That is too easy Timmah. Sure it does not look too bad for the people at the moment, but there is a way bigger bubble growing than the one that blew up in the housing market recently.
One thing to consider is why the USA, a huge country with a lot of resources, has such a negative trade bilance. This leads to a lot of dollars in the hands of Europeans, Asians and other foreigners. This fact, in combination with a low, sinking dollar is very dangerous. If those central banks will start to sell their dollars, nobody will be able to stop the inflation anymore, and lowering the interest rates won't help here either.
Of course, those problems did not come up in bush's era (Reagan is responsible for most of them, in fact), but he hasn't done anything to solve them either.
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