How will the "everything bubble" end?

How do you folks think that this current expansionary cycle will end?
My amateur guess is:

  • Rising interest rates through 2019/2020.

  • Reduced corporate earning because of China trade war

  • Both the above put the squeeze on debt-laden companies to pay back bonds

    • See Tesla for example
    • Companies have loaded up on debt to execute share buy-backs that increases share price — but reduced earnings will decrease share price!
  • PE companies, which hold lots of corp debt, get hurt

  • Insurance companies, which hold corp debt, get hurt

  • How does this affect municipal pension obligations? Do municipalities have to declare bankruptcy a la Orange County in the 90s?

  • How does this affect zombie tech companies (i.e. Uber/Lyft) who are running on “unlimited” cash from VCs? And PE Companies?