Bubbles have always been part of markets. The 17th century Dutch Tulip mania and the 18th century's South Sea Bubble are part of capitalist folklore. Recently, there seems to be an increase in the number and severity of bubbles and crashes -- Internet stock prices, housing prices and the stock market come to mind.

Markets have been good to us; even with the current crash, America is incredibly wealthy. The Internet and its progeny, such as email and online trading, have greatly increased the efficiency of markets. Ebay, Amazon,...