Speech bubble artwork can be found in the Clip Art, under the Edit tab.
Once you add it to your video, you should be prompted to customize the text.
You can do further customization by opening the clip. In Timeline view, it will appear as a title on an upper video track.
Detailed, step-by-step information on working with this type of clip art can be found in my "Cool Tricks & Hot Tips for Adobe Premiere Elements" book, available on Amazon.com and at Premiere Elements support site Muvipix.com.
Should you not be using a "speech bubble" Asset, but building your own, then you can do one Title for the artwork, and another for the Text. This is handy, if you want different Text in the same "bubble." Otherwise, you can just create the artwork in Titler, and add the necessary Text.
Lots of ways to do this, and there are some Web sites, that have tons of various "bubbles."
Got it...thanks for all the help.
Funny. I thought I answered this already today. Must have gotten deleted.
In version 9, you can go to the Clip Art (under the Edit tab). There are thought and speech bubbles in there.
When you add them to your movie, they will appear on an upper video track (in Timeline view). You can then double-click on them on the timeline and then customize the text in the Title editor.
The forums are acting wonky today. There is a message, to that effect, as a sticky on the Forum Comments forum. Not sure what is going on, but posts are being lost, and some held up, only to appear much later.
Work is on-going, regarding the forum Searches, so that might be part of the issue, but several Adobe server nodes are not syncing.