His three propositions can occur even though a bubble bursts and may even have a better chance to do so because of it. i.e. The amount of money a company is worth becomes insignificant when the value of money decreases due to the fed dumping it from helicopters to avoid a depression.

That's the reason why bubble talk is not boring... because the very unnatural successes that occurred post 2008 (due to market manipulations by the fed) now being set to unwind. It's become a game of jenga, with everyone watching the fed make its moves.

Like it or not bubbles will burst and when they do lookout below!