I am accusing no one individually or particularly. I am observing that the problem is that within a bubble, people collectively become increasingly unserious and less intellectually honest as their appetite for risk increases with their desire to get a slice of the action. Indeed, it gets worse as people begin to think it might not last forever.

The same thing happened in the dotcom era, the same thing happened in the run-up to the subprime mortgage crisis. Every single bubble displays these characteristics.