Dot.Con -- The Greatest Story Ever Sold | Posted: 2002-10-29 09:26:43 | 5719 hits | View in Hi-Fi Mode

I just finished reading "Dot.Con: The Greatest Story Ever Sold" by John Cassidy, a book which documents both the last stock bubble as well as the connections to the speculative bubbles of the past. Obviously, the final chapter in our latest saga isn't written yet... but the parallels are rather striking.

Anyway, the conclusion that John Cassidy reaches is that it's very difficult to identify a speculative bubble when you're in the middle of it. Remember, a few years ago people really seemed to believe that we'd created a "new economy." Of course, it's obvious now that they should've known better...

The other question is, what should someone like Greenspan have done? Raised interest rates earlier and attempted to deflate the bubble? Perhaps, but there were good reasons why he didn't at the time... There were other people who could've stepped in, but didn't.

Anyway, it's a good read. The author seems extraordinarily bitter about the whole thing, which adds to the fun.

I guess I'm sort of an afficianado of tell-all books. I haven't read that new book, "The Cult of Kibu," although I did read the essay that it was based on in the Industry Standard. (R.I.P.) "21 Dog Years," a book about the transformation of a Seattle slacker into a dotcom over-achiever was pretty silly, and rang especially true for me, given that I was transformed from a guy who ran copy machines to a producer at WebMD in the course of a few months.


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