The author expresses his doubt that the general higher education bubble will burst anytime soon. Although tuition, student housing, and book costs have all increased substantially, he believes it is still likely that the federal government will continue to pour billions into higher education, largely because Americans have been persuaded that it is somehow disgraceful not to give all a society can to the education industry. In looking back at the history and state of the humanities, the author argues that there was never an actual liberal arts bubble that one day burst. But there "was" a universe of thought and culture living in institutions of higher education that, over the last few decades, passed away. He points out that what once was the collegiate norm or close thereto--the study of liberal arts--is today barely a sad little blip on the radar of higher education. (Contains 9 footnotes.)