🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 152 (from laksa198)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa152.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical, ml_categories_json AS ml_categories_json, ml_types_json AS ml_types_json, ml_intent_types_json AS ml_intent_types_json, meta_language AS meta_language, attrs_author AS attrs_author, ifNull(toUnixTimestamp(attrs_publish_time), 0) AS attrs_publish_time, ifNull(toUnixTimestamp(attrs_original_publish_time), 0) AS attrs_original_publish_time, ifNull(attrs_is_republished, 0) AS attrs_is_republished, ifNull(attrs_nr_words, 0) AS attrs_nr_words, ifNull(attrs_boilerpipe_nr_words, 0) AS attrs_boilerpipe_nr_words, ifNull(body_ext_links_number, 0) AS body_ext_links_number, ifNull(body_int_links_number, 0) AS body_int_links_number, ifNull(meta_nofollow, 0) AS meta_nofollow, ifNull(meta_noarchive, 0) AS meta_noarchive, ifNull(props_was_rendered, 0) AS props_was_rendered, ifNull(src_redirect, \'\') AS src_redirect, ifNull(download_time_msec, 0) AS download_time_msec, ifNull(download_ttfb_msec, 0) AS download_ttfb_msec, ifNull(download_size, 0) AS download_size FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://en.wikipedia.org/wiki/Dot-com_bubble\')), getAhrefsUnparsedNoserviceFromURL(\'https://en.wikipedia.org/wiki/Dot-com_bubble\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble","crawl_time":1776409055,"first_indexed_time":1375978989,"http_code":200,"src_unparsed":"org,wikipedia!en,\/wiki\/Dot-com_bubble s443","src_root_hash":"17790707453426894952","history_drop_reason":null,"meta_title":"Dot-com bubble - Wikipedia","meta_descriptions":[],"attrs_boilerpipe_text":"From Wikipedia, the free encyclopedia\nThe\nNASDAQ Composite\nindex spiked in 2000 and then fell sharply as a result of the dot-com bubble.\nQuarterly U.S. venture capital investments, 1995–2017\nThe\ndot-com bubble\n(or\ndot-com boom\n) was a\nstock market bubble\nthat developed during the late 1990s and peaked on March 10, 2000. This period of market growth coincided with the widespread adoption of the\nWorld Wide Web\nand the\nInternet\n, resulting in a dispensation of available\nventure capital\nand the rapid growth of valuations in new dot-com\nstartups\n. Between 1995 and its peak in March 2000, investments in the\nNasdaq Composite\nstock market index rose by 600%,\n[\ncitation needed\n]\nonly to fall 78% from its peak by October 2002, giving up all its gains during the bubble. It is also known retrospectively as the\ntech–media–telecom (TMT) bubble\n, since it boosted established companies in those sectors as well as Internet startups.\nDuring the\ndot-com crash\n, many\nonline shopping\ncompanies like\nPets.com\n,\nWebvan\n, and\nBoo.com\n, as well as several communication companies, such as\nWorldCom\n,\nNorthPoint Communications\n, and\nGlobal Crossing\n, failed and shut down;\n[\n1\n]\n[\n2\n]\nWorldCom was renamed to MCI Inc. in 2003 and was acquired by\nVerizon\nin 2006. Others, like\nLastminute.com\n,\nMP3.com\nand\nPeopleSound\nwere bought out. Larger companies like\nAmazon\nand\nCisco Systems\nlost large portions of their market capitalization, with Cisco losing 80% of its stock value.\n[\n2\n]\n[\n3\n]\nHistorically, the dot-com boom can be seen as similar to a number of other technology-inspired booms of the past, including\nrailroads\nin the 1840s,\nautomobiles\nin the 1900s,\nradio\nin the 1920s,\ntelevision\nin the 1940s,\ntransistor\nelectronics in the 1950s, computer time-sharing in the 1960s, and\nhome computers\nand\nbiotechnology\nin the 1980s.\n[\n4\n]\n[\nfailed verification\n]\nPrelude to the bubble\n[\nedit\n]\nThe 1993 release of\nMosaic\nand subsequent\nweb browsers\nduring the following years gave computer users access to the\nWorld Wide Web\n, popularizing the use of the Internet.\n[\n5\n]\nInternet use increased as a result of the reduction of the \"\ndigital divide\n\" and advances in connectivity, uses of the Internet, and computer education. Between 1990 and 1997, the percentage of households in the United States owning computers increased from 15% to 35% as computer ownership progressed from a luxury to a necessity.\n[\n6\n]\nThis marked the shift to the\nInformation Age\n, an economy based on\ninformation technology\n, and many new startups were founded as a result of that growth.\nAt the same time, a decline in interest rates increased the availability of capital.\n[\n7\n]\nThe\nTaxpayer Relief Act of 1997\n, which lowered the top marginal\ncapital gains tax in the United States\n, also made people more willing to make more speculative investments.\n[\n8\n]\nAlan Greenspan\n, then-\nChair of the Federal Reserve\n, allegedly fueled investments in the stock market by putting a positive spin on stock valuations.\n[\n9\n]\nThe\nTelecommunications Act of 1996\nwas expected to result in many new technologies from which many people wanted to profit.\n[\n10\n]\nAs a result of these factors, many investors were eager to invest, at any valuation, in any\ndot-com company\n, especially if it had one of the\nInternet-related prefixes\nor a \"\n.com\n\"\nsuffix\nin its name.\nVenture capital\nwas easy to raise.\nInvestment banks\n, which profited significantly from\ninitial public offerings\n(IPO) (almost all of them were on Nasdaq), fueled speculation and encouraged investment in technology.\n[\n11\n]\nA combination of rapidly increasing stock prices in the\nquaternary sector of the economy\nand confidence that the companies would turn future profits created an environment in which many investors were willing to overlook traditional metrics, such as the\nprice–earnings ratio\n, and base confidence on technological advancements, leading to a\nstock market bubble\n.\n[\n9\n]\nBetween 1995 and 2000, the Nasdaq Composite stock market index rose 400%. It reached a price–earnings ratio of 200, dwarfing the peak price–earnings ratio of 80 for the Japanese\nNikkei 225\nduring the\nJapanese asset price bubble\nof 1991.\n[\n9\n]\nIn 1999, shares of\nQualcomm\nrose in value by 2,619%, 12 other large-cap stocks each rose over 1,000% in value, and seven additional large-cap stocks each rose over 900% in value. Even though the Nasdaq Composite rose 85.6% and the\nS&P 500\nrose 19.5% in 1999, more stocks fell in value than rose in value as investors sold stocks in slower growing companies to invest in Internet stocks.\n[\n12\n]\nAn unprecedented amount of personal investing occurred during the boom and stories of people quitting their jobs to trade on the financial market were common.\n[\n13\n]\nThe\nnews media\ntook advantage of the public's desire to invest in the stock market; an article in\nThe Wall Street Journal\nsuggested that investors \"re-think\" the \"quaint idea\" of profits,\n[\n14\n]\nand\nCNBC\nreported on the stock market with the same level of suspense as many networks provided to the\nbroadcasting of sports events\n.\n[\n9\n]\n[\n15\n]\nAt the height of the boom, it was possible for a promising dot-com company to become a\npublic company\nvia an IPO and raise a substantial amount of money even if it had never made a profit—or, in some cases, realized any material revenue or even have a finished product. People who received\nemployee stock options\nbecame instant paper millionaires when their companies executed IPOs; however, most employees were barred from selling shares immediately due to\nlock-up periods\n.\n[\n11\n]\n[\npage needed\n]\nThe most successful entrepreneurs, such as\nMark Cuban\n, sold their shares or entered into\nhedges\nto protect their gains.\nSir John Templeton\nsuccessfully\nshorted\nmany dot-com stocks at the peak of the bubble during what he called \"temporary insanity\" and a \"once-in-a-lifetime opportunity\". He shorted stocks just before the expiration of lockup periods ending six months after initial public offerings, correctly anticipating many dot-com company executives would sell shares as soon as possible, and that large-scale selling would force down share prices.\n[\n16\n]\n[\n17\n]\nSpending tendencies of dot-com companies\n[\nedit\n]\nDot-com companies spent most of their investments in marketing efforts. Left: A promotional music CD for the\nModo\npager. Right: The\nPets.com\nsock puppet who turned into a\ncelebrity\nand symbol of the dot-com bubble\nMost dot-com companies incurred\nnet operating losses\nas they spent heavily on advertising and promotions to harness\nnetwork effects\nto build\nmarket share\nor\nmind share\nas fast as possible, using the mottos \"get big fast\" and \"get large or get lost\". These companies offered their services or products for free or at a discount with the expectation that they could build enough\nbrand awareness\nto charge profitable rates for their services in the future.\n[\n18\n]\n[\n19\n]\nThe \"growth over profits\" mentality and the aura of \"\nnew economy\n\" invincibility led some companies to engage in lavish spending on elaborate business facilities and luxury vacations for employees. Upon the launch of a new product or website, a company would organize an expensive event called a\ndot-com party\n.\n[\n20\n]\n[\n21\n]\nIn the five years after the American\nTelecommunications Act of 1996\nwent into effect,\ntelecommunications equipment\ncompanies invested more than $500 billion, mostly financed with debt, into laying fiber optic cable, adding new switches, and building wireless networks.\n[\n10\n]\nIn many areas, such as the\nDulles Technology Corridor\nin Virginia, governments funded technology infrastructure and created favorable business and tax law to encourage companies to expand.\n[\n22\n]\nThe growth in capacity vastly outstripped the growth in demand.\n[\n10\n]\nSpectrum auctions\nfor\n3G\nin the United Kingdom in April 2000, led by\nChancellor of the Exchequer\nGordon Brown\n, raised £22.5 billion.\n[\n23\n]\nIn Germany, in August 2000, the auctions raised £30 billion.\n[\n24\n]\n[\n25\n]\nA 3G\nspectrum auction\nin the United States in 1999 had to be re-run when the winners defaulted on their bids of $4 billion. The re-auction netted 10% of the original sales prices.\n[\n26\n]\n[\n27\n]\nWhen financing became difficult to obtain as the bubble burst, high\ndebt ratios\nof some companies led to a number of\nbankruptcies\n.\n[\n28\n]\nBond investors recovered just over 20% of their investments.\n[\n29\n]\nHowever, several telecom executives sold stock before the crash including\nPhilip Anschutz\n, who reaped $1.9 billion,\nJoseph Nacchio\n, who reaped $248 million, and\nGary Winnick\n, who sold $748 million worth of shares.\n[\n30\n]\nBursting the bubble\n[\nedit\n]\nHistorical government interest rates in the United States\nNearing the turn of the 2000s, spending on technology was volatile as companies prepared for the\nYear 2000 problem\n.  There were concerns that computer systems would have trouble changing their clock and calendar systems from 1999 to 2000 which might trigger wider social or economic problems, but there was virtually no impact or disruption due to adequate preparation.\n[\n31\n]\nSpending on marketing also reached new heights for the sector: Two dot-com companies purchased ad spots for\nSuper Bowl XXXIII\n, and 17 dot-com companies bought ad spots the following year for\nSuper Bowl XXXIV\n.\n[\n32\n]\nOn January 10, 2000,\nAmerica Online\n, led by\nSteve Case\nand\nTed Leonsis\n, announced a\nmerger\nwith\nTime Warner\n, led by\nGerald M. Levin\n. The merger was the largest to date and was questioned by many analysts.\n[\n33\n]\nThen, on January 30, 2000, 12 ads of the 61 ads for\nSuper Bowl XXXIV\nwere purchased by dot-coms (sources state ranges from 12 up to 19 companies depending on the definition of\ndot-com company\n). At that time, the cost for a 30-second commercial was between $1.9 million and $2.2 million.\n[\n34\n]\n[\n35\n]\nMeanwhile,\nAlan Greenspan\n, then\nChair of the Federal Reserve\n, raised interest rates several times; these actions were believed by many\n[\nweasel words\n]\nto have caused the bursting of the dot-com bubble. According to\nPaul Krugman\n, however, \"he didn't raise interest rates to curb the market's enthusiasm; he didn't even seek to impose margin requirements on stock market investors. Instead, [it is alleged] he waited until the bubble burst, as it did in 2000, then tried to clean up the mess afterward\".\n[\n36\n]\nFinance author and commentator\nE. Ray Canterbery\nagreed with Krugman's criticism.\n[\n37\n]\nOn Friday March 10, 2000, the NASDAQ Composite stock market index peaked at 5,048.62.\n[\n38\n]\nHowever, on March 13, 2000, news that\nJapan\nhad once again entered a\nrecession\ntriggered a global sell off that disproportionately affected technology stocks.\n[\n39\n]\nSoon after,\nYahoo!\nand\neBay\nended merger talks and the Nasdaq fell 2.6%, but the\nS&P 500\nrose 2.4% as investors shifted from strong performing technology stocks to poor performing established stocks.\n[\n40\n]\nOn March 20, 2000,\nBarron's\nfeatured a cover article titled \"Burning Up; Warning: Internet companies are running out of cash—fast\", which predicted the imminent bankruptcy of many Internet companies.\n[\n41\n]\nThis led many people to rethink their investments. That same day,\nMicroStrategy\nannounced a revenue restatement due to aggressive accounting practices. Its stock price, which had risen from $7 per share to as high as $333 per share in a year, fell to $140 per share, or 62%, in a day.\n[\n42\n]\nThe next day, the Federal Reserve raised interest rates, leading to an\ninverted yield curve\n, although stocks rallied temporarily.\n[\n43\n]\nTangentially to all of speculation, Judge\nThomas Penfield Jackson\nissued his conclusions of law in the case of\nUnited States v. Microsoft Corp.\n(2001)\nand ruled that Microsoft was guilty of\nmonopolization\nand\ntying\nin violation of the\nSherman Antitrust Act\n. This led to a one-day 15% decline in the value of shares in Microsoft and a 350-point, or 8%, drop in the value of the Nasdaq. Many people saw the legal actions as bad for technology in general.