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Wall Street and the Boom: Who's to blame?

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  • Technotranscendence
    All Fall Down Go Boom by Anders Mikkelsen This Sunday I happened to be flipping through my friend s copy of the Sunday Times. The magazine contained a new
    Message 1 of 1 , Nov 1, 2002
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      All Fall Down Go Boom
      by Anders Mikkelsen

      This Sunday I happened to be flipping through my friend's copy of the
      Sunday Times. The magazine contained a new article by Michael Lewis, In
      Defense of the Boom. Feel free to read it online. The paper edition
      includes fun pictures of dot.com employees slacking off in the work
      place - surely an inspiration to all of us reading this right now at
      work.

      Having liked his writing in the past, I decided to see what he had to
      say. On the whole I was pleasantly surprised. Lewis begins the article
      by pointing out that Wall Street is not solely to blame for the stock
      mania of the late nineties. According to Lewis the boom was more about
      investors attempts to get rich quick in new companies. Wall street was
      reacting to consumer demand. Later in the article he makes less
      compelling arguments to defend to the boom.

      See http://www.lewrockwell.com/orig3/mikkelsen1.html for the rest of
      this article.
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