The 9/11 Bubble

Even a blind squirrel finds a nut every now and then... Friedman seems to recapture some of his old form today:

It is now clear to me that we have followed the dot-com bubble with the 9/11 bubble. Both bubbles made us stupid. The first was financed by reckless investors, and the second by a reckless administration and Congress. In the first case, the public was misled by Wall Street stock analysts, who told them the old rules didn't apply - that elephants can fly. In the second case, the public was misled by White House economists, peddling similar nonsense. The first ended in tears, and so will the second. Because, as the dot-com bubble proved, elephants can fly - "provided it is not very long."

Not that this is really big news to anyone, but that doesn't mean that guys like Friedman shouldn't talk about it. The "9/11 Bubble" is a great phrase... let's see if it can catch on in the rest of the media.