Oh, for sure. It's just that a few fundamental truths still apply - western nations are deep in debt - particularly their profligate governments. Since politicians almost invariably take the easy or short-termist solution to any problem (elections approaching, see) they are almost certain to switch the metaphorical printing presses on, and be damned with the consequences (they're alright, they'll vote 'emselves a payrise - and an increased expense account). Where does all the money go? Peeps ain't buyin' property no more. Why the shift in expectations?
Very good point. My personal gut feeling is that there's gonna be the mother of all bounces, however that might just be wishful thinking...