Can the US avoid creating the next bubble?

I know it may sound like we're getting a bit ahead of ourselves, but . . . as we implement policies to stabilize the financial system and end the recession, one thing policy makers need to consider is the structure of the recovery ahead. And one important question is, how do we avoid creating the next bubble?

The issue is hardly academic. The United States has experienced a series of bubbles -- dot-com, commodity, private equity and housing -- and each one has been more devastating than the last, resulting in economic dislocation, devastating increases in unemployment, a disproportionate number of bankruptcies and foreclosures and, with the bursting of the last one, a debilitating credit crunch.