How can anyone really be shocked something based on speculation and greed which is overvalued is overpriced?  I remember when Greenspan spoke of Irrational Exhuberance and the world laughed at him then cried over the dot com bubble, I was day trading and shorting and made 100s of thousands.  I remember telling grandma not to spend $1000s on those "collectible" beanie babies which are now worth nothing.  I bet people thought tulips would never run out of style.  I remember calling credit default swaps stupid gambling and pointing out even those that invented them can't explain how it works.  I remember asking my poor Uncle who lost all his stock in Enron to explain how their system could continue to work forever and he had no answers pre-crash.