This is true. People are just using all the extra liquidity to buy themselves out of "trouble". Phil Lowe with his PhD in Optimistic Thinking was hoping all the extra liquidity created by extra low interest rates woulda made people put money in productive assets like manufacturing companies etc to drive the econony, but nooo, it all went to bubbly property asset bubbles and the likes. Tough luck, looks like Optimistic Thinking wasn't very helpful after all!
Well, let's see how this pans out. Human beings are social animals, who wants to be a recluse if they don't have to be one?
The RBA keeps saying "bubbles are not our problem, we just focus on the immediate economy"... Well, if something big enough to wipe out the entire financial stability of the thing they're "in charge" of comes along, surely they would recognise that eventually something that wasn't their problem would become their problem? Maybe instead of a PhD, he just needs a better pair of glasses!