The credit bubble is a much bigger concern for the economy.
Since the Fed prefers inflation over deflation we just keep creating more and more risky debt and lurch from one asset bubble to the next.
If they're not careful the bottom will fall out of the reserve dollar and the party will be so over.
BUMP
Actually, I'm of the opinion that we are really experiencing a credit bubble, just as you say. Nice to see there are those on FR who have caught on to the real culprit.