\n[\n44\n]\nThat same day,\nBloomberg News\npublished a widely read article that stated: \"It's time, at last, to pay attention to the numbers\".\n[\n45\n]\nOn Friday, April 14, 2000, the Nasdaq Composite index fell 9%, ending a week in which it fell 25%. Investors were forced to sell stocks ahead of\nTax Day\n, the due date to pay taxes on gains realized in the previous year.\n[\n46\n]\nBy June 2000, dot-com companies were forced to reevaluate their spending on advertising campaigns.\n[\n47\n]\nOn November 9, 2000,\nPets.com\n, a much-hyped company that had backing from Amazon.com, went out of business only nine months after completing its IPO.\n[\n48\n]\n[\n49\n]\nBy that time, most Internet stocks had declined in value by 75% from their highs, wiping out $1.755 trillion in value.\n[\n50\n]\nIn January 2001, just three dot-com companies bought advertising spots during\nSuper Bowl XXXV\n.\n[\n51\n]\nThe\nSeptember 11 attacks\naccelerated the stock-market drop.\n[\n52\n]\nInvestor confidence was further eroded by several\naccounting scandals\nand the resulting bankruptcies, including the\nEnron scandal\nin October 2001, the\nWorldCom scandal\nin June 2002,\n[\n53\n]\nand the\nAdelphia Communications Corporation\nscandal in July 2002.\n[\n54\n]\nBy the end of the\nstock market downturn of 2002\n, stocks had lost $5 trillion in\nmarket capitalization\nsince the peak.\n[\n55\n]\nAt its trough on October 9, 2002, the NASDAQ-100 had dropped to 1,114, down 78% from its peak.\n[\n56\n]\n[\n57\n]\nAfter venture capital was no longer available, the operational mentality of executives and investors completely changed. A dot-com company's lifespan was measured by its\nburn rate\n, the rate at which it spent its existing capital. Many dot-com companies ran out of capital and went through\nliquidation\n. Supporting industries, such as advertising and shipping, scaled back their operations as demand for services fell. However, many companies were able to endure the crash; 48% of dot-com companies survived through 2004, albeit at lower valuations.\n[\n18\n]\nSeveral companies and their executives, including\nBernard Ebbers\n,\nJeffrey Skilling\n, and\nKenneth Lay\n, were accused or convicted of\nfraud\nfor misusing shareholders' money, and the\nU.S. Securities and Exchange Commission\nlevied large fines against investment firms including\nCitigroup\nand\nMerrill Lynch\nfor misleading investors.\n[\n58\n]\nAfter suffering losses, retail investors transitioned their investment portfolios to more cautious positions.\n[\n59\n]\nPopular\nInternet forums\nthat focused on\nhigh tech\nstocks, such as\nSilicon Investor\n,\nYahoo! Finance\n, and\nThe Motley Fool\ndeclined in use significantly.\n[\n60\n]\nJob market and office equipment glut\n[\nedit\n]\nLayoffs of\nprogrammers\nresulted in a\ngeneral glut\nin the job market. University enrollment for computer-related degrees dropped noticeably.\n[\n61\n]\n[\n62\n]\nAeron chairs\n, which retailed for $1,100 each, were liquidated en masse.\n[\n63\n]\nAs growth in the technology sector stabilized, companies consolidated; some, such as\nAmazon.com\n,\neBay\n,\nNvidia\nand\nGoogle\n, gained market share and came to dominate their respective fields. The most valuable public companies are now generally in the technology sector.\n[\ncitation needed\n]\nIn a 2015 book, venture capitalist\nFred Wilson\n, who funded many dot-com companies and lost 90% of his net worth when the bubble burst, said about the dot-com bubble:\nA friend of mine has a great line. He says \"Nothing important has ever been built without\nirrational exuberance\n.\" Meaning that you need some of this mania to cause investors to open up their pocketbooks and finance the building of the railroads or the automobile or aerospace industry or whatever. And in this case, much of the capital invested was lost, but also much of it was invested in a very high\nthroughput\nbackbone for the Internet, and lots of software that works, and databases and server structure. All that stuff has allowed what we have today, which has changed all our lives... that's what all this speculative mania built.\n[\n64\n]\nAI boom\nAI bubble\nCryptocurrency bubble\nList of stock market crashes and bear markets\nStock market crash\n^\n\"The greatest defunct Web sites and dotcom disasters\"\n.\nCNET\n. June 5, 2008.\nArchived\nfrom the original on August 28, 2019\n. Retrieved\nFebruary 10,\n2020\n.\n^\na\nb\nKumar, Rajesh (December 5, 2015).\nValuation: Theories and Concepts\n.\nElsevier\n. p. 25.\n^\nPowell, Jamie (March 8, 2021).\n\"Investors should not dismiss Cisco's dot com collapse as a historical anomaly\"\n.\nFinancial Times\n.\nArchived\nfrom the original on December 10, 2022\n. Retrieved\nApril 6,\n2022\n.\n^\nEdwards, Jim (December 6, 2016).\n\"One of the kings of the '90s dot-com bubble now faces 20 years in prison\"\n.\nBusiness Insider\n.\nArchived\nfrom the original on October 11, 2018\n. Retrieved\nOctober 11,\n2018\n.\n^\nKline, Greg (April 20, 2003).\n\"Mosaic started Web rush, Internet boom\"\n.\nThe News-Gazette\n.\nArchived\nfrom the original on June 13, 2020\n. Retrieved\nFebruary 10,\n2020\n.\n^\n\"Issues in labor Statistics\"\n(PDF)\n.\nU.S. Department of Labor\n. 1999.\nArchived\n(PDF)\nfrom the original on May 12, 2017\n. Retrieved\nApril 14,\n2017\n.\n^\nWeinberger, Matt (February 3, 2016).\n\"If you're too young to remember the insanity of the dot-com bubble, check out these pictures\"\n.\nBusiness Insider\n.\nArchived\nfrom the original on March 13, 2020\n. Retrieved\nFebruary 10,\n2020\n.\n^\n\"Here's Why The Dot Com Bubble Began And Why It Popped\"\n.\nBusiness Insider\n. December 15, 2010.\nArchived\nfrom the original on April 6, 2020\n. Retrieved\nFebruary 10,\n2020\n.\n^\na\nb\nc\nd\nTeeter, Preston; Sandberg, Jorgen (2017). \"Cracking the enigma of asset bubbles with narratives\".\nStrategic Organization\n.\n15\n(1):\n91–\n99.\ndoi\n:\n10.1177\/1476127016629880\n.\nS2CID\n \n156163200\n.\n^\na\nb\nc\nLitan, Robert E. (December 1, 2002).\n\"The Telecommunications Crash: What To Do Now?\"\n.\nBrookings Institution\n.\nArchived\nfrom the original on March 30, 2018\n. Retrieved\nMarch 30,\n2018\n.\n^\na\nb\nSmith, Andrew\n(2012).\nTotally Wired: On the Trail of the Great Dotcom Swindle\n.\nBloomsbury Books\n.\nISBN\n \n978-1-84737-449-3\n.\nArchived\nfrom the original on August 1, 2020\n. Retrieved\nMay 8,\n2017\n.\n^\nNorris, Floyd\n(January 3, 2000).\n\"THE YEAR IN THE MARKETS; 1999: Extraordinary Winners and More Losers\"\n.\nThe New York Times\n.\nArchived\nfrom the original on August 31, 2017\n. Retrieved\nAugust 26,\n2017\n.\n^\nKadlec, Daniel (August 9, 1999).\n\"Day Trading: It's a Brutal World\"\n.\nTime\n.\nArchived\nfrom the original on April 15, 2017\n. Retrieved\nApril 14,\n2017\n.\n^\nWysocki, Bernard (May 19, 1999).\n\"Companies Chose to Rethink A Quaint Concept: Profits\"\n.\nThe Wall Street Journal\n.\nArchived\nfrom the original on August 8, 2021\n. Retrieved\nAugust 8,\n2021\n.\n^\nLowenstein, Roger\n(2004).\nOrigins of the Crash: The Great Bubble and Its Undoing\n.\nPenguin Books\n. p. \n115\n.\nISBN\n \n978-1-59420-003-8\n.\n^\nLanglois, Shawn (May 9, 2019).\n\"John Templeton profited from 'temporary insanity' in 2000 — now it's your turn, says longtime money manager\"\n.\nMarketWatch\n.\nArchived\nfrom the original on July 31, 2020\n. Retrieved\nApril 3,\n2021\n.\n^\n\"Old Dog, New Tricks\"\n.\nForbes\n. May 28, 2001.\nArchived\nfrom the original on March 7, 2021\n. Retrieved\nApril 3,\n2021\n.\n^\na\nb\nBERLIN, LESLIE (November 21, 2008).\n\"Lessons of Survival, From the Dot-Com Attic\"\n.\nThe New York Times\n.\nArchived\nfrom the original on September 6, 2017\n. Retrieved\nAugust 26,\n2017\n.\n^\nDodge, John (May 16, 2000).\n\"MotherNature.com's CEO Defends Dot-Coms' Get-Big-Fast Strategy\"\n.\nThe Wall Street Journal\n.\nArchived\nfrom the original on April 15, 2017\n. Retrieved\nApril 14,\n2017\n.\n^\nCave, Damien (April 25, 2000).\n\"Dot-com party madness\"\n.\nSalon\n.\nArchived\nfrom the original on March 9, 2018\n. Retrieved\nMarch 8,\n2018\n.\n^\nHuffStutter, P.J. (December 25, 2000).\n\"Dot-Com Parties Dry Up\"\n.\nLos Angeles Times\n.\nArchived\nfrom the original on June 13, 2020\n. Retrieved\nFebruary 10,\n2020\n.\n^\nDonnelly, Sally B.; Zagorin, Adam (August 14, 2000).\n\"D.C. Dotcom\"\n.\nTime\n.\nArchived\nfrom the original on June 7, 2020\n. Retrieved\nFebruary 10,\n2020\n.\n^\n\"UK mobile phone auction nets billions\"\n.\nBBC News\n. April 27, 2000.\nArchived\nfrom the original on August 23, 2017\n. Retrieved\nJune 7,\n2020\n.\n^\nOsborn, Andrew (November 17, 2000).\n\"Consumers pay the price in 3G auction\"\n.\nThe Guardian\n.\nArchived\nfrom the original on June 7, 2020\n. Retrieved\nJune 7,\n2020\n.\n^\n\"German phone auction ends\"\n.\nCNN\n. August 17, 2000.\nArchived\nfrom the original on June 7, 2020\n. Retrieved\nJune 7,\n2020\n.\n^\nKeegan, Victor (April 13, 2000).\n\"Dial-a-fortune\"\n.\nThe Guardian\n.\nArchived\nfrom the original on February 5, 2021\n. Retrieved\nJune 7,\n2020\n.\n^\nSukumar, R. (April 11, 2012).\n\"Policy lessons from the 3G failure\"\n.\nMint\n.\nArchived\nfrom the original on June 7, 2020\n. Retrieved\nJune 7,\n2020\n.\n^\nWhite, Dominic (December 30, 2002).\n\"Telecoms crash 'like the South Sea Bubble'\n\"\n.\nThe Daily Telegraph\n.\nArchived\nfrom the original on June 7, 2020\n. Retrieved\nJune 7,\n2020\n.\n^\nHunn, David; Eaton, Collin (September 12, 2016).\n\"Oil bust on par with telecom crash of dot-com era\"\n.\nHouston Chronicle\n.\nArchived\nfrom the original on June 7, 2020\n. Retrieved\nJune 7,\n2020\n.\n^\n\"Inside the Telecom Game\"\n.\nBloomberg Businessweek\n. August 5, 2002.\nArchived\nfrom the original on June 7, 2020\n. Retrieved\nJune 7,\n2020\n.\n^\nMarsha Walton;\nMiles O'Brien\n(January 1, 2000).\n\"Preparation pays off; world reports only tiny Y2K glitches\"\n.\nCNN\n. Archived from\nthe original\non December 7, 2004.\n^\nBeer, Jeff (January 20, 2020).\n\"20 years ago, the dot-coms took over the Super Bowl\"\n.\nFast Company\n.\nArchived\nfrom the original on March 2, 2020\n. Retrieved\nMarch 2,\n2020\n.\n^\nJohnson, Tom (January 10, 2000).\n\"Thats AOL folks\"\n.\nCNN\n.\nArchived\nfrom the original on December 11, 2017\n. Retrieved\nOctober 29,\n2018\n.\n^\nPender, Kathleen (September 13, 2000).\n\"Dot-Com Super Bowl Advertisers Fumble \/ But Down Under, LifeMinders.com may win at Olympics\"\n.\nSan Francisco Chronicle\n.\nArchived\nfrom the original on March 2, 2020\n. Retrieved\nMarch 2,\n2020\n.\n^\nKircher, Madison Malone (February 3, 2019).\n\"Revisiting the Ads From 2000's 'Dot-Com Super Bowl'\n\"\n.\nNew York\n.\nArchived\nfrom the original on March 2, 2020\n. Retrieved\nMarch 2,\n2020\n.\n^\nKrugman, Paul\n(2009).\nThe Return of Depression Economics and the Crisis of 2008\n. W.W. Norton. p. \n142\n.\nISBN\n \n978-0-393-33780-8\n.\n^\nCanterbery, E. Ray (2013).\nThe Global Great Recession\n. World Scientific. pp. \n123–\n135.\nISBN\n \n978-981-4322-76-8\n.\n^\nLong, Tony (March 10, 2010).\n\"March 10, 2000: Pop Goes the Nasdaq!\"\n.\nWired\n.\nArchived\nfrom the original on March 8, 2018\n. Retrieved\nMarch 8,\n2018\n.\n^\n\"Nasdaq tumbles on Japan\"\n.\nCNN\n. March 13, 2000.\nArchived\nfrom the original on October 30, 2018\n. Retrieved\nOctober 29,\n2018\n.\n^\n\"Dow wows Wall Street\"\n.\nCNN\n. March 15, 2000.\nArchived\nfrom the original on October 30, 2018\n. Retrieved\nOctober 29,\n2018\n.\n^\nWilloughby, Jack (March 10, 2010).\n\"Burning Up; Warning: Internet companies are running out of cash—fast\"\n.\nBarron's\n.\nArchived\nfrom the original on March 30, 2018\n. Retrieved\nMarch 30,\n2018\n.\n^\n\"MicroStrategy plummets\"\n.\nCNN\n. March 20, 2000.\nArchived\nfrom the original on October 11, 2018\n. Retrieved\nOctober 29,\n2018\n.\n^\n\"Wall St.: What rate hike?\"\n.\nCNN\n. March 21, 2000.\nArchived\nfrom the original on October 11, 2018\n. Retrieved\nOctober 29,\n2018\n.\n^\n\"Nasdaq sinks 350 points\"\n.\nCNN\n. April 3, 2000.\nArchived\nfrom the original on August 11, 2018\n. Retrieved\nOctober 29,\n2018\n.\n^\nYang, Catherine (April 3, 2000).\n\"Commentary: Earth To Dot Com Accountants\"\n.\nBloomberg News\n.\nArchived\nfrom the original on May 25, 2017\n. Retrieved\nMay 4,\n2017\n.\n^\n\"Bleak Friday on Wall Street\"\n.\nCNN\n. April 14, 2000.\nArchived\nfrom the original on November 27, 2020\n. Retrieved\nFebruary 10,\n2020\n.\n^\nOwens, Jennifer (June 19, 2000).\n\"IQ News: Dot-Coms Re-Evaluate Ad Spending Habits\"\n.\nAdWeek\n.\nArchived\nfrom the original on May 25, 2017.\n^\n\"Pets.com at its tail end\"\n.\nCNN\n. November 7, 2000.\nArchived\nfrom the original on July 27, 2018\n. Retrieved\nOctober 29,\n2018\n.\n^\n\"The Pets.com Phenomenon\"\n.\nMSNBC\n. October 19, 2016.\nArchived\nfrom the original on June 12, 2018\n. Retrieved\nJune 28,\n2018\n.\n^\nKleinbard, David (November 9, 2000).\n\"The $1.7 trillion dot.com lesson\"\n.\nCNN\n.\nArchived\nfrom the original on October 24, 2018\n. Retrieved\nOctober 29,\n2018\n.\n^\nElliott, Stuart (January 8, 2001).\n\"In Super Commercial Bowl XXXV, the not-coms are beating the dot-coms\"\n.\nThe New York Times\n.\nArchived\nfrom the original on August 31, 2017\n. Retrieved\nAugust 26,\n2017\n.\n^\n\"World markets shatter\"\n.\nCNN\n. September 11, 2001.\nArchived\nfrom the original on September 20, 2020\n. Retrieved\nFebruary 10,\n2020\n.\n^\nBeltran, Luisa (July 22, 2002).\n\"WorldCom files largest bankruptcy ever\"\n.\nCNN\n.\nArchived\nfrom the original on October 30, 2018\n. Retrieved\nOctober 29,\n2018\n.\n^\n\"SEC Charges Adelphia and Rigas Family With Massive Financial Fraud\"\n.\nwww.sec.gov\n.\nArchived\nfrom the original on November 9, 2010\n. Retrieved\nApril 18,\n2021\n.\n^\nGaither, Chris; Chmielewski, Dawn C. (July 16, 2006).\n\"Fears of Dot-Com Crash, Version 2.0\"\n.\nLos Angeles Times\n.\nArchived\nfrom the original on December 18, 2019\n. Retrieved\nFebruary 10,\n2020\n.