Making any changes in Views does not work when using the jQuery Update Module and having jQuery set to 1.8

Creating views is not a problem, however, I notice that when I try to make changes after creating a view in the actual view, I get a bunch of code dumped out on my page after hitting Submit or even when I hit the Cancel button. It never makes the change, and instead just dumps out a ton of code in my face. This is due to the Views module being compatible with an older version of jQuery 1.7 and below. If I use jQuery Update module and change to use jQuery 1.8 on my site, the views become a huge problem and you are unable to edit any views.

Views needs to work with a newer version of jQuery please!!!