Bubbles are created from mass hysteria and delusion, not greed specifically. The reason the bond bubble is going to be so bad stems from the fact that the purchase is falsely assumed to be a safe, non-speculative position to take. The government can’t subsidize risk out of the markets very long, and interest rates are going to soar quickly. The bond holders, misguided into thinking they are not speculating at all, are going to get blindsided and destroyed.