Both the equity and sovereign/corporate (high-grade and junk) debt markets simply and mathematically must contract. Current prices are so historically divorced from fundamentals at this stage that this ‘prediction’ is about as elementary as counting on gravity to bring a tossed stone back to earth.
As for culpability? Blame can and should be laid where it belongs: with the central banks.
This next bubble burst has dangerous potential to be far worse than any that has yet come since we’ve been alive. Countries will fail financially and economically, political upheaval will follow, fortunes and dreams will be shattered, and lots of people will lose their jobs. In short, lots of things will break and cease to function as the greatest wealth transfer in all of history plays out.