If in doubt a crash is imminent check this out!!, page-5

Agreed.

Also, the thing which makes tech companies such an appealling/dangerous proposition is that they can generate huge amounts of cash flow off of very little assets, especially when compared to more traditional companies. That means that they can grow extremely quickly, but the flip side is, there are little physical assets left over to support the share price, should things turn sour.

"Ultimately the will to buy more housing at these levels relative to the basket is waning and the crest cannot be far away if it has not already passed!!" Exactly. People only have a limited amount of income, yet they have been willing for sacrifice more and more of their other spending for the sake of housing. I understand the need to have somewhere to live, but at what cost..?

Of course, the people who are competively bidding up property prices, using borrowed money, have to get the money from somewhere. ~4%pa mortage is very attractive to the borrower, considering the amount of risk that the lender is taking on. Why wouldn't they? ~2%pa is terrible for depositors, but when the 'market' says that is the going rate, then what choice do they have?

In that sense, I have a problem, not only with the people that borrow money to buy a crappy assets, but also with the people that lend money to those people to buy crappy assets at low interest rates. Similarly, I do not appreciate when government steps in and moddycoddles the two. That behaviour only serves to encourage similarly poor decision making, today and into the future.