Read the new Fortune mag, big article, The PE boom is done. There is no more financing available for these deals.
Fine wines have gone nuts. Just sold at a Christie's auction a case of '89 Chateau Petrus for 33K The upside is that there's several more in the cellar.
The real estate bubble hasn't really burst. Houses in my area are still quite epxpensive. Maybe your trailer park house fell in value but not where I live.
ditto The current housing bubble popped in summer of 2005. And its ripple effects have not propagate through the economy yet. I'm waiting for Jan 2008 for it to go over the cliff.