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