new housing bubble inflating? (economics)

This is SUPER off-topic, but oh well.So... I think a lot about economics. Lately I've been losing sleep probably because I over-think things. But I've been watching the stock market and there's a few things that in some ways has me concerned that we're basically inflating another housing bubble. As stupid as that sounds, what I see are some of the exact same things being done that created the first one along with some other signs.

A: Interest rates have been dropped to nothing
B: Mortgage rates have been dropped to nothing
C: New "Miracle" incentives seem to be getting passed every week in Washington-aka- the $8,000 tax credit for first time home buyers.

-the above three creates "cheap" money, which is how the last bubble inflated.

D: Pulte homes bought Centex yesterday. Centex owns homes in NC and TX, which are two newer high growth areas that could easily get tuned into bubble states just as CA and FL were.

E: Wells Fargo and Bank of America reported large profits, Wells Fargo today reported with record profits. Un-fuckinbelievable, right?

F: Fannie Mae and Freddie Mac may soon get rolled into Jenny Mae, which means a centralized home loan system

There's others, but when I look at this, it seems to me that every effort is being made to try and re-inflate the housing market. Probably because that's the only way the US economy has worked for decades, which is to push the wage to cost of living ratio to painful levels, mainly in the form of high home prices. Secondly, I still strongly believe that politicians of both stripes get heavily swayed by housing and financial related industries- which in both recent elections were the largest contributers. So its possible there is pressure to return housing to the forefront immediately. That and with Pulte's purchase of Centex, they will be the largest home builder- free to carpet massive amounts of land with Mcmansions and so forth.

I say this because the housing bubble pissed me off royally and ruined the standard of living across the country. I would HATE with a capital "H" to see this shit startup again, especially not when prices have yet to fall to acceptable levels in many metros.

Anyhow.... rant off. Just curious if any other economy geeks have some thoughts.