Was “Here Comes Another Bubble” psychic or what?

The current tough economic situation and the deflation of the Web 2.0 bubble were certainly perfectly predicted by the huge hit online video, which was sung to the tune of Billy Joel’s “We Didn’t Start the Fire” by the San Francisco-based Richter Scales.

It was a little less than a year ago that “Bubble” became a viral phenom, attracting even more attention for being taken off of YouTube due to its use of a photo in the video it did not have the rights to.

In any case, it is most definitely worth another look with meltdown eyes:

And, the first to report on the controversial story of it then being taken down by YouTube (GOOG), in a fight the group had with a local photographer, Lane Hartwell, who objected to the use of a photo she took that was in the video without her permission or payment to her for its use.

The Hartwell photo was removed, and the copyright controversy eventually died down. And the video still remains very funny and even more realistic than ever, given the series of crazy Web 2.0 funding valuations of late.

And now “Bubble”–which opens with a BoomTown interview with investor Peter Thiel, who denies such a thing as a bubble in tech–has won a Webby Award for Best Viral Video.

Well, congrats to the creators of the video, which mocks the current Silicon Valley culture with affection, set to the tune of Billy Joel’s “We Didn’t Start the Fire”:

Except JibJab actually asked for and got permission from Joel for the use of the song for its parody. (Props for that, I say!)

Techwise, the review of 2007 includes, the Wii, Facebook’s Mark Zuckerberg, SuperPokes and his Digital Holiness Steve Jobs of Apple and the instrument of his glory, the iPhone.

In any case, we still love “Bubble,” but here is the JibJab’s offering, which was shown on the still-writerless “Tonight Show” last night on its first night back after the writers’ strike shut it down. It is the 11th time that the Venice, Calif.-based online video-maker has appeared on the show.