My Bubble Sense Is Tingling

What’s a good sign that a bubble is inflating? The experts don’t see a bubble inflating:

Even as homeowners and commercial landlords count their losses from the great real-estate bust, Midwestern farmers are experiencing the biggest property boom in a generation.

The rapid run-up in land values is bound to make some people nervous, especially older farmers who remember how property values collapsed during the farm crisis of the 1980s. Farm economists, though, don’t yet see signs of a land-price bubble.

Economists, the experts, are always the last to know.