Great article, d, but does the bandwidth bubble compare to the railroad bubble or the auto and highway bubble of the twenties,
the nyse and dow and real estate prices have gone sideways basically since 1997-8, while the tech bubble went bonkers,
asset destruction has been localized to 'new economy' troglites.
the friken nyse a/d bottomed the day the naz topped at 5000.
while we should be in for a whopper of a recession, the jury is still way out on anything like previous deflationery problems.
i suspect dow 10,000 was like dow 1000, and that the little throwover was part of the bubble, and we may trade sideways in a range for years like the 70's.
but a deflationery collapse, bank runs, dow 5000, $ devalution, that all the bears yearn for is an improbable goal as the naz going to 10,000 that some people were talking about in march of 2000. |
