Dew,
A "bubble," by definition, carries with it the notion of "irrationality." With most of Europe and England in recession, with Spanish unemployment and other peripheral nations at Depression-like levels, with Japan struggling with two decades of deflation, with U.S. manufacturing in the toilet and unemployment stubbornly high, with the Chinese economy slowing and disinflation, if not outright deflation, in the air everywhere, interest rates are probably right where they should be, central banks' action--or inaction, depending upon your political/economic perspective--notwithstanding.
Sure, rates will go up at some point, but that doesn't prove we're in a bubble. I don't know why you try to keep propagating this myth of a "bond bubble." It seems like the flip side of the coin of jbog's "Zimbabwe-like inflation" prediction in 2009.
Even Bill Gross is not exactly optimistic about bonds, although he argues that his bond funds will outperform equities when the various central banks take away the punch bowl. (Hmmm, what a surprise.)
Bond yields are historically low, but not irrationally low, by most people's understanding of rationality.
Furthermore, premature unwinding of the Fed's asset buying programs could have the undesired effect of undermining the Market and the nascent recovery, plunging the U.S. and the global economy into a worse recession and, thus, lowering bond rates even further.
Bladerunner
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