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Number 2 applies in this case. Doesn't anyone learn from history?
bub·ble
ˈbəb(ə)l/
noun
noun: bubble; plural noun: bubbles; noun: bubble shell; plural noun: bubble shells
1.
a thin sphere of liquid enclosing air or another gas.
2.
used to refer to a good or fortunate situation that is isolated from reality or unlikely to last.
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