\n^\nGlassman, James K. (February 11, 2015).\n\"3 Lessons for Investors From the Tech Bubble\"\n.\nKiplinger's Personal Finance\n.\nArchived\nfrom the original on April 4, 2020\n. Retrieved\nFebruary 10,\n2020\n.\n^\nAlden, Chris (March 10, 2005).\n\"Looking back on the crash\"\n.\nThe Guardian\n.\nArchived\nfrom the original on January 4, 2018\n. Retrieved\nMarch 30,\n2018\n.\n^\n\"Ex-WorldCom CEO Ebbers found guilty on all counts – Mar. 15, 2005\"\n.\nCNN\n.\nArchived\nfrom the original on July 3, 2018\n. Retrieved\nJune 20,\n2021\n.\n^\nReuteman, Rob (August 9, 2010).\n\"Hard Times Investing: For Some, Cash Is Everything And Only Thing\"\n.\nCNBC\n.\nArchived\nfrom the original on May 25, 2017\n. Retrieved\nSeptember 9,\n2017\n.\n^\nForster, Stacy (January 31, 2001).\n\"Raging Bull Goes for a Bargain As Interest in Stock Chat Wanes\"\n.\nThe Wall Street Journal\n.\nArchived\nfrom the original on December 9, 2018\n. Retrieved\nDecember 9,\n2018\n.\n^\ndesJardins, Marie (October 22, 2015).\n\"The real reason U.S. students lag behind in computer science\"\n.\nFortune\n.\nArchived\nfrom the original on March 7, 2020\n. Retrieved\nFebruary 10,\n2020\n.\n^\nMann, Amar; Nunes, Tony (2009).\n\"After the Dot-Com Bubble: Silicon Valley High-Tech Employment And Wages in 2001 and 2008\"\n.\nBureau of Labor Statistics\n.\nArchived\nfrom the original on November 16, 2018\n. Retrieved\nApril 14,\n2017\n.\n^\nKennedy, Brian (September 15, 2006).\n\"Remembering the Dot-Com Throne\"\n.\nNew York\n.\nArchived\nfrom the original on June 6, 2020\n. Retrieved\nFebruary 10,\n2020\n.\n^\nDonnelly, Jacob (February 14, 2016).\n\"Here's what the future of bitcoin looks like—and it's bright\"\n.\nVentureBeat\n.\nArchived\nfrom the original on April 15, 2017\n. Retrieved\nApril 14,\n2017\n.\nAbramson, Bruce (2005).\nDigital Phoenix; Why the Information Economy Collapsed and How it Will Rise Again\n.\nMIT Press\n.\nISBN\n \n978-0-262-51196-4\n.\nAharon, David Y.; Gavious, Ilanit; Yosef, Rami (2010). \"Stock market bubble effects on mergers and acquisitions\".\nThe Quarterly Review of Economics and Finance\n.\n50\n(4):\n456–\n70.\ndoi\n:\n10.1016\/j.qref.2010.05.002\n.\nCassidy, John (2009).\nDot.con: How America Lost Its Mind and Its Money in the Internet Era\n.\nHarperCollins\n.\nISBN\n \n9780061841781\n.\nCellan-Jones, Rory (2001).\nDot.Bomb: The Rise and Fall of Dot.com Britain\n. Aurum.\nISBN\n \n978-1854107909\n.\nDaisey, Mike (2014).\nTwenty-one Dog Years: Doing Time at Amazon.com\n.\nFree Press\n.\nISBN\n \n978-0-7432-2580-9\n.\nGoldfarb, Brent D.; Kirsch, David; Miller, David A. (April 24, 2006). \"Was There Too Little Entry During the Dot Com Era?\".\nRobert H. Smith School Research Paper\n(RHS 06-029).\nSSRN\n \n899100\n.\nKindleberger, Charles P. (2005).\nManias, Panics, and Crashes: A History of Financial Crises\n.\nJohn Wiley & Sons\n.\nISBN\n \n9780230365353\n.\n[\npermanent dead link\n]\nKuo, David\n(2001).\ndot.bomb: My Days and Nights at an Internet Goliath\n. Little, Brown.\nISBN\n \n978-0-316-60005-7\n.\nLowenstein, Roger\n(2004).\nOrigins of the Crash: The Great Bubble and Its Undoing\n.\nPenguin Books\n.\nISBN\n \n978-1-59420-003-8\n.\nWolff, Michael\n(1999).\nBurn Rate: How I Survived the Gold Rush Years on the Internet\n.\nOrion Publishing Group\n.\nISBN\n \n9780752826066\n.\nBurn Rate\nat\nGoogle Books\n.","attrs_markdown":"[Jump to content](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#bodyContent)\n\nMain menu\n\nMain menu\n\nmove to sidebar\n\nhide\n\nNavigation\n\n- [Main page](https:\/\/en.wikipedia.org\/wiki\/Main_Page \"Visit the main page [z]\")\n- [Contents](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contents \"Guides to browsing Wikipedia\")\n- [Current events](https:\/\/en.wikipedia.org\/wiki\/Portal:Current_events \"Articles related to current events\")\n- [Random article](https:\/\/en.wikipedia.org\/wiki\/Special:Random \"Visit a randomly selected article [x]\")\n- [About Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:About \"Learn about Wikipedia and how it works\")\n- [Contact us](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contact_us \"How to contact Wikipedia\")\n\nContribute\n\n- [Help](https:\/\/en.wikipedia.org\/wiki\/Help:Contents \"Guidance on how to use and edit Wikipedia\")\n- [Learn to edit](https:\/\/en.wikipedia.org\/wiki\/Help:Introduction \"Learn how to edit Wikipedia\")\n- [Community portal](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Community_portal \"The hub for editors\")\n- [Recent changes](https:\/\/en.wikipedia.org\/wiki\/Special:RecentChanges \"A list of recent changes to Wikipedia [r]\")\n- [Upload file](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:File_upload_wizard \"Add images or other media for use on Wikipedia\")\n- [Special pages](https:\/\/en.wikipedia.org\/wiki\/Special:SpecialPages \"A list of all special pages [q]\")\n\n[![](https:\/\/en.wikipedia.org\/static\/images\/icons\/enwiki-25.svg) ![Wikipedia](https:\/\/en.wikipedia.org\/static\/images\/mobile\/copyright\/wikipedia-wordmark-en-25.svg) ![The Free Encyclopedia](https:\/\/en.wikipedia.org\/static\/images\/mobile\/copyright\/wikipedia-tagline-en-25.svg)](https:\/\/en.wikipedia.org\/wiki\/Main_Page)\n\n[Search](https:\/\/en.wikipedia.org\/wiki\/Special:Search \"Search Wikipedia [f]\")\n\nAppearance\n\n- [Donate](https:\/\/donate.wikimedia.org\/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en)\n- [Create account](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:CreateAccount&returnto=Dot-com+bubble \"You are encouraged to create an account and log in; however, it is not mandatory\")\n- [Log in](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:UserLogin&returnto=Dot-com+bubble \"You're encouraged to log in; however, it's not mandatory. [o]\")\n\nPersonal tools\n\n- [Donate](https:\/\/donate.wikimedia.org\/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en)\n- [Create account](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:CreateAccount&returnto=Dot-com+bubble \"You are encouraged to create an account and log in; however, it is not mandatory\")\n- [Log in](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:UserLogin&returnto=Dot-com+bubble \"You're encouraged to log in; however, it's not mandatory. [o]\")\n\n## Contents\nmove to sidebar\n\nhide\n\n- [(Top)](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble)\n- [1 Background](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#Background)\n- [2 Prelude to the bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#Prelude_to_the_bubble)\n- [3 The bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#The_bubble)\n  Toggle The bubble subsection\n  - [3\\.1 Spending tendencies of dot-com companies](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#Spending_tendencies_of_dot-com_companies)\n  - [3\\.2 Bubble in telecom](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#Bubble_in_telecom)\n- [4 Bursting the bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#Bursting_the_bubble)\n- [5 Aftermath](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#Aftermath)\n  Toggle Aftermath subsection\n  - [5\\.1 Job market and office equipment glut](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#Job_market_and_office_equipment_glut)\n  - [5\\.2 Legacy](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#Legacy)\n- [6 See also](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#See_also)\n- [7 References](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#References)\n- [8 Further reading](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#Further_reading)\n\nToggle the table of contents\n\n# Dot-com bubble\n45 languages\n\n- [Afrikaans](https:\/\/af.wikipedia.org\/wiki\/Dot-comvoorspoedgolf \"Dot-comvoorspoedgolf – Afrikaans\")\n- [العربية](https:\/\/ar.wikipedia.org\/wiki\/%D9%81%D9%82%D8%A7%D8%B9%D8%A9_%D8%A7%D9%84%D8%A5%D9%86%D8%AA%D8%B1%D9%86%D8%AA \"فقاعة الإنترنت – Arabic\")\n- [Azərbaycanca](https:\/\/az.wikipedia.org\/wiki\/Dotkom_k%C3%B6p%C3%BCy%C3%BC \"Dotkom köpüyü – Azerbaijani\")\n- [Башҡортса](https:\/\/ba.wikipedia.org\/wiki\/%D0%94%D0%BE%D1%82%D0%BA%D0%BE%D0%BC%D0%B4%D0%B0%D1%80_%D2%A1%D1%8B%D1%83%D1%8B%D2%93%D1%8B \"Доткомдар ҡыуығы – Bashkir\")\n- [Беларуская (тарашкевіца)](https:\/\/be-tarask.wikipedia.org\/wiki\/%D0%91%D1%83%D1%80%D0%B1%D0%B0%D0%BB%D0%BA%D0%B0_%D0%B4%D0%B0%D1%82%D0%BA%D0%BE%D0%BC%D0%B0%D1%9E \"Бурбалка даткомаў – Belarusian (Taraškievica orthography)\")\n- [Беларуская](https:\/\/be.wikipedia.org\/wiki\/%D0%91%D1%83%D1%80%D0%B1%D0%B0%D0%BB%D0%BA%D0%B0_%D0%B4%D0%B0%D1%82%D0%BA%D0%BE%D0%BC%D0%B0%D1%9E \"Бурбалка даткомаў – Belarusian\")\n- [Български](https:\/\/bg.wikipedia.org\/wiki\/%D0%94%D0%BE%D1%82-%D0%BA%D0%BE%D0%BC_%D0%B1%D0%B0%D0%BB%D0%BE%D0%BD \"Дот-ком балон – Bulgarian\")\n- [Banjar](https:\/\/bjn.wikipedia.org\/wiki\/Burinik_dot-com \"Burinik dot-com – Banjar\")\n- [বাংলা](https:\/\/bn.wikipedia.org\/wiki\/%E0%A6%A1%E0%A6%9F-%E0%A6%95%E0%A6%AE_%E0%A6%AC%E0%A7%81%E0%A6%A6%E0%A7%8D%E0%A6%AC%E0%A7%81%E0%A6%A6 \"ডট-কম বুদ্বুদ – Bangla\")\n- [Català](https:\/\/ca.wikipedia.org\/wiki\/Bombolla_puntcom \"Bombolla puntcom – Catalan\")\n- [Čeština](https:\/\/cs.wikipedia.org\/wiki\/Internetov%C3%A1_hore%C4%8Dka \"Internetová horečka – Czech\")\n- [Dansk](https:\/\/da.wikipedia.org\/wiki\/IT-boblen \"IT-boblen – Danish\")\n- [Deutsch](https:\/\/de.wikipedia.org\/wiki\/Dotcom-Blase \"Dotcom-Blase – German\")\n- [Ελληνικά](https:\/\/el.wikipedia.org\/wiki\/%CE%A6%CE%BF%CF%8D%CF%83%CE%BA%CE%B1_%CF%84%CF%89%CE%BD_Dot_Com \"Φούσκα των Dot Com – Greek\")\n- [Español](https:\/\/es.wikipedia.org\/wiki\/Burbuja_puntocom \"Burbuja puntocom – Spanish\")\n- [Euskara](https:\/\/eu.wikipedia.org\/wiki\/Puntucomen_burbuila \"Puntucomen burbuila – Basque\")\n- [فارسی](https:\/\/fa.wikipedia.org\/wiki\/%D8%AD%D8%A8%D8%A7%D8%A8_%D8%AF%D8%A7%D8%AA-%DA%A9%D8%A7%D9%85 \"حباب دات-کام – Persian\")\n- [Suomi](https:\/\/fi.wikipedia.org\/wiki\/IT-kupla \"IT-kupla – Finnish\")\n- [Français](https:\/\/fr.wikipedia.org\/wiki\/Bulle_Internet \"Bulle Internet – French\")\n- [עברית](https:\/\/he.wikipedia.org\/wiki\/%D7%91%D7%95%D7%A2%D7%AA_%D7%94%D7%93%D7%95%D7%98-%D7%A7%D7%95%D7%9D \"בועת הדוט-קום – Hebrew\")\n- [Magyar](https:\/\/hu.wikipedia.org\/wiki\/Dotkomlufi \"Dotkomlufi – Hungarian\")\n- [Bahasa Indonesia](https:\/\/id.wikipedia.org\/wiki\/Gelembung_dot-com \"Gelembung dot-com – Indonesian\")\n- [Íslenska](https:\/\/is.wikipedia.org\/wiki\/Netb%C3%B3lan \"Netbólan – Icelandic\")\n- [Italiano](https:\/\/it.wikipedia.org\/wiki\/Bolla_delle_dot-com \"Bolla delle dot-com – Italian\")\n- [日本語](https:\/\/ja.wikipedia.org\/wiki\/%E3%82%A4%E3%83%B3%E3%82%BF%E3%83%BC%E3%83%8D%E3%83%83%E3%83%88%E3%83%BB%E3%83%90%E3%83%96%E3%83%AB \"インターネット・バブル – Japanese\")\n- [한국어](https:\/\/ko.wikipedia.org\/wiki\/%EB%8B%B7%EC%BB%B4_%EB%B2%84%EB%B8%94 \"닷컴 버블 – Korean\")\n- [Lietuvių](https:\/\/lt.wikipedia.org\/wiki\/Interneto_bendrovi%C5%B3_burbulas \"Interneto bendrovių burbulas – Lithuanian\")\n- [മലയാളം](https:\/\/ml.wikipedia.org\/wiki\/%E0%B4%A1%E0%B5%8B%E0%B4%9F%E0%B5%8D%E0%B4%9F%E0%B5%8D%E2%80%8C%E0%B4%95%E0%B5%8B%E0%B4%82_%E0%B4%95%E0%B5%81%E0%B4%AE%E0%B4%BF%E0%B4%B3 \"ഡോട്ട്‌കോം കുമിള – Malayalam\")\n- [Bahasa Melayu](https:\/\/ms.wikipedia.org\/wiki\/Gelembung_dot-com \"Gelembung dot-com – Malay\")\n- [မြန်မာဘာသာ](https:\/\/my.wikipedia.org\/wiki\/%E1%80%92%E1%80%B1%E1%80%AB%E1%80%B7%E1%80%80%E1%80%BD%E1%80%94%E1%80%BA%E1%80%B8_%E1%80%98%E1%80%95%E1%80%BA%E1%80%98%E1%80%9A%E1%80%BA%E1%80%9C%E1%80%BA \"ဒေါ့ကွန်း ဘပ်ဘယ်လ် – Burmese\")\n- [Nederlands](https:\/\/nl.wikipedia.org\/wiki\/Internetzeepbel \"Internetzeepbel – Dutch\")\n- [Norsk bokmål](https:\/\/no.wikipedia.org\/wiki\/Dot_com-boblen \"Dot com-boblen – Norwegian Bokmål\")\n- [Polski](https:\/\/pl.wikipedia.org\/wiki\/Ba%C5%84ka_internetowa \"Bańka internetowa – Polish\")\n- [Português](https:\/\/pt.wikipedia.org\/wiki\/Bolha_da_Internet \"Bolha da Internet – Portuguese\")\n- [Română](https:\/\/ro.wikipedia.org\/wiki\/Bula_dot-com \"Bula dot-com – Romanian\")\n- [Русский](https:\/\/ru.wikipedia.org\/wiki\/%D0%9F%D1%83%D0%B7%D1%8B%D1%80%D1%8C_%D0%B4%D0%BE%D1%82%D0%BA%D0%BE%D0%BC%D0%BE%D0%B2 \"Пузырь доткомов – Russian\")\n- [Slovenčina](https:\/\/sk.wikipedia.org\/wiki\/Internetov%C3%A1_akciov%C3%A1_bublina \"Internetová akciová bublina – Slovak\")\n- [Svenska](https:\/\/sv.wikipedia.org\/wiki\/IT-bubblan \"IT-bubblan – Swedish\")\n- [ไทย](https:\/\/th.wikipedia.org\/wiki\/%E0%B8%A0%E0%B8%B2%E0%B8%A7%E0%B8%B0%E0%B9%80%E0%B8%A8%E0%B8%A3%E0%B8%A9%E0%B8%90%E0%B8%81%E0%B8%B4%E0%B8%88%E0%B8%9F%E0%B8%AD%E0%B8%87%E0%B8%AA%E0%B8%9A%E0%B8%B9%E0%B9%88%E0%B8%94%E0%B8%AD%E0%B8%95%E0%B8%84%E0%B8%AD%E0%B8%A1 \"ภาวะเศรษฐกิจฟองสบู่ดอตคอม – Thai\")\n- [Türkçe](https:\/\/tr.wikipedia.org\/wiki\/Dot-com_balonu \"Dot-com balonu – Turkish\")\n- [Українська](https:\/\/uk.wikipedia.org\/wiki\/%D0%91%D1%83%D0%BB%D1%8C%D0%B1%D0%B0%D1%88%D0%BA%D0%B0_%D0%B4%D0%BE%D1%82%D0%BA%D0%BE%D0%BC%D1%96%D0%B2 \"Бульбашка доткомів – Ukrainian\")\n- [Tiếng Việt](https:\/\/vi.wikipedia.org\/wiki\/Bong_b%C3%B3ng_dot-com \"Bong bóng dot-com – Vietnamese\")\n- [吴语](https:\/\/wuu.wikipedia.org\/wiki\/%E4%BA%92%E8%81%94%E7%BD%91%E6%B3%A1%E6%B2%AB \"互联网泡沫 – Wu\")\n- [粵語](https:\/\/zh-yue.wikipedia.org\/wiki\/%E7%A7%91%E7%B6%B2%E6%B3%A1%E6%B2%AB \"科網泡沫 – Cantonese\")\n- [中文](https:\/\/zh.wikipedia.org\/wiki\/%E4%BA%92%E8%81%AF%E7%B6%B2%E6%B3%A1%E6%B2%AB \"互聯網泡沫 – Chinese\")\n\n[Edit links](https:\/\/www.wikidata.org\/wiki\/Special:EntityPage\/Q79721#sitelinks-wikipedia \"Edit interlanguage links\")\n\n- [Article](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"View the content page [c]\")\n- [Talk](https:\/\/en.wikipedia.org\/wiki\/Talk:Dot-com_bubble \"Discuss improvements to the content page [t]\")\n\nEnglish\n\n- [Read](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble)\n- [Edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit \"Edit this page [e]\")\n- [View history](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=history \"Past revisions of this page [h]\")\n\nTools\n\nTools\n\nmove to 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free encyclopedia\n\nTech stock speculative craze, c. 1995–2003\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/8\/84\/Nasdaq_Composite_dot-com_bubble.svg\/330px-Nasdaq_Composite_dot-com_bubble.