Dot.Con: The Greatest Story Ever Sold
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John Cassidy's Dot.con is the most sweeping and definitive assessment published thus far of the stock market mania that swept this country in the late 1990s. Cassidy, who covers economics and finance for The New Yorker finds many seeds for the boom: Vannerver Bush's "memex" machine, the "intellectual forerunner of the World Wide Web"; increasing popularity of 401K and IRAs, which introduced millions of Americans to the equity markets, giving rise to a "stock market culture"; and the attention and hype in the late 80s and early 90s surrounding the "information superhighway" promoted by the likes of Al Gore, Newt Gingrich and Nicolas Negroponte. When Netscape went public in 1995, the Internet-mania began a five-year run that was fueled in part by the media, the policies promoted by Alan Greenspan and the Federal Reserve, the rise of day trading and the deluge of IPOs brought to market by firms such as Morgan Stanley and Merrill Lynch and their analyst cheerleaders Mary Meeker and Henry Blodget. For anyone who got caught up in the mania and foundered in its eventual crash, Dot.con is a bittersweet trip down memory lane that Cassidy captures just perfectly. --Harry C Edwards
How could we all have been taken in by dot.com mania ? Why did so many people believe the hype ? And is anyone to blame ?
It was the most gripping boom-and-bust drama of our time : a story of hysteria and harebrained schemes, of ridiculously over-inflated prices (and egos), of fortunes won and lost overnight.
In DOT.CON John Cassidy, a consistently sceptical voice during this heady period, reveals what happened. That it wasn't just about a stockmarket bubble: everyone was along for the ride - from politicians to pundits, from a media willing to puff hopeless companies to the ordinary punter enticed by the prospect of instant wealth. And it was about how we saw ourselves, and refused to learn the lessons of history, as the twenty-first century dawned...
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