JAMES PETHOKOUKIS: The Obama Bubble. Plus, a warning to the Republicans: “Plus, the GOP may be experiencing its own bubble right now in the rising popularity of McCain running mate Sarah Palin. Maybe ‘Sarah America’ is an example of what Mackay meant by ‘some new folly more captivating than the first.’ Maybe American politics has become like the economy, one bubble seemingly leading to another. Maybe. But by the time this latest bubble begins to leak, the election may already be over.”

Optimistic slant: Daniel Gross says that bubbles are good for the economy. Could political bubbles be good for the public sphere?