For bubble to form and subsequently burst in a big way, i believe it must be develop in a covert way, where people does not know of its existence and the danger it will bring forth.

Take it if you see your immediate friend got into an accident due to drunk driving, high chances you wont be doing the same on the next night out. We have all experience a similar bubble in US and have seen the impact, thus the bear mostly likely will keep the bull in check with a balance, thus minimizing risk of bubble.

However i do believe an economic crisis that could impact the housing market is around the corner. High impact economic crisis will usually caught us off guard with only a small faction of people that actually notice it but usually fall on deaf ears as its not as mainstream as shadow banking, housing bubble issues etc.

Also 2014 seems bearish for Malaysia, slowdown or default rate might go up who knows. End of day, i still believe collective human emotions plays a bigger role than data haha

Yeah however this round there is no shortage of bears roaming the property market, postponing their purchases waiting / predicting for the next crash. All this will slowdown the formation of bubble.

When you say dotcom, AFC, or even the subprime, all those are clear as daylight in hindsight, but i don't see forum split half half arguing about their formation prior to the crash unlike our current speculation of the property market.

I myself is also one of the bear i admit, i hope for a repeat of AFC on the fed taper, but it had shown me humans do evolve and able to prepare for things they have seen / observed before.

I would say economic crisis is a thing we are not able to get rid of from the system, but a repeat of crisis with same set of conditions is highly unlikely. Prepare to get our ass whip from some unknown financial crisis somewhere in the future i would say, could even be from the commodity market. Its anybody guess from here on out.