The Dot-Com Chancers Who Burst The Bubble
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The Internet Money Machine (1999): The young and adventurous have never had it so good, thanks to the soaring value of the late 90s tech industry - so why are some people predicting a downturn? Subscribe to Journeyman for daily current affairs and world news: http://www.youtube.com/journeymanpictures For downloads and more information visit: http://www.journeyman.tv/?lid=9187 In a small New York office casually dressed twenty-somethings gamble thousands with the click of a mouse. On average these day traders keep their volatile shares for just 4½ minutes. It’s a world away from the sweaty hollering of Wall Streets’ New York Stock Exchange. In just one year, 25 year-old Nick Birbas has gone from waiter to laptop legend riding the bull market and earning $10,000 a week. So will the bubble burst? Like many other internet firms Globe.com have yet to turn a profit. In the clubs of Wall Street many believe stocks like theirs have been wildly over-valued. “Old timers like us wait for the day of reckoning,” smirks one analyst. But for now there really seems to be no end to this boom. ABC Australia - Ref 627 Journeyman Pictures is your independent source for the world's most powerful films, exploring the burning issues of today. We represent stories from the world's top producers, with brand new content coming in all the time. On our channel you'll find outstanding and controversial journalism covering any global subject you can imagine wanting to know about.
Comments
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Lol, it's worse in 2016. If 1999 was irrational exuberance, this is pure madness in 2016.
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at 3:30 when she said they are bypassing brokers and trading directly off the markets is when I lay off this video :)
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None of these guys are geniuses. I didn't know anything about stocks until the last 3 days and I can at least tell you that I know the typical responses to stock fluctuations and how to spot a bubble. Good luck, world. Buy low, sell high.
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And then 9/11 happened. And the world was never the same.
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If you base your investment decisions on Richard Quest's opinions, you deserve every bit of punishment that you get.
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What a whole bunch of crap some of these crapheads are talking.
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How incredibly fickle. History goes to show just how stupid humanity really is.
Check out that Dr Ed Yardeni.. wrong on all counts. Pie in the sky. -
6:00 good call, it went down to exactly 7000 and then up to 14k a couple of years later than he said it'd be 15k
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This guy moved back in with his parents after the crash.
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2:00 He's dead. 8:41 He may not be a lunatic...but he was so bloody wrong and in 2008, Quest was arrested at in New York City's Central Park. Quest admitted being in possession of crystal meth. A judge ordered him to undergo six months of drug counseling 11:00 What happen to this company...."As of the company's 2011 annual report, it reported $6426 in assets versus $3.2 million in liabilities." theGlobe.com saw its share price drop from a high of $97 to less than 10 cents by 2001.
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In fairness to a lot of these people, they weren't wrong. Yes the market crashed, but it also recovered and the world has never been the same. All these stock brokers job's have been replaced by computers. The entire industry is run by computers nowadays.
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Day traders have been replace with AI and programmers with their algorithms. Unless you have inside information, don't bet. The U.S. is on the verge of another tech bubble soon.
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those were the days when I thought america is not a damn shithole
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The more things change, the more they stay the same.
Money is just pieces of paper, not unlike toilet tissue, but less soft. And yet, people spend their time alive trying to take this paper away from other people. Like monkeys hoarding balls of poo. To what end? -
WHAT IS WRONG WITH YOU???? POSTING 1999 VIDEO IN 2015 ??? NOTHING IS SAME THE TECH AND THE PROCESSES ARE COMPLETELY DIFFERENT ETC NEXT TIME TRY WITH 1554 VIDEO
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this is 10 years old
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Pretty funny to see this guy driving around his Corvette believing he's a genius. He gambled in a casino where everyone won, for a time. I'd gamble that he lost everything when the market crashed.
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CRT monitor is in for day traders... what year is this?!! 1994?
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In the 90's it would have been impossible to even imagine what I am doing now. The internet has made professional mobility nearly ubiquitously available to anyone. I was working a simple tech job in suburban Chicago in the 90's. Now, I'm an automation programmer working for startups all over Europe. Without the internet, it would have never happened.
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Even a monkey can make money in an irrational bull market, and that's what 99% of these traders were: monkeys. Once the uptrend stopped, the monkeys didn't know what to do and the vast majority lost everything. And Richard Quest was and still is one of the biggest idiots on TV.
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