It can't really be a bubble because there are no assets to be bid up in a run away cycle or that can have a sudden collapse. Bloomberg tells you what you need to know in the article but doesn't do it right upfront. The overwhelming majority of this debt is held or guaranteed by the federal government.
A bubble is one way to get malinvestment, but it isn't the only one. Here we have malinvestment but no bubble.
It can't really be a bubble because there are no assets to be bid up in a run away cycle or that can have a sudden collapse. Bloomberg tells you what you need to know in the article but doesn't do it right upfront. The overwhelming majority of this debt is held or guaranteed by the federal government.
A bubble is one way to get malinvestment, but it isn't the only one. Here we have malinvestment but no bubble.