Don’t be surprised if someone soon creates an ETF to track the verbiage expended by traders, investors, and the financial press about a bond bubble.

In the trading pits and on fixed-income desks, there’s a general appreciation that bonds today, with their puny yields and vastly appreciated values, seem rich. The press and brokerage firms, having remembered how they (we) whiffed on calling the bubble in subprime and financial engineering, can’t help declaring that bonds at these levels are a ticking time bomb, so run—don’t walk—away!