When the dot.com bubble burst with the coming of the new millennium, the reasons were pretty obvious – a combination of ridiculously high stock prices, rampant speculation, zillions of dollars in available venture capital and giving the finger to traditional business models that sent many a company and investor on a binge that a drunken sailor would envy.
What’s going on now as the effects of the subprime mortgage and hedge fund disasters ripple through the economy like the venom from a snake bite is not terribly dissimilar from the dot.com kaboom in some respects, but very different in another:
While greed was an element there, greed is the element here and virtually no one in a position of responsibility is fessing up to that.
The consequences of that myopia are beginning to border on the catastrophic.
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