Asset Price Bubble in the United States

The United States is in an asset price bubble. 

Asset Price Bubble Checklist
1. Rapid Acceleration of Asset Prices
2. Overheated Economic Activity
3. An Uncontrolled Money Supply
4. Uncontrolled Credit Expansion

The United States meets all the criteria, being flagrant offenders of 3 and 4.
 It is the Federal Reserve's Fault

The economic situation in the US mirrors the Japanese Asset Price Bubble (wiki link) to a large extent. Leading up to the burst, the Japanese government implemented aggressive fiscal policy (increased public investment) and expansionary monetary policy (dropped their interest rate). The US has the same fiscal/monetary policy positions.

The Japanese economy struggled for nearly 20 years as a result of their Asset Price Bubble (and events set in motion when the bubble popped).