Americans are still talking about the recently deflated housing bubble, but there's a new bubble in town. It's the student loan bubble and when this one pops, it might dwarf the wreckage we've witnessed in the real-estate markets. In the latest news, the Federal Reserve's Board of Governors warned that soaring student-loan debt has "parallels to the housing crisis," according to a May report in Bloomberg. As with housing, observes Steven Greenhut, free-flowing cash will lead to widespread default. Of course, it's easier to repossess a tract house than to take back a potentially worthless degree.