When an "asset class" has a period of significant value increase driven not by rational supply/demand but by some UnSustainable lever. Which leads to a significant value drop when things change.
Extraordinary Popular Delusion-s and the MadnessOfCrowds is a history of popular folly by Scottish journalist Charles Mackay, first published in 1841. The book chronicles its subjects in three parts: "National Delusions", "Peculiar Follies", and "Philosophical Delusions". Despite its journalistic and rather sensational style, the book has gathered a body of academic support as a work of considerable importance in the history of social psychology and psychopathology.
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