Irrational Markets - Where is Efficiency

For some behavioral economists (such as Dan Ariely in "Predictably Irrational") a crash is the rational evidence of an irrational bubble. So the same irrational investors suddenly became aware of their irrationality and the market crashes turning into a state of efficiency. But a bubble that doesn't pop is not a prof of irrationality. This is strange.

Public Debt

Dont buy public debt,