> Wild speculation detached from reality which destroys personal fortunes are not "a desirable feature."

This is not the definition of a bubble, and is specifically contrary to what i said.

A good bubble, like the automobile industry in the example I linked, paves the way for a whole new economic modalit - but value was still destroyed when that bubble popped and the market corrected.

You may think its better to not have bubbles and limit the maximum economic rate of change (and you may be right), but the current system is not obviously wrong and has benefits.

The trouble is, you can only tell what was "detached from reality" after the fact. Real-world bubbles must be credible by definition, or else they would deflate smoothly rather than growing out of control and then popping suddenly when the original expectations are dashed by reality.

> It's only a "desirable feature" to the nihilistic maniacs that run the markets as it's only beneficial to them.

... and which forces do you think are the core concept of "the American experiment"?