Call that relative calm, rather than absolute calm.
The asset price bubble, as you have called it, has already corrected >45% from the 2000 peak, when measured against GDP. In doing so, it has brought itself down to more sombre levels approximating the value of GDP, +/-10%. However, if I read your assessment correctly, such a ratio should be sub-100% to reflect long-term, historical trends?
The US, like with any sophisticated economy out there, is made up of many different layers of value, wealth, and contribution.
In the last 40+ years, the US has continued to grow, in terms of population, productivity, and in wealth. In the future, it will continue to do so.
The ratios are, therefore, either close to, or upon, long-term fair value. But of course, that means nothing to someone who continues to forecast the need for a depression.