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Nasdaq_Composite_dot-com_bubble.svg)\n\nThe [NASDAQ Composite](https:\/\/en.wikipedia.org\/wiki\/NASDAQ_Composite \"NASDAQ Composite\") index spiked in 2000 and then fell sharply as a result of the dot-com bubble.\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/5\/50\/US_VC_funding.png\/330px-US_VC_funding.png)](https:\/\/en.wikipedia.org\/wiki\/File:US_VC_funding.png)\n\nQuarterly U.S. venture capital investments, 1995–2017\n\nThe **dot-com bubble** (or **dot-com boom**) was a [stock market bubble](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble \"Stock market bubble\") that developed during the late 1990s and peaked on March 10, 2000. This period of market growth coincided with the widespread adoption of the [World Wide Web](https:\/\/en.wikipedia.org\/wiki\/World_Wide_Web \"World Wide Web\") and the [Internet](https:\/\/en.wikipedia.org\/wiki\/Internet \"Internet\"), resulting in a dispensation of available [venture capital](https:\/\/en.wikipedia.org\/wiki\/Venture_capital \"Venture capital\") and the rapid growth of valuations in new dot-com [startups](https:\/\/en.wikipedia.org\/wiki\/Startup_company \"Startup company\"). Between 1995 and its peak in March 2000, investments in the [Nasdaq Composite](https:\/\/en.wikipedia.org\/wiki\/Nasdaq_Composite \"Nasdaq Composite\") stock market index rose by 600%,\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\] only to fall 78% from its peak by October 2002, giving up all its gains during the bubble. It is also known retrospectively as the **tech–media–telecom (TMT) bubble**, since it boosted established companies in those sectors as well as Internet startups.\n\nDuring the **dot-com crash**, many [online shopping](https:\/\/en.wikipedia.org\/wiki\/Online_shopping \"Online shopping\") companies like [Pets.com](https:\/\/en.wikipedia.org\/wiki\/Pets.com \"Pets.com\"), [Webvan](https:\/\/en.wikipedia.org\/wiki\/Webvan \"Webvan\"), and [Boo.com](https:\/\/en.wikipedia.org\/wiki\/Boo.com \"Boo.com\"), as well as several communication companies, such as [WorldCom](https:\/\/en.wikipedia.org\/wiki\/WorldCom \"WorldCom\"), [NorthPoint Communications](https:\/\/en.wikipedia.org\/wiki\/NorthPoint_Communications \"NorthPoint Communications\"), and [Global Crossing](https:\/\/en.wikipedia.org\/wiki\/Global_Crossing \"Global Crossing\"), failed and shut down;[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-1)[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-valuation-2) WorldCom was renamed to MCI Inc. in 2003 and was acquired by [Verizon](https:\/\/en.wikipedia.org\/wiki\/Verizon \"Verizon\") in 2006. Others, like [Lastminute.com](https:\/\/en.wikipedia.org\/wiki\/Lastminute.com \"Lastminute.com\"), [MP3.com](https:\/\/en.wikipedia.org\/wiki\/MP3.com \"MP3.com\") and [PeopleSound](https:\/\/en.wikipedia.org\/wiki\/PeopleSound \"PeopleSound\") were bought out. Larger companies like [Amazon](https:\/\/en.wikipedia.org\/wiki\/Amazon_\$company\$ \"Amazon (company)\") and [Cisco Systems](https:\/\/en.wikipedia.org\/wiki\/Cisco_Systems \"Cisco Systems\") lost large portions of their market capitalization, with Cisco losing 80% of its stock value.[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-valuation-2)[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-3)\n\n## Background\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=1 \"Edit section: Background\")\\]\n\nHistorically, the dot-com boom can be seen as similar to a number of other technology-inspired booms of the past, including [railroads](https:\/\/en.wikipedia.org\/wiki\/Railway_mania \"Railway mania\") in the 1840s, [automobiles](https:\/\/en.wikipedia.org\/wiki\/Automobile \"Automobile\") in the 1900s, [radio](https:\/\/en.wikipedia.org\/wiki\/Radio \"Radio\") in the 1920s, [television](https:\/\/en.wikipedia.org\/wiki\/Television \"Television\") in the 1940s, [transistor](https:\/\/en.wikipedia.org\/wiki\/Transistor \"Transistor\") electronics in the 1950s, computer time-sharing in the 1960s, and [home computers](https:\/\/en.wikipedia.org\/wiki\/Home_computer \"Home computer\") and [biotechnology](https:\/\/en.wikipedia.org\/wiki\/Biotechnology \"Biotechnology\") in the 1980s.[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-4)\\[*[failed verification](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Verifiability \"Wikipedia:Verifiability\")*\\]\n\n## Prelude to the bubble\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=2 \"Edit section: Prelude to the bubble\")\\]\n\nSee also: [1990s United States boom](https:\/\/en.wikipedia.org\/wiki\/1990s_United_States_boom \"1990s United States boom\")\n\nThe 1993 release of [Mosaic](https:\/\/en.wikipedia.org\/wiki\/Mosaic_\$web_browser\$ \"Mosaic (web browser)\") and subsequent [web browsers](https:\/\/en.wikipedia.org\/wiki\/Web_browser \"Web browser\") during the following years gave computer users access to the [World Wide Web](https:\/\/en.wikipedia.org\/wiki\/World_Wide_Web \"World Wide Web\"), popularizing the use of the Internet.[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-5) Internet use increased as a result of the reduction of the \"[digital divide](https:\/\/en.wikipedia.org\/wiki\/Digital_divide \"Digital divide\")\" and advances in connectivity, uses of the Internet, and computer education. Between 1990 and 1997, the percentage of households in the United States owning computers increased from 15% to 35% as computer ownership progressed from a luxury to a necessity.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-6) This marked the shift to the [Information Age](https:\/\/en.wikipedia.org\/wiki\/Information_Age \"Information Age\"), an economy based on [information technology](https:\/\/en.wikipedia.org\/wiki\/Information_technology \"Information technology\"), and many new startups were founded as a result of that growth.\n\nAt the same time, a decline in interest rates increased the availability of capital.[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-7) The [Taxpayer Relief Act of 1997](https:\/\/en.wikipedia.org\/wiki\/Taxpayer_Relief_Act_of_1997 \"Taxpayer Relief Act of 1997\"), which lowered the top marginal [capital gains tax in the United States](https:\/\/en.wikipedia.org\/wiki\/Capital_gains_tax_in_the_United_States \"Capital gains tax in the United States\"), also made people more willing to make more speculative investments.[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-8) [Alan Greenspan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\"), then-[Chair of the Federal Reserve](https:\/\/en.wikipedia.org\/wiki\/Chair_of_the_Federal_Reserve \"Chair of the Federal Reserve\"), allegedly fueled investments in the stock market by putting a positive spin on stock valuations.[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-enigma-9) The [Telecommunications Act of 1996](https:\/\/en.wikipedia.org\/wiki\/Telecommunications_Act_of_1996 \"Telecommunications Act of 1996\") was expected to result in many new technologies from which many people wanted to profit.[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-now-10)\n\n## The bubble\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=3 \"Edit section: The bubble\")\\]\n\nAs a result of these factors, many investors were eager to invest, at any valuation, in any [dot-com company](https:\/\/en.wikipedia.org\/wiki\/Dot-com_company \"Dot-com company\"), especially if it had one of the [Internet-related prefixes](https:\/\/en.wikipedia.org\/wiki\/Internet-related_prefixes \"Internet-related prefixes\") or a \"[.com](https:\/\/en.wikipedia.org\/wiki\/.com \".com\")\" [suffix](https:\/\/en.wikipedia.org\/wiki\/Suffix \"Suffix\") in its name. [Venture capital](https:\/\/en.wikipedia.org\/wiki\/Venture_capital \"Venture capital\") was easy to raise. [Investment banks](https:\/\/en.wikipedia.org\/wiki\/Investment_bank \"Investment bank\"), which profited significantly from [initial public offerings](https:\/\/en.wikipedia.org\/wiki\/Initial_public_offering \"Initial public offering\") (IPO) (almost all of them were on Nasdaq), fueled speculation and encouraged investment in technology.[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-swindle-11) A combination of rapidly increasing stock prices in the [quaternary sector of the economy](https:\/\/en.wikipedia.org\/wiki\/Quaternary_sector_of_the_economy \"Quaternary sector of the economy\") and confidence that the companies would turn future profits created an environment in which many investors were willing to overlook traditional metrics, such as the [price–earnings ratio](https:\/\/en.wikipedia.org\/wiki\/Price%E2%80%93earnings_ratio \"Price–earnings ratio\"), and base confidence on technological advancements, leading to a [stock market bubble](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble \"Stock market bubble\").[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-enigma-9) Between 1995 and 2000, the Nasdaq Composite stock market index rose 400%. It reached a price–earnings ratio of 200, dwarfing the peak price–earnings ratio of 80 for the Japanese [Nikkei 225](https:\/\/en.wikipedia.org\/wiki\/Nikkei_225 \"Nikkei 225\") during the [Japanese asset price bubble](https:\/\/en.wikipedia.org\/wiki\/Japanese_asset_price_bubble \"Japanese asset price bubble\") of 1991.[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-enigma-9) In 1999, shares of [Qualcomm](https:\/\/en.wikipedia.org\/wiki\/Qualcomm \"Qualcomm\") rose in value by 2,619%, 12 other large-cap stocks each rose over 1,000% in value, and seven additional large-cap stocks each rose over 900% in value. Even though the Nasdaq Composite rose 85.6% and the [S\\&P 500](https:\/\/en.wikipedia.org\/wiki\/S%26P_500 \"S&P 500\") rose 19.5% in 1999, more stocks fell in value than rose in value as investors sold stocks in slower growing companies to invest in Internet stocks.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-12)\n\nAn unprecedented amount of personal investing occurred during the boom and stories of people quitting their jobs to trade on the financial market were common.[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-13) The [news media](https:\/\/en.wikipedia.org\/wiki\/News_media \"News media\") took advantage of the public's desire to invest in the stock market; an article in *[The Wall Street Journal](https:\/\/en.wikipedia.org\/wiki\/The_Wall_Street_Journal \"The Wall Street Journal\")* suggested that investors \"re-think\" the \"quaint idea\" of profits,[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-14) and [CNBC](https:\/\/en.wikipedia.org\/wiki\/CNBC \"CNBC\") reported on the stock market with the same level of suspense as many networks provided to the [broadcasting of sports events](https:\/\/en.wikipedia.org\/wiki\/Broadcasting_of_sports_events \"Broadcasting of sports events\").[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-enigma-9)[\\[15\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-15)\n\nAt the height of the boom, it was possible for a promising dot-com company to become a [public company](https:\/\/en.wikipedia.org\/wiki\/Public_company \"Public company\") via an IPO and raise a substantial amount of money even if it had never made a profit—or, in some cases, realized any material revenue or even have a finished product. People who received [employee stock options](https:\/\/en.wikipedia.org\/wiki\/Employee_stock_option \"Employee stock option\") became instant paper millionaires when their companies executed IPOs; however, most employees were barred from selling shares immediately due to [lock-up periods](https:\/\/en.wikipedia.org\/wiki\/Lock-up_period \"Lock-up period\").[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-swindle-11)\\[*[page needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citing_sources \"Wikipedia:Citing sources\")*\\] The most successful entrepreneurs, such as [Mark Cuban](https:\/\/en.wikipedia.org\/wiki\/Mark_Cuban \"Mark Cuban\"), sold their shares or entered into [hedges](https:\/\/en.wikipedia.org\/wiki\/Hedge_\$finance\$ \"Hedge (finance)\") to protect their gains. [Sir John Templeton](https:\/\/en.wikipedia.org\/wiki\/Sir_John_Templeton \"Sir John Templeton\") successfully [shorted](https:\/\/en.wikipedia.org\/wiki\/Short_\$finance\$ \"Short (finance)\") many dot-com stocks at the peak of the bubble during what he called \"temporary insanity\" and a \"once-in-a-lifetime opportunity\". He shorted stocks just before the expiration of lockup periods ending six months after initial public offerings, correctly anticipating many dot-com company executives would sell shares as soon as possible, and that large-scale selling would force down share prices.[\\[16\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-16)[\\[17\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-17)\n\n### Spending tendencies of dot-com companies\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=4 \"Edit section: Spending tendencies of dot-com companies\")\\]\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/c\/c6\/Modo_Promo_CD.png\/250px-Modo_Promo_CD.png)](https:\/\/en.wikipedia.org\/wiki\/File:Modo_Promo_CD.png)\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/7\/75\/Pets.com_sockpuppet.jpg\/120px-Pets.com_sockpuppet.jpg)](https:\/\/en.wikipedia.org\/wiki\/File:Pets.com_sockpuppet.jpg)\n\nDot-com companies spent most of their investments in marketing efforts. Left: A promotional music CD for the [Modo](https:\/\/en.wikipedia.org\/wiki\/Modo_\$wireless_device\$ \"Modo (wireless device)\") pager. Right: The [Pets.com](https:\/\/en.wikipedia.org\/wiki\/Pets.com \"Pets.com\") sock puppet who turned into a [celebrity](https:\/\/en.wikipedia.org\/wiki\/Celebrity \"Celebrity\") and symbol of the dot-com bubble\n\nMost dot-com companies incurred [net operating losses](https:\/\/en.wikipedia.org\/wiki\/Net_operating_loss \"Net operating loss\") as they spent heavily on advertising and promotions to harness [network effects](https:\/\/en.wikipedia.org\/wiki\/Network_effect \"Network effect\") to build [market share](https:\/\/en.wikipedia.org\/wiki\/Market_share \"Market share\") or [mind share](https:\/\/en.wikipedia.org\/wiki\/Mind_share \"Mind share\") as fast as possible, using the mottos \"get big fast\" and \"get large or get lost\". These companies offered their services or products for free or at a discount with the expectation that they could build enough [brand awareness](https:\/\/en.wikipedia.org\/wiki\/Brand_awareness \"Brand awareness\") to charge profitable rates for their services in the future.