Were hedge funds the "new plastic?"

The following was pulled from a (now defunct) multi-strategy hedge fund investor letter in 2004:

"William Safire characterized the mood and popularity of hedge funds well in a recent column when he said: In a future remake of ‘The Graduate,’ the phrase replacing ‘plastics’ to be whispered in the ear of the title role is ‘hedge funds.’”

"Given factors like these, I have reconsidered my opinion and questioned whether the current flow of funds into hedge funds is becoming excessive."

There has been ongoing debate for over 20 years on the potential "bubble" within hedge funds. Hedge Funds are simply active money managers with the most tools available to allocate capital. It is not the hedge funds per se, but the strategies that will, dependant on their liquidity, exhibit possible bubble tendencies.

Hedge funds were just one type of plastic, not to be mixed up with other types of plastic... like credit (cards, CDO's, CDS etc.).

What will be the new new Plastic, now that whispering the words "hedge funds" results in a frown? Anyone? Anyone?