1.   Because the Fed has again left it rather late, it will be hard to prick the bubble without risking a recession.

2.   Deciding when to prick a bubble is indeed devilishly hard.

3.   --If the Fed pricks a bubble, what comes next?

4.   Indeed, the bubble was pricked sooner and with greater vengeance than anyone had expected.

5.   Long before then Wall Street will prick this bubble.

6.   And no way are you going to prick that bubble, with the result that one day there will be a cave-in in their department.