Bubbles that We Have to Worry About and Bubbles We Don't

The NYT reported on the reaction in financial markets to the Federal Reserve Board's decision to raise interest rates on Wednesday. The piece notes the generally calm reaction, but also indicates there continue to be some concern about asset bubbles. It comments:

"Regulators have pointed to a number of worrisome signs in recent weeks. A federal agency said on Tuesday that credit risks were 'elevated and rising' for American corporations and many foreign borrowers, even as investors are demand...