Re: Fed Raises and Now Tariffs? Have we been in ka--- for ten years?
iTulip was around during tech bubble 1.0, and I recall many discussions here then that sounded like this.
I recall EJ talking about the amercan method. We identify a promising tech, like railroads or radio. Investers rush in and create a speculative mania, and most investers lose all their money ending up with nothing but worthless stock certificates for bankrupt railroad companies.
But the railroads were in fact built and built quickly, without waiting to understand exactly how they would be used by society or how they could make some money for the owners.
The discussion back then seemed to agree that the swift build-out of new technology was worth the widespread misery and ruin heaped upon the masses of failed investors.
Hucksters and con-artists inevitably join in the fray, and suckers are always duped. In 1881 the Detroit Free Press said "A mine is a hole in the ground. The discoverer of it is a natural liar. The hole in the ground and the liar combine and issue shares and trap fools." Silicon Valley tech schemes work better now but Theranos amounts to the same thing.
iTulip was around during tech bubble 1.0, and I recall many discussions here then that sounded like this.
I recall EJ talking about the amercan method. We identify a promising tech, like railroads or radio. Investers rush in and create a speculative mania, and most investers lose all their money ending up with nothing but worthless stock certificates for bankrupt railroad companies.
But the railroads were in fact built and built quickly, without waiting to understand exactly how they would be used by society or how they could make some money for the owners.
The discussion back then seemed to agree that the swift build-out of new technology was worth the widespread misery and ruin heaped upon the masses of failed investors.
Hucksters and con-artists inevitably join in the fray, and suckers are always duped. In 1881 the Detroit Free Press said "A mine is a hole in the ground. The discoverer of it is a natural liar. The hole in the ground and the liar combine and issue shares and trap fools." Silicon Valley tech schemes work better now but Theranos amounts to the same thing.
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