[\\[18\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-lessons-18)[\\[19\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-19)\n\nThe \"growth over profits\" mentality and the aura of \"[new economy](https:\/\/en.wikipedia.org\/wiki\/New_economy \"New economy\")\" invincibility led some companies to engage in lavish spending on elaborate business facilities and luxury vacations for employees. Upon the launch of a new product or website, a company would organize an expensive event called a [dot-com party](https:\/\/en.wikipedia.org\/wiki\/Dot-com_party \"Dot-com party\").[\\[20\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-20)[\\[21\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-21)\n\n### Bubble in telecom\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=5 \"Edit section: Bubble in telecom\")\\]\n\nIn the five years after the American [Telecommunications Act of 1996](https:\/\/en.wikipedia.org\/wiki\/Telecommunications_Act_of_1996 \"Telecommunications Act of 1996\") went into effect, [telecommunications equipment](https:\/\/en.wikipedia.org\/wiki\/Telecommunications_equipment \"Telecommunications equipment\") companies invested more than \\$500 billion, mostly financed with debt, into laying fiber optic cable, adding new switches, and building wireless networks.[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-now-10) In many areas, such as the [Dulles Technology Corridor](https:\/\/en.wikipedia.org\/wiki\/Dulles_Technology_Corridor \"Dulles Technology Corridor\") in Virginia, governments funded technology infrastructure and created favorable business and tax law to encourage companies to expand.[\\[22\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-22) The growth in capacity vastly outstripped the growth in demand.[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-now-10) [Spectrum auctions](https:\/\/en.wikipedia.org\/wiki\/Spectrum_auction \"Spectrum auction\") for [3G](https:\/\/en.wikipedia.org\/wiki\/3G \"3G\") in the United Kingdom in April 2000, led by [Chancellor of the Exchequer](https:\/\/en.wikipedia.org\/wiki\/Chancellor_of_the_Exchequer \"Chancellor of the Exchequer\") [Gordon Brown](https:\/\/en.wikipedia.org\/wiki\/Gordon_Brown \"Gordon Brown\"), raised £22.5 billion.[\\[23\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-23) In Germany, in August 2000, the auctions raised £30 billion.[\\[24\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-24)[\\[25\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-25) A 3G [spectrum auction](https:\/\/en.wikipedia.org\/wiki\/Spectrum_auction \"Spectrum auction\") in the United States in 1999 had to be re-run when the winners defaulted on their bids of \\$4 billion. The re-auction netted 10% of the original sales prices.[\\[26\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-26)[\\[27\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-27) When financing became difficult to obtain as the bubble burst, high [debt ratios](https:\/\/en.wikipedia.org\/wiki\/Debt_ratio \"Debt ratio\") of some companies led to a number of [bankruptcies](https:\/\/en.wikipedia.org\/wiki\/Bankruptcy \"Bankruptcy\").[\\[28\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-28) Bond investors recovered just over 20% of their investments.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-29) However, several telecom executives sold stock before the crash including [Philip Anschutz](https:\/\/en.wikipedia.org\/wiki\/Philip_Anschutz \"Philip Anschutz\"), who reaped \\$1.9 billion, [Joseph Nacchio](https:\/\/en.wikipedia.org\/wiki\/Joseph_Nacchio \"Joseph Nacchio\"), who reaped \\$248 million, and [Gary Winnick](https:\/\/en.wikipedia.org\/wiki\/Gary_Winnick \"Gary Winnick\"), who sold \\$748 million worth of shares.[\\[30\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-30)\n\n## Bursting the bubble\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=6 \"Edit section: Bursting the bubble\")\\]\n\nSee also: [Early 2000s recession](https:\/\/en.wikipedia.org\/wiki\/Early_2000s_recession \"Early 2000s recession\")\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/8\/8d\/U.S._Treasuries.svg\/500px-U.S._Treasuries.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:U.S._Treasuries.svg)\n\nHistorical government interest rates in the United States\n\nNearing the turn of the 2000s, spending on technology was volatile as companies prepared for the [Year 2000 problem](https:\/\/en.wikipedia.org\/wiki\/Year_2000_problem \"Year 2000 problem\"). There were concerns that computer systems would have trouble changing their clock and calendar systems from 1999 to 2000 which might trigger wider social or economic problems, but there was virtually no impact or disruption due to adequate preparation.[\\[31\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-31) Spending on marketing also reached new heights for the sector: Two dot-com companies purchased ad spots for [Super Bowl XXXIII](https:\/\/en.wikipedia.org\/wiki\/Super_Bowl_XXXIII \"Super Bowl XXXIII\"), and 17 dot-com companies bought ad spots the following year for [Super Bowl XXXIV](https:\/\/en.wikipedia.org\/wiki\/Super_Bowl_XXXIV \"Super Bowl XXXIV\").[\\[32\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-32)\n\nOn January 10, 2000, [America Online](https:\/\/en.wikipedia.org\/wiki\/America_Online \"America Online\"), led by [Steve Case](https:\/\/en.wikipedia.org\/wiki\/Steve_Case \"Steve Case\") and [Ted Leonsis](https:\/\/en.wikipedia.org\/wiki\/Ted_Leonsis \"Ted Leonsis\"), announced a [merger](https:\/\/en.wikipedia.org\/wiki\/Mergers_and_acquisitions \"Mergers and acquisitions\") with [Time Warner](https:\/\/en.wikipedia.org\/wiki\/Time_Warner \"Time Warner\"), led by [Gerald M. Levin](https:\/\/en.wikipedia.org\/wiki\/Gerald_M._Levin \"Gerald M. Levin\"). The merger was the largest to date and was questioned by many analysts.[\\[33\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-33) Then, on January 30, 2000, 12 ads of the 61 ads for [Super Bowl XXXIV](https:\/\/en.wikipedia.org\/wiki\/Super_Bowl_XXXIV \"Super Bowl XXXIV\") were purchased by dot-coms (sources state ranges from 12 up to 19 companies depending on the definition of *dot-com company*). At that time, the cost for a 30-second commercial was between \\$1.9 million and \\$2.2 million.[\\[34\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-34)[\\[35\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-35)\n\nMeanwhile, [Alan Greenspan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\"), then [Chair of the Federal Reserve](https:\/\/en.wikipedia.org\/wiki\/Chair_of_the_Federal_Reserve \"Chair of the Federal Reserve\"), raised interest rates several times; these actions were believed by many\\[*[weasel words](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Avoid_weasel_words \"Wikipedia:Avoid weasel words\")*\\] to have caused the bursting of the dot-com bubble. According to [Paul Krugman](https:\/\/en.wikipedia.org\/wiki\/Paul_Krugman \"Paul Krugman\"), however, \"he didn't raise interest rates to curb the market's enthusiasm; he didn't even seek to impose margin requirements on stock market investors. Instead, \\[it is alleged\\] he waited until the bubble burst, as it did in 2000, then tried to clean up the mess afterward\".[\\[36\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-36) Finance author and commentator [E. Ray Canterbery](https:\/\/en.wikipedia.org\/w\/index.php?title=E._Ray_Canterbery&action=edit&redlink=1 \"E. Ray Canterbery (page does not exist)\") agreed with Krugman's criticism.[\\[37\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-37)\n\nOn Friday March 10, 2000, the NASDAQ Composite stock market index peaked at 5,048.62.[\\[38\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-38) However, on March 13, 2000, news that [Japan](https:\/\/en.wikipedia.org\/wiki\/Economy_of_Japan \"Economy of Japan\") had once again entered a [recession](https:\/\/en.wikipedia.org\/wiki\/Lost_Decades \"Lost Decades\") triggered a global sell off that disproportionately affected technology stocks.[\\[39\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-39) Soon after, [Yahoo\\!](https:\/\/en.wikipedia.org\/wiki\/Yahoo! \"Yahoo!\") and [eBay](https:\/\/en.wikipedia.org\/wiki\/EBay \"EBay\") ended merger talks and the Nasdaq fell 2.6%, but the [S\\&P 500](https:\/\/en.wikipedia.org\/wiki\/S%26P_500 \"S&P 500\") rose 2.4% as investors shifted from strong performing technology stocks to poor performing established stocks.[\\[40\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-40)\n\nOn March 20, 2000, *[Barron's](https:\/\/en.wikipedia.org\/wiki\/Barron%27s_\$newspaper\$ \"Barron's (newspaper)\")* featured a cover article titled \"Burning Up; Warning: Internet companies are running out of cash—fast\", which predicted the imminent bankruptcy of many Internet companies.[\\[41\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-41) This led many people to rethink their investments. That same day, [MicroStrategy](https:\/\/en.wikipedia.org\/wiki\/MicroStrategy \"MicroStrategy\") announced a revenue restatement due to aggressive accounting practices. Its stock price, which had risen from \\$7 per share to as high as \\$333 per share in a year, fell to \\$140 per share, or 62%, in a day.[\\[42\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-micro-42) The next day, the Federal Reserve raised interest rates, leading to an [inverted yield curve](https:\/\/en.wikipedia.org\/wiki\/Inverted_yield_curve \"Inverted yield curve\"), although stocks rallied temporarily.[\\[43\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-43)\n\nTangentially to all of speculation, Judge [Thomas Penfield Jackson](https:\/\/en.wikipedia.org\/wiki\/Thomas_Penfield_Jackson \"Thomas Penfield Jackson\") issued his conclusions of law in the case of [*United States v. Microsoft Corp.* (2001)](https:\/\/en.wikipedia.org\/wiki\/United_States_v._Microsoft_Corp._\$2001\$ \"United States v. Microsoft Corp. (2001)\") and ruled that Microsoft was guilty of [monopolization](https:\/\/en.wikipedia.org\/wiki\/Monopolization \"Monopolization\") and [tying](https:\/\/en.wikipedia.org\/wiki\/Tying_\$commerce\$ \"Tying (commerce)\") in violation of the [Sherman Antitrust Act](https:\/\/en.wikipedia.org\/wiki\/Sherman_Antitrust_Act \"Sherman Antitrust Act\"). This led to a one-day 15% decline in the value of shares in Microsoft and a 350-point, or 8%, drop in the value of the Nasdaq. Many people saw the legal actions as bad for technology in general.[\\[44\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-44) That same day, [Bloomberg News](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_News \"Bloomberg News\") published a widely read article that stated: \"It's time, at last, to pay attention to the numbers\".[\\[45\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-45)\n\nOn Friday, April 14, 2000, the Nasdaq Composite index fell 9%, ending a week in which it fell 25%. Investors were forced to sell stocks ahead of [Tax Day](https:\/\/en.wikipedia.org\/wiki\/Tax_Day_\$United_States\$ \"Tax Day (United States)\"), the due date to pay taxes on gains realized in the previous year.[\\[46\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-46) By June 2000, dot-com companies were forced to reevaluate their spending on advertising campaigns.[\\[47\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-47) On November 9, 2000, [Pets.com](https:\/\/en.wikipedia.org\/wiki\/Pets.com \"Pets.com\"), a much-hyped company that had backing from Amazon.com, went out of business only nine months after completing its IPO.[\\[48\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-pets-48)[\\[49\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-49) By that time, most Internet stocks had declined in value by 75% from their highs, wiping out \\$1.755 trillion in value.[\\[50\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-50) In January 2001, just three dot-com companies bought advertising spots during [Super Bowl XXXV](https:\/\/en.wikipedia.org\/wiki\/Super_Bowl_XXXV \"Super Bowl XXXV\").[\\[51\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-51) The [September 11 attacks](https:\/\/en.wikipedia.org\/wiki\/September_11_attacks \"September 11 attacks\") accelerated the stock-market drop.[\\[52\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-52) Investor confidence was further eroded by several [accounting scandals](https:\/\/en.wikipedia.org\/wiki\/Accounting_scandal \"Accounting scandal\") and the resulting bankruptcies, including the [Enron scandal](https:\/\/en.wikipedia.org\/wiki\/Enron_scandal \"Enron scandal\") in October 2001, the [WorldCom scandal](https:\/\/en.wikipedia.org\/wiki\/WorldCom_scandal \"WorldCom scandal\") in June 2002,[\\[53\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-53) and the [Adelphia Communications Corporation](https:\/\/en.wikipedia.org\/wiki\/Adelphia_Communications_Corporation \"Adelphia Communications Corporation\") scandal in July 2002.