By John Cassidy
It is a sceptical historical past of the internet/stock industry growth. the writer argues that the dot.com craze wasn't easily a inventory marketplace bubble; it used to be a social and cultural phenomenon pushed by way of extensive old forces. Cassidy explains how those forces mixed to provide the deciding to buy hysteria that drove the costs of loss-making businesses into the stratosphere. a lot has been made from the word "irrational exuberance", yet this article indicates that there has been not anything irrational approximately what occurred. the folks concerned - fund managers, inventory analysts, newshounds and pundits - have been easily performing of their personal self-interest. expertise supplied the uncooked fabric for the increase, yet that's basically a part of the tale. This ebook describes and explains the all-too-human behaviour of the inventory marketplace bubble: the way it obtained going; sustained itself for longer than anyone anticipated; after which, simply while humans have been beginning to imagine it may well no longer be a speculative bubble in the end, went pop.
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It was the third rate reduction in six weeks, and it worked. From then on, the stock market and the economy recovered in tandem. By the end of 1982, the Dow was trading above 1,000. The greatest bull market ever—one that would see the Dow rise more than tenfold and the Nasdaq rise almost thirtyfold—was under way. An entire generation of newborns would get their driver’s licenses before the stock market would see another lengthy downturn. High school students would go to college, get married, have children, and approach middle age to the accompaniment of a rising stock chart.
The early conventional wisdom was “content is king,” and this adage helped to fuel a bidding war for Paramount Pictures, one of Hollywood’s oldest ﬁlm studios. 2 billion for Paramount. Two weeks later, QVC, a home-shopping network based in Pennsylvania, upped Viacom’s bid by more than a billion dollars. QVC’s main asset was its chairman, Barry Diller, a Hollywood executive with a well-earned reputation as a wheeler-dealer. The siege of Paramount lasted for six months and ensnared more than half a dozen other big companies.
AT&T teamed up with Viacom, the owner of MTV and Nickelodeon, to build a rival interactive television system in Castro Valley, California. , the nation’s biggest cable company, to set up a pilot system in Seattle. And US West, a Baby Bell based in Denver, combined with computer manufacturer Digital Equipment Corporation to launch a similar project in Omaha, Nebraska. This spurt of activity delighted the investment bankers on Wall Street, who helped to broker many of the deals. Whenever a new industry emerges, or an old one goes into decline, investment bankers rub their hands.