Posted by: Ben Steverman on July 23, 2008
The Onion reports “Recession-Plagued Nation Demands New Bubble to Invest In”:
WASHINGTON—A panel of top business leaders testified before Congress about the worsening recession Monday, demanding the government provide Americans with a new irresponsible and largely illusory economic bubble in which to invest.
“What America needs right now is not more talk and long-term strategy, but a concrete way to create more imaginary wealth in the very immediate future,” said Thomas Jenkins, CFO of the Boston-area Jenkins Financial Group, a bubble-based investment firm.
OK, the article is a joke. But seriously what is the next bubble? After tech stocks and housing, can we somehow avoid another speculative bubble, at least for a little while?
One thing I love about the Onion is that it’s parodies often contain a surprising amount of technical knowledge.
The Onion has some suggestions:
“Perhaps the new bubble could have something to do with watching movies on cell phones,” said investment banker Greg Carlisle of the New York firm Carlisle, Shaloe & Graves. “Or, say, medicine, or shipping. Or clouds.”
One speculator adds: “Little pieces of paper are the next big thing.”