Bubble, Bubble, Bubble, Burst

The housing bubble tanked the economy, but now we have an auto loan bubble, student loan bubble and credit card bubble.  Housing in many markets are still historically high and being purchased with low interest rate mortgages.  What will happen if one, or all, of these bubble pop?  Will we wish for the good ole' days of 2008?  Our government attempts to convince us that we can defy the law of economics and the laws of nature without consequence.  All I know is that, in life, there is no such thing as a free lunch.  I can't imagine the consequences of our foolish financial tinkering.  Let's discuss this more in depth.