"Listen, don't mention the war! I mentioned it once, but I think I got away with it. So! It's all forgotten now and let's hear no more about it."
-- Basil Fawlty, Fawlty Towers
Now that were safely ensconced in the 21st century, it finally feels safer to talk about the war. But whatever you do, don't mention the bubble.
I don't mean the bubble of the late '90s. I mean the one that lies ahead.Nobody but the most cold-hearted of polar bears is willing to say it, but the making of the next great financial bubble is already under way. That's not to say it's 1999 all over again; it's more like the clock has been set back to 1997, when Netscape's stock was trading above $50, Google (GOOG - Get Report) was a fanciful gleam in Sergei's eye, and the foundations were being laid for a market that would launch -- and then destroy -- many a fortune. Yes, we've all learned our lesson. But history shows that the inevitable result of swearing up and down that we've learned from hard times is that we end up repeating history all over again anyway. For most of us, it's just too painful to sit on our cash as the market spins out of control. So, no, we aren't in another bubble -- yet. But like it or not, the signs of one