As we live in a culture of narcissism, few realize when we are re in a bubble. Sure, there have been bubbles in most every other country; and all throughout history. But we are special. I am a special. I would never get caught in a bubble. Well, of course, this time wasn't different.
Oh, but the recession/depression is over, right? Even though Japan lost a decade, and the Great Depression lasted years. We are special. This time is different. Narcissism.
The theme is explored in This Time is Different: Eight Centuries of Financial Folly. Fantastic radio interview here.