I am unhappy with PR #689 and PR #739. Now with bbox_inches="tight"

import matplotlib.pyplot as plt
plt.text(5, 5, "foo")
plt.savefig("bug1740_text.png", format="png", bbox_inches="tight")

produces a huge mostly empty figure with the frame in the lower left.
It crashes if the text is placed further away from the frame because the figure is becoming too large (ipython issue #1740). I believe the right solution to matplotlib issue #689 would be to only adapt the bbox to the text artists that are decorations of the figure (axes, axes labels, titles) but ignore the text pieces in data coordinate space that fall outside axes frame.