The problem will be that the next bubbles (credit card, commercial real estate, etc.) meet historically high unemployment and "consumers", who will literally not be consumers anymore for years to come but only debtors, welfare recipients or savers at best.
Fed already feels the pressure to stop the dollar press and this endless bailout action. The next waves cannot be resolved anymore by government bailouts as it was possible with the banks recently. Not too much dry powder is left for bailouts, California is a good example, it rather needs a bailout too. Several European countries have already received bailouts.
This is not over until all bills are finally paid. And even the banks have not paid yet.
This crisis is a once-in-a-lifetime event. And such historical crises cause much more pain than the pain we suffered from so far.
This rallye is only another Greenspan-like bubble produced by money for free and a financial industry who has not changed a bit yet.
