The Bubble
The stock market bubble associated with the Internet was arguably the biggest financial mania in history. “At the 2000 peak of the titanic bull market… the value of all stocks as a percentage of the American gross domestic product reached 183 percent, more than twice the level before the crash in 1929.”[4] By early fall 2001, virtually the entire gain in the value of the NASDAQ which had been made since 1995 had evaporated. The bubble lasted about a year and a half, in 1999 and 2000, though it had deep roots in the earlier 1990s. Appendix A charts the bubble on America's NASDAQ and Germany's Nemax.
Though it is convenient to speak of one bubble, there were in fact four bubbles, one rapidly following another. This helped account for ...
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