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In 1997 everyone knew we were in a bubble. Alan Greenspan the Fed Chair publicly called it “Irrational Exuberance. ” If you got out of the market then you missed a market doubling and left significant upside on the table. It was insanity and everyone new it, much like today. There was a trend of people quitting their jibs to become full time day traders. Its easy to make money in an up market.
In the dot com collapse the effects were mostly felt in the tech sector. While the stock market slumped there was not a wave of banks failing. There were a lot of layoffs in the tech sector and IT jobs were hard to come by.
Yeah I had my dot-com job with tons of stock options and knew I was gonna be rich! Just gotta go public and… oh, what’s that, 3 waves of layoffs leaving a skeleton crew? Well shit. I’ll just go get another job and… well shit. Ok, handful of other geeks, let’s band together and scrape tiny contracts together in a desperate bid to eat and make rent. Guess I’m not rich anymore. :/