<As winter turned to spring in 1720, London was afflicted with a speculative mania unprecedented in British history. As the "Bubble" of the South Sea Company stock reached its peak in the summer, new wealth was apparent throughout the City as profits, or credit on the expectation of gain, was expended in a display of finery, and conspicuous consumption. "We are informed that since the hurly-burly of stock jobbing there has appeared in London 200 new Coaches and Chariots, besides as many more on the stocks … above 4,000 embroider'd Coats; about 3,000 gold watches at the sides of whores and wives; and some few acts of charity". Other promoters rushed to the market with their own "bubble stocks" keen to tap the public's enthusiasm - "any novelty could be sure of finding an imitator within a few days" - and money rushed in from the provinces. By Autumn, however the dream had turned to nightmare, and it was losses, debts and duplicity that preoccupied the Kingdom, as South Sea stock, and other new offerings, crashed. In the centuries since, this manic cycle has been repeated time and again, as we have most recently been reminded in the great "dotcom" boom. >
But Jay, not all amazing developments are bubbles. As our great and estimable idol, Uncle Al KBE pointed out, it's not easy to tell the difference between irrational exuberance and actual great improvements which will lead to great profits. Microsoft in 1981 was not a bubble stock. It is still the world champion company. QUALCOMM was not a bubble company. They have both created world-changing technology which nearly everyone on Earth wants.
Note the comment about "3000 gold watches". Gold is a manifestation of human greed. When you see gold frenzy, you are watching a madness which never lasts. People soon revert to a realistic life of struggle against the elements and competition with other people to be popular with their customers and to ascend the geopolitical power ladder.
The Biotelecosmictechdot.com irrational exuberance was indeed a bubble, full of speculative frenzy, fraud, greed and leveraged foolishness. But that didn't mean the core of the frenzy didn't contain something of world record value. The Biotelecosmictechdot.com revolution is real, but not everyone who surged into the maelstrom was doing the right thing. Rewards don't go to everyone. They go to those who are doing the right thing.
There are real and vast profits cascading out of the revolution and those who by luck or intelligence selected the right property to buy or build are doing very well. That process is going to continue apace, just as the industrial revolution which began 150 years ago has continued unabated with vast wealth being churned out unendingly.
The Biotelecosmictechdot.com revolution is going to make the industrial revolution look like a duckpond compared with the amazing Pacific Ocean and the sky above it. The sky's the limit!
Mqurice |
