Is Energy The Next Bubble?

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The Fed has massively cut rates over the last six months or so. The last time we had massive Fed easing, in the wake of 9/11, we wound up with the housing bubble. The time before that, when the Fed eased to pull us out of the recession of the early nineties, we wound up with the internet bubble.
So, of course, the natural question is where the next bubble will be. We've got strong inclinations to say energy, if only because the talk of rising global energy demand reminds us a bit too much of the talk of rising broadband demand we heard in the late nineties. Eventually the demand caught up with supply, but only after years of over-supply.

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