You can add Larry Fink, CEO of BlackRock, the world's biggest money manager, to the list of those who think central banks and other regulators have driven investors into risk assets.
"What frightens me the most is the narrative that's being discussed," he told the
Financial Times. "You're hearing from banking sources — whether it's the BIS [Bank for International Settlements], or the FSB [Financial Stability Board] or the Federal Reserve — a narrative that there's bubbles."
That narrative also holds that "the private sector is guilty of investing in products that maybe lack long-term liquidity at interest rates that in the long run would probably represent some form of losses," Fink noted.
"The reality is, though, they're to blame, and they're not taking any of that responsibility. The narrative should be . . . how do we manage this together, instead of the admonishing of these markets."
But instead, "if you look at the behavior of central banks, they have rewarded the debtors and crushed the savers."
In a July report, the Fed warned of a bubble in biotechnology and social media stocks.
Meanwhile, Harvard economist Larry Summers sees less evidence of bubbles in stocks and real estate at the moment than some others do.
"There's no question that assets are more fully priced than they were 18 months ago," the former Treasury secretary told
CNBC.
"But it seems to me that if you look for the kind of indicators that were prevalent in 1999 and 2000 in the stock market, or the kind of indicators that were prevalent in the housing market in 2006, I don't see them there."
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