Bubbles have quite a few things in common, but housing bubbles have a spectacular thing in common, and that is every one of them is considered unique and different.
Indeed, bull markets are fueled by successive waves of prior skeptics finally capitulating as their fears fade. Eventually, fear turns to euphoria, and that's the stuff of bubbles.
In the economy of the cuckoo people that populate central banks, everything is possible. What you have is gigantic bubbles, the NASDAQ in 2000, then the housing bubble and then commodities in 2008 when oil went from $78 to $147 before plunging to $32 within six months.
We've suffered a 'Ponzification' of the economy in recent years, as bubbles have built up and then burst, and each time we act as though it's the first time.
What we need to understand is, one, that there are market failures; and two, that there are things like asset bubbles and irrational exuberance. There are periods of booms, bubbles, and manias. These things, if left to themselves, can lead to crashes, to busts, to panics.
Real change occurs from the bottom up; it occurs person to person, and it almost always occurs in small groups and locales and then bubbles up and aggregates to larger vectors of change.
Of the birth of subgenres, there is no end. They arise like bubbles full of miraculous hopes and potentials from the Planckian foam of the canon, inspiring writers new and established alike.
I had to make squirrel noises as Bubbles and without realizing it, I was making the face and putting my fingers up to my face to look like a squirrel and everyone made fun of me for the rest of the day.
