For example, an argument could be made that Lisp is a blub, because of the libraries problem. I'm not a lisp user myself, though I'm learning Scheme, so I don't know for sure if the libraries problem is an actual problem. But if it is, you could say that Lisp is a blub for Python, because while Lisp users are spending their time inventing a DSL that's incompatible with everything else, Python users type 'import awesomelibrary' and get the job done.
So, really, it depends on your notion of power. In pg's original Blub essay, power is Lisp-y-ness (or macros, perhaps), so by definition Lisp can't be a blub. But if your notion of power is something else, maybe it can be.
On the other hand, Lisp isn't at the top of the theoretical Blub hierarchy. Users of erlang can to some degree look at lisp as a Blub - what do you mean there's no lightweight concurrency, and you can't start millions of threads and have the messaging just managed? Lisp is broken! A language with Lisp's (lack of) syntax and erlang's concurrency might be able to look down on both.
Then why doesn't someone do so?