[\\[54\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-54)\n\nBy the end of the [stock market downturn of 2002](https:\/\/en.wikipedia.org\/wiki\/Stock_market_downturn_of_2002 \"Stock market downturn of 2002\"), stocks had lost \\$5 trillion in [market capitalization](https:\/\/en.wikipedia.org\/wiki\/Market_capitalization \"Market capitalization\") since the peak.[\\[55\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-55) At its trough on October 9, 2002, the NASDAQ-100 had dropped to 1,114, down 78% from its peak.[\\[56\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-56)[\\[57\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-57)\n\n## Aftermath\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=7 \"Edit section: Aftermath\")\\]\n\nSee also: [List of companies affected by the dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/List_of_companies_affected_by_the_dot-com_bubble \"List of companies affected by the dot-com bubble\")\n\nAfter venture capital was no longer available, the operational mentality of executives and investors completely changed. A dot-com company's lifespan was measured by its [burn rate](https:\/\/en.wikipedia.org\/wiki\/Burn_rate \"Burn rate\"), the rate at which it spent its existing capital. Many dot-com companies ran out of capital and went through [liquidation](https:\/\/en.wikipedia.org\/wiki\/Liquidation \"Liquidation\"). Supporting industries, such as advertising and shipping, scaled back their operations as demand for services fell. However, many companies were able to endure the crash; 48% of dot-com companies survived through 2004, albeit at lower valuations.[\\[18\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-lessons-18)\n\nSeveral companies and their executives, including [Bernard Ebbers](https:\/\/en.wikipedia.org\/wiki\/Bernard_Ebbers \"Bernard Ebbers\"), [Jeffrey Skilling](https:\/\/en.wikipedia.org\/wiki\/Jeffrey_Skilling \"Jeffrey Skilling\"), and [Kenneth Lay](https:\/\/en.wikipedia.org\/wiki\/Kenneth_Lay \"Kenneth Lay\"), were accused or convicted of [fraud](https:\/\/en.wikipedia.org\/wiki\/Fraud \"Fraud\") for misusing shareholders' money, and the [U.S. Securities and Exchange Commission](https:\/\/en.wikipedia.org\/wiki\/U.S._Securities_and_Exchange_Commission \"U.S. Securities and Exchange Commission\") levied large fines against investment firms including [Citigroup](https:\/\/en.wikipedia.org\/wiki\/Citigroup \"Citigroup\") and [Merrill Lynch](https:\/\/en.wikipedia.org\/wiki\/Merrill_Lynch \"Merrill Lynch\") for misleading investors.[\\[58\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-58)\n\nAfter suffering losses, retail investors transitioned their investment portfolios to more cautious positions.[\\[59\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-59) Popular [Internet forums](https:\/\/en.wikipedia.org\/wiki\/Internet_forum \"Internet forum\") that focused on [high tech](https:\/\/en.wikipedia.org\/wiki\/High_tech \"High tech\") stocks, such as [Silicon Investor](https:\/\/en.wikipedia.org\/wiki\/Silicon_Investor \"Silicon Investor\"), [Yahoo! Finance](https:\/\/en.wikipedia.org\/wiki\/Yahoo!_Finance \"Yahoo! Finance\"), and [The Motley Fool](https:\/\/en.wikipedia.org\/wiki\/The_Motley_Fool \"The Motley Fool\") declined in use significantly.[\\[60\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-60)\n\n### Job market and office equipment glut\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=8 \"Edit section: Job market and office equipment glut\")\\]\n\nLayoffs of [programmers](https:\/\/en.wikipedia.org\/wiki\/Programmer \"Programmer\") resulted in a [general glut](https:\/\/en.wikipedia.org\/wiki\/General_glut \"General glut\") in the job market. University enrollment for computer-related degrees dropped noticeably.[\\[61\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-61)[\\[62\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-62) [Aeron chairs](https:\/\/en.wikipedia.org\/wiki\/Aeron_chair \"Aeron chair\"), which retailed for \\$1,100 each, were liquidated en masse.[\\[63\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-63)\n\n### Legacy\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=9 \"Edit section: Legacy\")\\]\n\nAs growth in the technology sector stabilized, companies consolidated; some, such as [Amazon.com](https:\/\/en.wikipedia.org\/wiki\/Amazon.com \"Amazon.com\"), [eBay](https:\/\/en.wikipedia.org\/wiki\/EBay \"EBay\"), [Nvidia](https:\/\/en.wikipedia.org\/wiki\/Nvidia \"Nvidia\") and [Google](https:\/\/en.wikipedia.org\/wiki\/Google \"Google\"), gained market share and came to dominate their respective fields. The most valuable public companies are now generally in the technology sector.\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\]\n\nIn a 2015 book, venture capitalist [Fred Wilson](https:\/\/en.wikipedia.org\/wiki\/Fred_Wilson_\$financier\$ \"Fred Wilson (financier)\"), who funded many dot-com companies and lost 90% of his net worth when the bubble burst, said about the dot-com bubble:\n\n> A friend of mine has a great line. He says \"Nothing important has ever been built without [irrational exuberance](https:\/\/en.wikipedia.org\/wiki\/Irrational_exuberance \"Irrational exuberance\").\" Meaning that you need some of this mania to cause investors to open up their pocketbooks and finance the building of the railroads or the automobile or aerospace industry or whatever. And in this case, much of the capital invested was lost, but also much of it was invested in a very high [throughput](https:\/\/en.wikipedia.org\/wiki\/Throughput \"Throughput\") backbone for the Internet, and lots of software that works, and databases and server structure. All that stuff has allowed what we have today, which has changed all our lives... that's what all this speculative mania built.[\\[64\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-64)\n\n## See also\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=10 \"Edit section: See also\")\\]\n\n- [![icon](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/2\/27\/EC1835_C_cut.jpg\/40px-EC1835_C_cut.jpg)](https:\/\/en.wikipedia.org\/wiki\/File:EC1835_C_cut.jpg)[1990s portal](https:\/\/en.wikipedia.org\/wiki\/Portal:1990s \"Portal:1990s\")\n- ![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/c\/c1\/Blue_iPod_Nano.jpg\/20px-Blue_iPod_Nano.jpg)[2000s portal](https:\/\/en.wikipedia.org\/wiki\/Portal:2000s \"Portal:2000s\")\n- [![icon](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/f\/f3\/Emblem-money.svg\/40px-Emblem-money.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Emblem-money.svg)[Economics portal](https:\/\/en.wikipedia.org\/wiki\/Portal:Economics \"Portal:Economics\")\n- [![icon](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/f\/f9\/Crystal_Clear_app_linneighborhood.svg\/40px-Crystal_Clear_app_linneighborhood.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Crystal_Clear_app_linneighborhood.svg)[Internet portal](https:\/\/en.wikipedia.org\/wiki\/Portal:Internet \"Portal:Internet\")\n\n- [AI boom](https:\/\/en.wikipedia.org\/wiki\/AI_boom \"AI boom\")\n- [AI bubble](https:\/\/en.wikipedia.org\/wiki\/AI_bubble \"AI bubble\")\n- [Cryptocurrency bubble](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble \"Cryptocurrency bubble\")\n- [List of stock market crashes and bear markets](https:\/\/en.wikipedia.org\/wiki\/List_of_stock_market_crashes_and_bear_markets \"List of stock market crashes and bear markets\")\n- [Stock market crash](https:\/\/en.wikipedia.org\/wiki\/Stock_market_crash \"Stock market crash\")\n\n## References\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=11 \"Edit section: References\")\\]\n\n1. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-1)**\n   [\"The greatest defunct Web sites and dotcom disasters\"](https:\/\/www.cnet.com\/news\/the-greatest-defunct-web-sites-and-dotcom-disasters\/). *[CNET](https:\/\/en.wikipedia.org\/wiki\/CNET \"CNET\")*. June 5, 2008. [Archived](https:\/\/web.archive.org\/web\/20190828223335\/https:\/\/www.cnet.com\/news\/the-greatest-defunct-web-sites-and-dotcom-disasters\/) from the original on August 28, 2019. Retrieved February 10, 2020.\n2. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-valuation_2-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-valuation_2-1)\n   Kumar, Rajesh (December 5, 2015). *Valuation: Theories and Concepts*. [Elsevier](https:\/\/en.wikipedia.org\/wiki\/Elsevier \"Elsevier\"). p. 25.\n3. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-3)**\n   Powell, Jamie (March 8, 2021). [\"Investors should not dismiss Cisco's dot com collapse as a historical anomaly\"](https:\/\/www.ft.com\/content\/81a03045-86f7-4e57-afbd-5ff83679615f). *[Financial Times](https:\/\/en.wikipedia.org\/wiki\/Financial_Times \"Financial Times\")*. [Archived](https:\/\/ghostarchive.org\/archive\/20221210\/https:\/\/www.ft.com\/content\/81a03045-86f7-4e57-afbd-5ff83679615f) from the original on December 10, 2022. Retrieved April 6, 2022.\n4. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-4)**\n   Edwards, Jim (December 6, 2016). [\"One of the kings of the '90s dot-com bubble now faces 20 years in prison\"](https:\/\/www.businessinsider.com\/where-are-the-kings-of-the-1990s-dot-com-bubble-bust-2016-12). *[Business Insider](https:\/\/en.wikipedia.org\/wiki\/Business_Insider \"Business Insider\")*. [Archived](https:\/\/web.archive.org\/web\/20181011053734\/https:\/\/www.businessinsider.com\/where-are-the-kings-of-the-1990s-dot-com-bubble-bust-2016-12) from the original on October 11, 2018. Retrieved October 11, 2018.\n5. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-5)**\n   Kline, Greg (April 20, 2003). [\"Mosaic started Web rush, Internet boom\"](https:\/\/www.news-gazette.com\/news\/mosaic-started-web-rush-internet-boom\/article_a459cd7f-dafe-5de4-a5fe-c3723a009af2.html). *[The News-Gazette](https:\/\/en.wikipedia.org\/wiki\/The_News-Gazette_\$Champaign-Urbana\$ \"The News-Gazette (Champaign-Urbana)\")*. [Archived](https:\/\/web.archive.org\/web\/20200613132107\/https:\/\/www.news-gazette.com\/news\/mosaic-started-web-rush-internet-boom\/article_a459cd7f-dafe-5de4-a5fe-c3723a009af2.html) from the original on June 13, 2020. Retrieved February 10, 2020.\n6. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-6)**\n   [\"Issues in labor Statistics\"](https:\/\/www.bls.gov\/opub\/btn\/archive\/computer-ownership-up-sharply-in-the-1990s.pdf) (PDF). [U.S. Department of Labor](https:\/\/en.wikipedia.org\/wiki\/U.S._Department_of_Labor \"U.S. Department of Labor\"). 1999. [Archived](https:\/\/web.archive.org\/web\/20170512120401\/https:\/\/www.bls.gov\/opub\/btn\/archive\/computer-ownership-up-sharply-in-the-1990s.pdf) (PDF) from the original on May 12, 2017. Retrieved April 14, 2017.\n7. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-7)**\n   Weinberger, Matt (February 3, 2016). [\"If you're too young to remember the insanity of the dot-com bubble, check out these pictures\"](https:\/\/www.businessinsider.com\/history-of-the-dot-com-bubble-in-photos-2016-2\/). *[Business Insider](https:\/\/en.wikipedia.org\/wiki\/Business_Insider \"Business Insider\")*. [Archived](https:\/\/web.archive.org\/web\/20200313233345\/https:\/\/www.businessinsider.com\/history-of-the-dot-com-bubble-in-photos-2016-2) from the original on March 13, 2020. Retrieved February 10, 2020.\n8. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-8)**\n   [\"Here's Why The Dot Com Bubble Began And Why It Popped\"](https:\/\/www.businessinsider.com\/heres-why-the-dot-com-bubble-began-and-why-it-popped-2010-12). *[Business Insider](https:\/\/en.wikipedia.org\/wiki\/Business_Insider \"Business Insider\")*. December 15, 2010. [Archived](https:\/\/web.archive.org\/web\/20200406151705\/https:\/\/www.businessinsider.com\/heres-why-the-dot-com-bubble-began-and-why-it-popped-2010-12) from the original on April 6, 2020. Retrieved February 10, 2020.\n9. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-enigma_9-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-enigma_9-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-enigma_9-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-enigma_9-3)\n   Teeter, Preston; Sandberg, Jorgen (2017). \"Cracking the enigma of asset bubbles with narratives\". *Strategic Organization*. **15** (1): 91–99\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1177\/1476127016629880](https:\/\/doi.org\/10.1177%2F1476127016629880). 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Retrieved August 8, 2021.\n15. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-15)**\n    [Lowenstein, Roger](https:\/\/en.wikipedia.org\/wiki\/Roger_Lowenstein \"Roger Lowenstein\") (2004). [*Origins of the Crash: The Great Bubble and Its Undoing*](https:\/\/archive.org\/details\/originsofcrashgr00roge). [Penguin Books](https:\/\/en.wikipedia.org\/wiki\/Penguin_Books \"Penguin Books\"). p. [115](https:\/\/archive.org\/details\/originsofcrashgr00roge\/page\/115). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-1-59420-003-8](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-59420-003-8 \"Special:BookSources\/978-1-59420-003-8\")\n    \n    .\n16. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-16)**\n    Langlois, Shawn (May 9, 2019). 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[Archived](https:\/\/web.archive.org\/web\/20210307040731\/https:\/\/www.forbes.com\/forbes\/2001\/0528\/054.html) from the original on March 7, 2021. Retrieved April 3, 2021.\n18. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-lessons_18-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-lessons_18-1)\n    BERLIN, LESLIE (November 21, 2008). [\"Lessons of Survival, From the Dot-Com Attic\"](https:\/\/www.nytimes.com\/2008\/11\/23\/business\/23proto.html). *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")*. [Archived](https:\/\/web.archive.org\/web\/20170906100917\/http:\/\/www.nytimes.com\/2008\/11\/23\/business\/23proto.html) from the original on September 6, 2017. Retrieved August 26, 2017.\n19. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-19)**\n    Dodge, John (May 16, 2000). 