Originally posted by fastball
Anyone who actually paid attention in their econ class will understand that the economy had to implode. The explosion in technology of the 1990's had to reach a saturation point..... that point at which everyone who wanted a computer or cell phone had one. Internet stock never even had value. I knew 6 years ago not to purchase any internet stock because not one of those companies had a tangable product to establish the company's value. Stock needs something to standarize it's value, just like money itself. To blame the economic fallout on anyone except stupid investors is foolish. It was young, unwise, and uneducated investors looking to make a quick buck who artificially inflated stock prices. When there was nothing left to buy the bubble burst and people are crying. While my stocks in Southnern Company, Best Buy, GE, and CocaCola are still sitting pretty.
i partially agree, though i think that the main reason our economy took such big dive at the end of the dot com boom is mainly because of "what goes up, must come down". i think that what is happening now is just the trailing end of a rollercoaster effect caused by the introduction of those internet stocks in the early 90's. we can only blame our present economy on two things. the end of the dot com revolution compounded by drastic decline in the value of airline and insurance company stocks caused by 9/11. the economic effects of 9/11 are far more detrimental to our economy than the fall of the dot com boom simply because that one singular event caused a drastic decline in value and multiple bankruptcies to airlines and insurance companies, which are a huge part of our economy.