Two acknowledged bubbles have occurred within the past 10 years, the Technology/Nasdaq/.com bubble, and the housing bubble.
While each had different characteristics, they both had a common feature; an extra-ordinary growth of credit. Credit growth within a narrow asset class practically define bubbles.
Another defining feature is the growth of asset prices beyond rises in income.
So, Do We See This?
Yes. We do.
My view is that since about 2001-2002, a college degree has cost too much, and delivered too little to qualify it as a "value" asset.
This is a very broad statement and caution should be applied to those who are pursuing degrees in professional and hard science fields.