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[Archived](https:\/\/web.archive.org\/web\/20181011172038\/https:\/\/money.cnn.com\/2000\/03\/20\/companies\/microstrategy\/) from the original on October 11, 2018. Retrieved October 29, 2018.\n43. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-43)**\n    [\"Wall St.: What rate hike?\"](https:\/\/money.cnn.com\/2000\/03\/21\/markets\/markets_newyork\/). *[CNN](https:\/\/en.wikipedia.org\/wiki\/CNN \"CNN\")*. March 21, 2000. [Archived](https:\/\/web.archive.org\/web\/20181011162024\/https:\/\/money.cnn.com\/2000\/03\/21\/markets\/markets_newyork\/) from the original on October 11, 2018. Retrieved October 29, 2018.\n44. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-44)**\n    [\"Nasdaq sinks 350 points\"](https:\/\/money.cnn.com\/2000\/04\/03\/markets\/markets_newyork\/). *[CNN](https:\/\/en.wikipedia.org\/wiki\/CNN \"CNN\")*. April 3, 2000. [Archived](https:\/\/web.archive.org\/web\/20180811164801\/https:\/\/money.cnn.com\/2000\/04\/03\/markets\/markets_newyork\/) from the original on August 11, 2018. Retrieved October 29, 2018.\n45. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-45)**\n    Yang, Catherine (April 3, 2000). [\"Commentary: Earth To Dot Com Accountants\"](https:\/\/www.bloomberg.com\/news\/articles\/2000-04-02\/commentary-earth-to-dot-com-accountants). *[Bloomberg News](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_News \"Bloomberg News\")*. [Archived](https:\/\/web.archive.org\/web\/20170525120209\/https:\/\/www.bloomberg.com\/news\/articles\/2000-04-02\/commentary-earth-to-dot-com-accountants) from the original on May 25, 2017. Retrieved May 4, 2017.\n46. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-46)**\n    [\"Bleak Friday on Wall Street\"](https:\/\/money.cnn.com\/2000\/04\/14\/markets\/markets_newyork\/). *[CNN](https:\/\/en.wikipedia.org\/wiki\/CNN \"CNN\")*. April 14, 2000. [Archived](https:\/\/web.archive.org\/web\/20201127013703\/https:\/\/money.cnn.com\/2000\/04\/14\/markets\/markets_newyork\/) from the original on November 27, 2020. Retrieved February 10, 2020.\n47. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-47)**\n    Owens, Jennifer (June 19, 2000). [\"IQ News: Dot-Coms Re-Evaluate Ad Spending Habits\"](https:\/\/www.adweek.com\/brand-marketing\/iq-news-dot-coms-re-evaluate-ad-spending-habits-38208\/). *[AdWeek](https:\/\/en.wikipedia.org\/wiki\/AdWeek \"AdWeek\")*. [Archived](https:\/\/web.archive.org\/web\/20170525091820\/http:\/\/www.adweek.com\/brand-marketing\/iq-news-dot-coms-re-evaluate-ad-spending-habits-38208\/) from the original on May 25, 2017.\n48. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-pets_48-0)**\n    [\"Pets.com at its tail end\"](https:\/\/money.cnn.com\/2000\/11\/07\/technology\/pets\/). *[CNN](https:\/\/en.wikipedia.org\/wiki\/CNN \"CNN\")*. November 7, 2000. [Archived](https:\/\/web.archive.org\/web\/20180727024448\/https:\/\/money.cnn.com\/2000\/11\/07\/technology\/pets\/) from the original on July 27, 2018. Retrieved October 29, 2018.\n49. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-49)**\n    [\"The Pets.com Phenomenon\"](https:\/\/www.msnbc.com\/msnbc-originals\/watch\/the-pets-com-phenomenon-789155395746). *[MSNBC](https:\/\/en.wikipedia.org\/wiki\/MSNBC \"MSNBC\")*. October 19, 2016. [Archived](https:\/\/web.archive.org\/web\/20180612135928\/https:\/\/www.msnbc.com\/msnbc-originals\/watch\/the-pets-com-phenomenon-789155395746) from the original on June 12, 2018. Retrieved June 28, 2018.\n50. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-50)**\n    Kleinbard, David (November 9, 2000). [\"The \\$1.7 trillion dot.com lesson\"](https:\/\/money.cnn.com\/2000\/11\/09\/technology\/overview\/). *[CNN](https:\/\/en.wikipedia.org\/wiki\/CNN \"CNN\")*. [Archived](https:\/\/web.archive.org\/web\/20181024163116\/https:\/\/money.cnn.com\/2000\/11\/09\/technology\/overview\/) from the original on October 24, 2018. Retrieved October 29, 2018.\n51. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-51)**\n    Elliott, Stuart (January 8, 2001). [\"In Super Commercial Bowl XXXV, the not-coms are beating the dot-coms\"](https:\/\/www.nytimes.com\/2001\/01\/08\/business\/media-business-advertising-super-commercial-bowl-xxxv-not-coms-are-beating-dot.html). *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")*. [Archived](https:\/\/web.archive.org\/web\/20170831223012\/http:\/\/www.nytimes.com\/2001\/01\/08\/business\/media-business-advertising-super-commercial-bowl-xxxv-not-coms-are-beating-dot.html) from the original on August 31, 2017. Retrieved August 26, 2017.\n52. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-52)**\n    [\"World markets shatter\"](https:\/\/money.cnn.com\/2001\/09\/11\/europe\/markets_europe\/). *[CNN](https:\/\/en.wikipedia.org\/wiki\/CNN \"CNN\")*. September 11, 2001. [Archived](https:\/\/web.archive.org\/web\/20200920203418\/https:\/\/money.cnn.com\/2001\/09\/11\/europe\/markets_europe\/) from the original on September 20, 2020. Retrieved February 10, 2020.\n53. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-53)**\n    Beltran, Luisa (July 22, 2002). [\"WorldCom files largest bankruptcy ever\"](https:\/\/money.cnn.com\/2002\/07\/19\/news\/worldcom_bankruptcy\/). *[CNN](https:\/\/en.wikipedia.org\/wiki\/CNN \"CNN\")*. [Archived](https:\/\/web.archive.org\/web\/20181030111043\/https:\/\/money.cnn.com\/2002\/07\/19\/news\/worldcom_bankruptcy\/) from the original on October 30, 2018. Retrieved October 29, 2018.\n54. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-54)**\n    [\"SEC Charges Adelphia and Rigas Family With Massive Financial Fraud\"](https:\/\/www.sec.gov\/news\/press\/2002-110.htm). *www.sec.gov*. [Archived](https:\/\/web.archive.org\/web\/20101109160208\/http:\/\/www.sec.gov\/news\/press\/2002-110.htm) from the original on November 9, 2010. Retrieved April 18, 2021.\n55. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-55)**\n    Gaither, Chris; Chmielewski, Dawn C. (July 16, 2006). [\"Fears of Dot-Com Crash, Version 2.0\"](https:\/\/www.latimes.com\/archives\/la-xpm-2006-jul-16-fi-overheat16-story.html). *[Los Angeles Times](https:\/\/en.wikipedia.org\/wiki\/Los_Angeles_Times \"Los Angeles Times\")*. [Archived](https:\/\/web.archive.org\/web\/20191218173143\/https:\/\/www.latimes.com\/archives\/la-xpm-2006-jul-16-fi-overheat16-story.html) from the original on December 18, 2019. Retrieved February 10, 2020.\n56. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-56)**\n    Glassman, James K. (February 11, 2015). [\"3 Lessons for Investors From the Tech Bubble\"](https:\/\/www.nasdaq.com\/articles\/3-lessons-investors-tech-bubble-2015-02-11). *[Kiplinger's Personal Finance](https:\/\/en.wikipedia.org\/wiki\/Kiplinger%27s_Personal_Finance \"Kiplinger's Personal Finance\")*. [Archived](https:\/\/web.archive.org\/web\/20200404062028\/https:\/\/www.nasdaq.com\/articles\/3-lessons-investors-tech-bubble-2015-02-11) from the original on April 4, 2020. Retrieved February 10, 2020.\n57. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-57)**\n    Alden, Chris (March 10, 2005). [\"Looking back on the crash\"](https:\/\/www.theguardian.com\/technology\/2005\/mar\/10\/newmedia.media). *[The Guardian](https:\/\/en.wikipedia.org\/wiki\/The_Guardian \"The Guardian\")*. [Archived](https:\/\/web.archive.org\/web\/20180104013428\/https:\/\/www.theguardian.com\/technology\/2005\/mar\/10\/newmedia.media) from the original on January 4, 2018. Retrieved March 30, 2018.\n58. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-58)**\n    [\"Ex-WorldCom CEO Ebbers found guilty on all counts – Mar. 15, 2005\"](https:\/\/money.cnn.com\/2005\/03\/15\/news\/newsmakers\/ebbers\/). *[CNN](https:\/\/en.wikipedia.org\/wiki\/CNN \"CNN\")*. [Archived](https:\/\/web.archive.org\/web\/20180703072335\/http:\/\/money.cnn.com\/2005\/03\/15\/news\/newsmakers\/ebbers\/) from the original on July 3, 2018. Retrieved June 20, 2021.\n59. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-59)**\n    Reuteman, Rob (August 9, 2010). [\"Hard Times Investing: For Some, Cash Is Everything And Only Thing\"](https:\/\/www.cnbc.com\/2010\/08\/09\/hard-times-investing-for-some-cash-is-everything-and-only-thing.html). *[CNBC](https:\/\/en.wikipedia.org\/wiki\/CNBC \"CNBC\")*. [Archived](https:\/\/web.archive.org\/web\/20170525092042\/http:\/\/www.cnbc.com\/id\/38308960) from the original on May 25, 2017. Retrieved September 9, 2017.\n60. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-60)**\n    Forster, Stacy (January 31, 2001). [\"Raging Bull Goes for a Bargain As Interest in Stock Chat Wanes\"](https:\/\/www.wsj.com\/articles\/SB980897351252699393). *[The Wall Street Journal](https:\/\/en.wikipedia.org\/wiki\/The_Wall_Street_Journal \"The Wall Street Journal\")*. [Archived](https:\/\/web.archive.org\/web\/20181209213157\/https:\/\/www.wsj.com\/articles\/SB980897351252699393) from the original on December 9, 2018. Retrieved December 9, 2018.\n61. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-61)**\n    desJardins, Marie (October 22, 2015). [\"The real reason U.S. students lag behind in computer science\"](https:\/\/fortune.com\/2015\/10\/22\/u-s-students-computer-science\/). *[Fortune](https:\/\/en.wikipedia.org\/wiki\/Fortune_\$magazine\$ \"Fortune (magazine)\")*. [Archived](https:\/\/web.archive.org\/web\/20200307184124\/https:\/\/fortune.com\/2015\/10\/22\/u-s-students-computer-science\/) from the original on March 7, 2020. Retrieved February 10, 2020.\n62. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-62)**\n    Mann, Amar; Nunes, Tony (2009). [\"After the Dot-Com Bubble: Silicon Valley High-Tech Employment And Wages in 2001 and 2008\"](https:\/\/www.bls.gov\/opub\/regional_reports\/200908_silicon_valley_high_tech.htm). *[Bureau of Labor Statistics](https:\/\/en.wikipedia.org\/wiki\/Bureau_of_Labor_Statistics \"Bureau of Labor Statistics\")*. [Archived](https:\/\/web.archive.org\/web\/20181116080237\/https:\/\/www.bls.gov\/opub\/regional_reports\/200908_silicon_valley_high_tech.htm) from the original on November 16, 2018. Retrieved April 14, 2017.\n63. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-63)**\n    Kennedy, Brian (September 15, 2006). [\"Remembering the Dot-Com Throne\"](https:\/\/nymag.com\/news\/intelligencer\/21364\/). *[New York](https:\/\/en.wikipedia.org\/wiki\/New_York_\$magazine\$ \"New York (magazine)\")*. [Archived](https:\/\/web.archive.org\/web\/20200606014117\/https:\/\/nymag.com\/news\/intelligencer\/21364\/) from the original on June 6, 2020. Retrieved February 10, 2020.\n64. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-64)**\n    Donnelly, Jacob (February 14, 2016). [\"Here's what the future of bitcoin looks like—and it's bright\"](https:\/\/venturebeat.com\/2016\/02\/14\/heres-what-the-future-of-bitcoin-looks-like-and-its-bright\/). *[VentureBeat](https:\/\/en.wikipedia.org\/wiki\/VentureBeat \"VentureBeat\")*. [Archived](https:\/\/web.archive.org\/web\/20170415200336\/https:\/\/venturebeat.com\/2016\/02\/14\/heres-what-the-future-of-bitcoin-looks-like-and-its-bright\/) from the original on April 15, 2017. Retrieved April 14, 2017.\n\n## Further reading\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=12 \"Edit section: Further reading\")\\]\n\n- Abramson, Bruce (2005). [*Digital Phoenix; Why the Information Economy Collapsed and How it Will Rise Again*](https:\/\/archive.org\/details\/digitalphoenixwh00abra). [MIT Press](https:\/\/en.wikipedia.org\/wiki\/MIT_Press \"MIT Press\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0-262-51196-4](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0-262-51196-4 \"Special:BookSources\/978-0-262-51196-4\")\n  \n  .\n- Aharon, David Y.; Gavious, Ilanit; Yosef, Rami (2010). \"Stock market bubble effects on mergers and acquisitions\". *The Quarterly Review of Economics and Finance*. **50** (4): 456–70\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/j.qref.2010.05.002](https:\/\/doi.org\/10.1016%2Fj.qref.2010.05.002).\n- Cassidy, John (2009). [*Dot.con: How America Lost Its Mind and Its Money in the Internet Era*](https:\/\/books.google.com\/books?id=jsuZnrzT6YsC). [HarperCollins](https:\/\/en.wikipedia.org\/wiki\/HarperCollins \"HarperCollins\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [9780061841781](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/9780061841781 \"Special:BookSources\/9780061841781\")\n  \n  .\n- Cellan-Jones, Rory (2001). *Dot.Bomb: The Rise and Fall of Dot.com Britain*. Aurum. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-1854107909](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1854107909 \"Special:BookSources\/978-1854107909\")\n  \n  .\n- Daisey, Mike (2014). [*Twenty-one Dog Years: Doing Time at Amazon.com*](https:\/\/books.google.com\/books?id=QhKhAgAAQBAJ). [Free Press](https:\/\/en.wikipedia.org\/wiki\/Free_Press_\$publisher\$ \"Free Press (publisher)\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0-7432-2580-9](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0-7432-2580-9 \"Special:BookSources\/978-0-7432-2580-9\")\n  \n  .\n- Goldfarb, Brent D.; Kirsch, David; Miller, David A. (April 24, 2006). \"Was There Too Little Entry During the Dot Com Era?\". *Robert H. Smith School Research Paper* (RHS 06-029). [SSRN](https:\/\/en.wikipedia.org\/wiki\/SSRN_\$identifier\$ \"SSRN (identifier)\") [899100](https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=899100).\n- Kindleberger, Charles P. (2005). [*Manias, Panics, and Crashes: A History of Financial Crises*](https:\/\/books.google.com\/books?id=nBb-xYi9O-sC). [John Wiley & Sons](https:\/\/en.wikipedia.org\/wiki\/John_Wiley_%26_Sons \"John Wiley & Sons\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [9780230365353](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/9780230365353 \"Special:BookSources\/9780230365353\")\n  \n  .