Word: dotcom
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Dates: during 2000-2009
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Today's Australians may be more sophisticated than last century's digger with his pockets full of gold dust, but at root the dotcom millionaires of the late 1990s are not so very different from their mining ancestors. The metaphor of all wealth production is gambling, and Australians are among the most shamefully obsessed gamblers in the world. We have 20 times as many "pokies"--poker machines--per person as Americans. Our styles of wealth production enforce the belief that superiority is luck and only luck: no moral lessons apply. The Puritan impulse toward social responsibility that created the American...
...still just "Monopoly money," notes Khan. With hardly any profits to date, the company's actual valuation is all just speculation at the moment. That should become much clearer, once Facebook goes public sometime in the next year or so. One thing's for sure, however: the dotcom bubble just got bigger than ever. Get ready for another wild ride...
...This is not to suggest that all emerging markets are attractive. There are major gas pockets in China stocks, which are trading on mainland bourses at levels reminiscent of the heady days of the dotcom bubble. Hong Kong's stock exchange, where many China companies are listed, is experiencing similar exuberance, having risen more than 40% since mid-August. Soaring markets like these are getting a lot of press. But don't make the mistake of assuming all emerging markets are overvalued just like they were 10 years ago, right before the last bubble popped. That would be like driving...
...gotten ugly out there. the recent panic sparked by the global credit crisis has triggered the most serious market turbulence since the aftermath of the dotcom mania in 2001 and 2002. The Federal Reserve, European Central Bank and other central banks were forced to pump over $150 billion into the world's banking systems to stabilize short-term lending markets and reassure worried investors...
...That's not to say businesses aren't feeling the pinch. U.K. listed firms issued more profit warnings in the first half of this year than in any same period since the dotcom blowout. Even in the City, London's fiercely competitive financial center, the number of new jobs is set to slip by two-thirds this year, according to the capital's Centre for Economics and Business Research. But despite the doom and gloom, there's still room enough for specialist sectors to grow handsomely. London's leading share of international markets means Britain's financial services sector should...