Dot-Com Craze Peaked 10 Years Ago This Week

netbuzz writes "When the NASDAQ stock index hit its all-time high of 5,133 on March 10, 2000, it had more than doubled in a year and the dot-com bubble was already leaking in a big way. A week later the NASDAQ had fallen 9 percent. A year later it was below 2000. Gone were such poster children of the era as Pets.com, Kozmo, and — who could forget? — Whoopi Goldberg's Flooz. Here's a look back."

Comments

Re:When you don't make anything...

[evilviper]

When you don't have a manufacturing sector, it's hard to create actual wealth.

True. How fortunate that the US is #1 in manufacturing, and vastly ahead of #2 (Japan) and very far ahead of #3 (China).

When corporate structures have co-opted your government into forcing you to compete with third world wages

That's endlessly debatable... Sure, one guy in the US no longer has a job making T-Shirts, but everyone in the US now pays 1/10th as much for a T-Shirt. In the end, it appears to be more efficient. Of course, it's only in these overwhelming cases that it looks so good. When companies say they can cut $40 million off their operating costs by moving out of the US, employees band together and figure out how to save $35 million, and the company goes ahead and closes down the old plant, anyhow, it's pretty obvious that our priorities have been horribly twisted around.

and shifted the tax burden from the richest to the middle class,

Sad but true. And worse, Bill Clinton signed a larger tax cut for the rich than George Bush ever did... Getting screwed from the rich on both sides, now.

Franklin said democracy would fail when people discovered they could vote themselves money, and pork certainly has been a major issue, but it seems it really becomes unraveled when the rich discover they can legally buy politicians, and legislation, and the courts will stick to the letter of the law, loopholes and all, until it's so entrenched that there's no climbing out of the deep, dark, hole of corruption.