I really enjoyed the article. In response to your and another responder's idea that its not euphoric enough, I would discount that specific aspect today. Considering the two bubbles are in people's memory, I dont think the public completely trusts the market today, but feels compelled to participate (to a limited extent due to the memory). A close corollary might be the concept that 'there is no other alternative', so 'trust us b/c youre an idiot'.