Friedman, in the Times 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.”
Funny. Some of us had that one figured out two and a half years ago. And without the benefit of jaunting around the world to collect colorful anecdotes from local cab drivers, at that.