporate citizenship that enables one to live as a demi-god at the behest of the owners, and survival in the wastelands for the rest of us.