The source of the wild speculation

Everything about the current conditions of the financial markets is unprecedented: “highest ever” … “lowest ever” … “crazy valuations.”

Real (inflation adjusted) interest rates are by far the lowest ever:

https://mishtalk.com/economics/housing-adjusted-real-interest-rates-sink-to-a-record-low-8-5-percent

The resulting degree of speculation is the highest ever.

The craziest ever.