A decade ago, it was the dot com bust (along with big chunk of the telecom industry). Now it is the housing, banking and insurance sectors.

Next time is what scares me, because it may be our healthcare system. and we could be setting the stage right now.

For three decades, we’ve been told that the private sector does everything better. It does many things well. But it does a lousy job of looking after the public interest.

If we require that everyone have health insurance, and do not adequately regulate those insurers, we’re headed for another bubble and another collapse. This time, the consequences are going to be really awful.