Much of this feels whimsical in the way the ebbs and flows happen to the valuations and price levels. People have a blind trust to the system and don't seem to be protecting themselves in the larger scope. Just because the system has been plodding along in this fashion for years doesn't mean it can't suddenly stop. It really only takes a single domino to fall to take out the ENTIRE design, as we have seen in other "popping events".
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Here is something I just found on Sciencedaily.com that relates to this very subject of price bubbles.
Raging Bull: First study to find link between testosterone and stock market instability