This is What People Think About the Bubble:
"Cassidy's theory is that the Internet stock boom wasn't just a Ponzi scheme inadvertently created out of exuberance for a remarkable new technology. It was a Ponzi scheme maliciously created by a selfishly motivated cabal of journalists, analysts, investors, politicians, entrepreneurs, and others."
HEY!! How about the investment bankers that took their asymmetric information all the way to the bank?! How the hell can you blame journalists without blaming the guys that set up the Friends of Frank?
"says Newsweek writer Adam Rogers. "The tragedy behind the popping of the dotcom bubble is that for a while it looked like technology might change the world by reshaping economies and transforming human interaction. Unfortunately, people even got the idea that they could make money in the process."
Ummm. Note to Adam Rogers: the web is
reshaping economies and transforming human interaction. Been to India lately? Ever read a blog? More to the point, if history tells us anything about irrationality and technology, it's that after
a bubble, there's a huge growth period of 15-20 years - that's where the social payoff really
There was a great article about this by Brian Arthur, but it's on Business 2.0, which is now sub only, so you'll never see it. Hey, Business 2.0, look - you just missed a chance to build consumer share. Nice one!!