What bubble?

• Position: OFF THE NEWS

"In Spain, where there was a debt crisis just two years ago, investors are so eager to buy the government's bonds that they recently accepted the lowest interest rates since 1789.

In New York, the Art Deco office tower at One Wall Street sold in May for $585 million, only three months after the going wisdom in the real estate industry was that it would sell for more like $466 million, the estimate in one industry tip sheet.

In France, a cable...