Wednesday, September 19, 2007

Bubbles leave behind a new commercial and consumer infrastructure

Daniel Gross

This world’s a bubble, says Saint Aurelius Augustine. And in almost a similar vein, George Santayana sees the soul as “but the last bubble of a long fermentation in the world.” Truth is tough, it will not break, like a bubble, at the touch, nay, you may kick it about all day like a football, and it will be round and full at evening, reminds Oliver Wendell Holmes, Jr.

Well, the depressing truth of the times is that financial pundits lose no opportunity in frightening us of one bubble or the other, more so in the wake of the sub-prime crisis. So, it should be refreshingly reassuring to read that bubbles are great for the economy, as Daniel Gross writes in ‘Pop!’ ( ).

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