What about the risk of a bursting asset bubble?

The global economic policy world is in the midst of a debate over the risk of inflation, including the definition of the word “transitory.” But what about the risk of the bursting of an asset bubble? What is surprising is the minimal amount of discussion about whether today’s so-called “era of free money” has created dangerous asset bubbles. History shows that the bursting of asset bubbles can bring nasty macroeconomic consequences. Note that in the United States alone, new corporate debt since the pandemic has skyrocketed. Mediocre companies have been able to buy back their stock. Wouldn’t these firms be the first to collapse in a financial panic? Then again, does the fact that the Wall Street banks are so well capitalized minimize the negative effect to the broader U.S. economy from a panic-driven market correction? In such a correction, what would be the safe haven? U.S. Treasury bonds? Gold? Cryptocurrency? Commodities in general? If the latter, wouldn’t there also be unpleasant macroeconomic consequences?