That's right, the new Apple iPhone announced Wednesday is already being credited with saving the United States economy. According to JP Morgan, sales of the new device should boost our nation's GDP by as much as 0.5% in the fourth quarter of this year alone. That's not a misprint, but half a percent of the nation's economic activity, or $3.2 billion.

It's hard to know whether such proclamations - even if true - say as much about the power of smartphones as they do about the weakness of the rest of the economy. In either case, however, I can't help but fear yet another hyper-inflated bubble in the making.

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