\n  \\[*[permanent dead link](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Link_rot \"Wikipedia:Link rot\")*\\]\n- [Kuo, David](https:\/\/en.wikipedia.org\/wiki\/David_Kuo_\$author\$ \"David Kuo (author)\") (2001). [*dot.bomb: My Days and Nights at an Internet Goliath*](https:\/\/books.google.com\/books?id=SPeYMBXVFGoC). Little, Brown. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0-316-60005-7](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0-316-60005-7 \"Special:BookSources\/978-0-316-60005-7\")\n  \n  .\n- [Lowenstein, Roger](https:\/\/en.wikipedia.org\/wiki\/Roger_Lowenstein \"Roger Lowenstein\") (2004). [*Origins of the Crash: The Great Bubble and Its Undoing*](https:\/\/archive.org\/details\/originsofcrashgr00roge). [Penguin Books](https:\/\/en.wikipedia.org\/wiki\/Penguin_Books \"Penguin Books\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-1-59420-003-8](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-59420-003-8 \"Special:BookSources\/978-1-59420-003-8\")\n  \n  .\n- [Wolff, Michael](https:\/\/en.wikipedia.org\/wiki\/Michael_Wolff_\$journalist\$ \"Michael Wolff (journalist)\") (1999). [*Burn Rate: How I Survived the Gold Rush Years on the Internet*](https:\/\/en.wikipedia.org\/wiki\/Burn_Rate_\$book\$ \"Burn Rate (book)\"). [Orion Publishing Group](https:\/\/en.wikipedia.org\/wiki\/Orion_Publishing_Group \"Orion Publishing Group\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [9780752826066](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/9780752826066 \"Special:BookSources\/9780752826066\")\n  \n  .\n  *[Burn Rate](https:\/\/books.google.com\/books?id=urRaPwAACAAJ)* at [Google Books](https:\/\/en.wikipedia.org\/wiki\/Google_Books \"Google Books\").\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Dot-com_Bubble \"Template:Dot-com Bubble\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Dot-com_Bubble \"Template talk:Dot-com Bubble\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Dot-com_Bubble \"Special:EditPage\/Template:Dot-com Bubble\")[Dot-com bubble]() |   |\n|---|---|\n| People | [Daniel Aegerter](https:\/\/en.wikipedia.org\/wiki\/Daniel_Aegerter \"Daniel Aegerter\") [Marc Andreessen](https:\/\/en.wikipedia.org\/wiki\/Marc_Andreessen \"Marc Andreessen\") [Bob Bernard](https:\/\/en.wikipedia.org\/wiki\/Bob_Bernard \"Bob Bernard\") [Jeff Bezos](https:\/\/en.wikipedia.org\/wiki\/Jeff_Bezos \"Jeff Bezos\") [Henry Blodget](https:\/\/en.wikipedia.org\/wiki\/Henry_Blodget \"Henry Blodget\") [James H. Clark](https:\/\/en.wikipedia.org\/wiki\/James_H._Clark \"James H. Clark\") [Cynthia Cooper](https:\/\/en.wikipedia.org\/wiki\/Cynthia_Cooper_\$accountant\$ \"Cynthia Cooper (accountant)\") [Bob Davis](https:\/\/en.wikipedia.org\/wiki\/Bob_Davis_\$businessman\$ \"Bob Davis (businessman)\") [Bernard Ebbers](https:\/\/en.wikipedia.org\/wiki\/Bernard_Ebbers \"Bernard Ebbers\") [David Filo](https:\/\/en.wikipedia.org\/wiki\/David_Filo \"David Filo\") [Charlie Gasparino](https:\/\/en.wikipedia.org\/wiki\/Charlie_Gasparino \"Charlie Gasparino\") [Richard Grasso](https:\/\/en.wikipedia.org\/wiki\/Richard_Grasso \"Richard Grasso\") [Alan Greenspan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\") [Jack Grubman](https:\/\/en.wikipedia.org\/wiki\/Jack_Grubman \"Jack Grubman\") [Josh Harris](https:\/\/en.wikipedia.org\/wiki\/Josh_Harris_\$entrepreneur\$ \"Josh Harris (entrepreneur)\") [Jeff Hawkins](https:\/\/en.wikipedia.org\/wiki\/Jeff_Hawkins \"Jeff Hawkins\") [Howard Jonas](https:\/\/en.wikipedia.org\/wiki\/Howard_Jonas \"Howard Jonas\") [Gerry Kearby](https:\/\/en.wikipedia.org\/wiki\/Gerry_Kearby \"Gerry Kearby\") [Timothy Koogle](https:\/\/en.wikipedia.org\/wiki\/Timothy_Koogle \"Timothy Koogle\") [Kenneth Lay](https:\/\/en.wikipedia.org\/wiki\/Kenneth_Lay \"Kenneth Lay\") [Arthur Levitt](https:\/\/en.wikipedia.org\/wiki\/Arthur_Levitt \"Arthur Levitt\") [Mary Meeker](https:\/\/en.wikipedia.org\/wiki\/Mary_Meeker \"Mary Meeker\") [PayPal Mafia](https:\/\/en.wikipedia.org\/wiki\/PayPal_Mafia \"PayPal Mafia\") [Kevin O'Leary](https:\/\/en.wikipedia.org\/wiki\/Kevin_O%27Leary \"Kevin O'Leary\") [Jason Olim](https:\/\/en.wikipedia.org\/wiki\/Jason_Olim \"Jason Olim\") [Stephan Paternot](https:\/\/en.wikipedia.org\/wiki\/Stephan_Paternot \"Stephan Paternot\") [Jim Rutt](https:\/\/en.wikipedia.org\/wiki\/Jim_Rutt \"Jim Rutt\") [Michael J. Saylor](https:\/\/en.wikipedia.org\/wiki\/Michael_J._Saylor \"Michael J. Saylor\") [Jeffrey Skilling](https:\/\/en.wikipedia.org\/wiki\/Jeffrey_Skilling \"Jeffrey Skilling\") [Eliot Spitzer](https:\/\/en.wikipedia.org\/wiki\/Eliot_Spitzer \"Eliot Spitzer\") [Scott D. Sullivan](https:\/\/en.wikipedia.org\/wiki\/Scott_D._Sullivan \"Scott D. Sullivan\") [Kaleil Isaza Tuzman](https:\/\/en.wikipedia.org\/wiki\/Kaleil_Isaza_Tuzman \"Kaleil Isaza Tuzman\") [Julie Wainwright](https:\/\/en.wikipedia.org\/wiki\/Julie_Wainwright \"Julie Wainwright\") [Jerry Yang](https:\/\/en.wikipedia.org\/wiki\/Jerry_Yang \"Jerry Yang\") |\n| Companies | [3Com](https:\/\/en.wikipedia.org\/wiki\/3Com \"3Com\") [360networks](https:\/\/en.wikipedia.org\/wiki\/360networks \"360networks\") [AboveNet](https:\/\/en.wikipedia.org\/wiki\/AboveNet \"AboveNet\") [Actua Corporation](https:\/\/en.wikipedia.org\/wiki\/Actua_Corporation \"Actua Corporation\") [Airspan Networks](https:\/\/en.wikipedia.org\/wiki\/Airspan_Networks \"Airspan Networks\") [Akamai Technologies](https:\/\/en.wikipedia.org\/wiki\/Akamai_Technologies \"Akamai Technologies\") [Alteon WebSystems](https:\/\/en.wikipedia.org\/wiki\/Alteon_WebSystems \"Alteon WebSystems\") [Amazon](https:\/\/en.wikipedia.org\/wiki\/Amazon_\$company\$ \"Amazon (company)\") [America Online](https:\/\/en.wikipedia.org\/wiki\/AOL \"AOL\") [Arthur Andersen](https:\/\/en.wikipedia.org\/wiki\/Arthur_Andersen \"Arthur Andersen\") [Ask Jeeves](https:\/\/en.wikipedia.org\/wiki\/Ask.com \"Ask.com\") [Blue Coat Systems](https:\/\/en.wikipedia.org\/wiki\/Blue_Coat_Systems \"Blue Coat Systems\") [Boo.com](https:\/\/en.wikipedia.org\/wiki\/Boo.com \"Boo.com\") [Books-A-Million](https:\/\/en.wikipedia.org\/wiki\/Books-A-Million \"Books-A-Million\") [Broadband Sports](https:\/\/en.wikipedia.org\/wiki\/Broadband_Sports \"Broadband Sports\") [Broadcast.com](https:\/\/en.wikipedia.org\/wiki\/Broadcast.com \"Broadcast.com\") [CDNow](https:\/\/en.wikipedia.org\/wiki\/CDNow \"CDNow\") [Chemdex](https:\/\/en.wikipedia.org\/wiki\/Chemdex \"Chemdex\") [CMGI Inc.](https:\/\/en.wikipedia.org\/wiki\/Steel_Connect \"Steel Connect\") [Cobalt Networks](https:\/\/en.wikipedia.org\/wiki\/Cobalt_Networks \"Cobalt Networks\") [Commerce One](https:\/\/en.wikipedia.org\/wiki\/Commerce_One \"Commerce One\") [Covad](https:\/\/en.wikipedia.org\/wiki\/Covad \"Covad\") [Cyberian Outpost](https:\/\/en.wikipedia.org\/wiki\/Cyberian_Outpost \"Cyberian Outpost\") [CyberRebate](https:\/\/en.wikipedia.org\/wiki\/CyberRebate \"CyberRebate\") [Digex](https:\/\/en.wikipedia.org\/wiki\/Digex \"Digex\") [Digital Convergence Corporation](https:\/\/en.wikipedia.org\/wiki\/CueCat \"CueCat\") [Digital Insight](https:\/\/en.wikipedia.org\/wiki\/Digital_Insight \"Digital Insight\") [Divine](https:\/\/en.wikipedia.org\/wiki\/Divine,_Inc. \"Divine, Inc.\") [DoubleClick](https:\/\/en.wikipedia.org\/wiki\/DoubleClick \"DoubleClick\") [eBay](https:\/\/en.wikipedia.org\/wiki\/EBay \"EBay\") [eGain](https:\/\/en.wikipedia.org\/wiki\/EGain \"EGain\") [Egghead Software](https:\/\/en.wikipedia.org\/wiki\/Egghead_Software \"Egghead Software\") [Enron](https:\/\/en.wikipedia.org\/wiki\/Enron \"Enron\") [Epidemic Marketing](https:\/\/en.wikipedia.org\/wiki\/Epidemic_Marketing \"Epidemic Marketing\") [Excite](https:\/\/en.wikipedia.org\/wiki\/Excite_\$web_portal\$ \"Excite (web portal)\") [Flooz.com](https:\/\/en.wikipedia.org\/wiki\/Flooz.com \"Flooz.com\") [Freei](https:\/\/en.wikipedia.org\/wiki\/Freei \"Freei\") [Gadzoox](https:\/\/en.wikipedia.org\/wiki\/Gadzoox \"Gadzoox\") [GeoCities](https:\/\/en.wikipedia.org\/wiki\/GeoCities \"GeoCities\") [Global Crossing](https:\/\/en.wikipedia.org\/wiki\/Global_Crossing \"Global Crossing\") [govWorks](https:\/\/en.wikipedia.org\/wiki\/GovWorks \"GovWorks\") [Handspring](https:\/\/en.wikipedia.org\/wiki\/Handspring,_Inc. \"Handspring, Inc.\") [Healtheon](https:\/\/en.wikipedia.org\/wiki\/Healtheon \"Healtheon\") [HomeGrocer](https:\/\/en.wikipedia.org\/wiki\/HomeGrocer \"HomeGrocer\") [HotBot](https:\/\/en.wikipedia.org\/wiki\/HotBot \"HotBot\") [Infoseek](https:\/\/en.wikipedia.org\/wiki\/Infoseek \"Infoseek\") [InfoSpace](https:\/\/en.wikipedia.org\/wiki\/InfoSpace \"InfoSpace\") [Inktomi](https:\/\/en.wikipedia.org\/wiki\/Inktomi \"Inktomi\") [Interactive Intelligence](https:\/\/en.wikipedia.org\/wiki\/Interactive_Intelligence \"Interactive Intelligence\") [Internet America](https:\/\/en.wikipedia.org\/wiki\/Internet_America \"Internet America\") [iVillage](https:\/\/en.wikipedia.org\/wiki\/IVillage \"IVillage\") [iWon](https:\/\/en.wikipedia.org\/wiki\/IWon \"IWon\") [Kozmo.com](https:\/\/en.wikipedia.org\/wiki\/Kozmo.com \"Kozmo.com\") [lastminute.com](https:\/\/en.wikipedia.org\/wiki\/Lastminute.com \"Lastminute.com\") [The Learning Company](https:\/\/en.wikipedia.org\/wiki\/The_Learning_Company \"The Learning Company\") [Liquid Audio](https:\/\/en.wikipedia.org\/wiki\/Liquid_Audio \"Liquid Audio\") [LookSmart](https:\/\/en.wikipedia.org\/wiki\/LookSmart \"LookSmart\") [Lycos](https:\/\/en.wikipedia.org\/wiki\/Lycos \"Lycos\") [Angelfire](https:\/\/en.wikipedia.org\/wiki\/Angelfire \"Angelfire\") [Tripod](https:\/\/en.wikipedia.org\/wiki\/Tripod_\$web_hosting\$ \"Tripod (web hosting)\") [MarchFirst](https:\/\/en.wikipedia.org\/wiki\/MarchFirst \"MarchFirst\") [Merrill Lynch](https:\/\/en.wikipedia.org\/wiki\/Merrill_\$company\$ \"Merrill (company)\") [MicroStrategy](https:\/\/en.wikipedia.org\/wiki\/MicroStrategy \"MicroStrategy\") [Net2Phone](https:\/\/en.wikipedia.org\/wiki\/Net2Phone \"Net2Phone\") [NetBank](https:\/\/en.wikipedia.org\/wiki\/NetBank \"NetBank\") [Netscape](https:\/\/en.wikipedia.org\/wiki\/Netscape \"Netscape\") [Network Solutions](https:\/\/en.wikipedia.org\/wiki\/Network_Solutions \"Network Solutions\") [NorthPoint Communications](https:\/\/en.wikipedia.org\/wiki\/NorthPoint_Communications \"NorthPoint Communications\") [OmniSky](https:\/\/en.wikipedia.org\/wiki\/OmniSky \"OmniSky\") [Palm, Inc.](https:\/\/en.wikipedia.org\/wiki\/Palm,_Inc. \"Palm, Inc.\") [PayPal](https:\/\/en.wikipedia.org\/wiki\/PayPal \"PayPal\") [Pets.com](https:\/\/en.wikipedia.org\/wiki\/Pets.com \"Pets.com\") [PFSweb](https:\/\/en.wikipedia.org\/wiki\/PFSweb \"PFSweb\") [Pixelon](https:\/\/en.wikipedia.org\/wiki\/Pixelon \"Pixelon\") [PLX Technology](https:\/\/en.wikipedia.org\/wiki\/PLX_Technology \"PLX Technology\") [Prodigy](https:\/\/en.wikipedia.org\/wiki\/Prodigy_\$online_service\$ \"Prodigy (online service)\") [Pseudo.com](https:\/\/en.wikipedia.org\/wiki\/Pseudo.com \"Pseudo.com\") [Radvision](https:\/\/en.wikipedia.org\/wiki\/Radvision \"Radvision\") [Razorfish](https:\/\/en.wikipedia.org\/wiki\/Razorfish_\$company\$ \"Razorfish (company)\") [Redback Networks](https:\/\/en.wikipedia.org\/wiki\/Redback_Networks \"Redback Networks\") [Register.com](https:\/\/en.wikipedia.org\/wiki\/Register.com \"Register.com\") [Ritmoteca.com](https:\/\/en.wikipedia.org\/wiki\/Ritmoteca.com \"Ritmoteca.com\") [Savvis](https:\/\/en.wikipedia.org\/wiki\/Savvis \"Savvis\") [Scout Electromedia](https:\/\/en.wikipedia.org\/wiki\/Scout_Electromedia \"Scout Electromedia\") [modo](https:\/\/en.wikipedia.org\/wiki\/Modo_\$wireless_device\$ \"Modo (wireless device)\") [Terra](https:\/\/en.wikipedia.org\/wiki\/Terra_\$company\$ \"Terra (company)\") [theGlobe.com](https:\/\/en.wikipedia.org\/wiki\/TheGlobe.com \"TheGlobe.com\") [Think Tools](https:\/\/en.wikipedia.org\/wiki\/Think_Tools \"Think Tools\") [TIBCO Software](https:\/\/en.wikipedia.org\/wiki\/TIBCO_Software \"TIBCO Software\") [Tradex Technologies](https:\/\/en.wikipedia.org\/wiki\/Tradex_Technologies \"Tradex Technologies\") [Transmeta](https:\/\/en.wikipedia.org\/wiki\/Transmeta \"Transmeta\") [uBid](https:\/\/en.wikipedia.org\/wiki\/UBid \"UBid\") [United Online](https:\/\/en.wikipedia.org\/wiki\/United_Online \"United Online\") [USinternetworking](https:\/\/en.wikipedia.org\/wiki\/USinternetworking \"USinternetworking\") [UUNET](https:\/\/en.wikipedia.org\/wiki\/UUNET \"UUNET\") [VA Linux Systems](https:\/\/en.wikipedia.org\/wiki\/Geeknet \"Geeknet\") [Verio](https:\/\/en.wikipedia.org\/wiki\/Verio \"Verio\") [VerticalNet](https:\/\/en.wikipedia.org\/wiki\/VerticalNet \"VerticalNet\") [Vignette Corporation](https:\/\/en.wikipedia.org\/wiki\/Vignette_Corporation \"Vignette Corporation\") [WebChat Broadcasting System](https:\/\/en.wikipedia.org\/wiki\/WebChat_Broadcasting_System \"WebChat Broadcasting System\") [Websense](https:\/\/en.wikipedia.org\/wiki\/Forcepoint \"Forcepoint\") [Webvan](https:\/\/en.wikipedia.org\/wiki\/Webvan \"Webvan\") [WorldCom](https:\/\/en.wikipedia.org\/wiki\/MCI_Inc. \"MCI Inc.\") [World Online](https:\/\/en.wikipedia.org\/wiki\/World_Online \"World Online\") [Yahoo\\!](https:\/\/en.wikipedia.org\/wiki\/Yahoo! \"Yahoo!\") |\n| History | [Enron scandal](https:\/\/en.wikipedia.org\/wiki\/Enron_scandal \"Enron scandal\") [Irrational exuberance](https:\/\/en.wikipedia.org\/wiki\/Irrational_exuberance \"Irrational exuberance\") [Sarbanes–Oxley Act](https:\/\/en.wikipedia.org\/wiki\/Sarbanes%E2%80%93Oxley_Act \"Sarbanes–Oxley Act\") [Telecoms crash](https:\/\/en.wikipedia.org\/wiki\/Telecoms_crash \"Telecoms crash\") [Trial of Kenneth Lay and Jeffrey Skilling](https:\/\/en.wikipedia.org\/wiki\/Trial_of_Kenneth_Lay_and_Jeffrey_Skilling \"Trial of Kenneth Lay and Jeffrey Skilling\") [WorldCom scandal](https:\/\/en.wikipedia.org\/wiki\/WorldCom_scandal \"WorldCom scandal\") |\n| Publications | *[Blood on the Street](https:\/\/en.wikipedia.org\/wiki\/Blood_on_the_Street \"Blood on the Street\")* *[Conspiracy of Fools](https:\/\/en.wikipedia.org\/wiki\/Conspiracy_of_Fools \"Conspiracy of Fools\")* *[The Industry Standard](https:\/\/en.wikipedia.org\/wiki\/The_Industry_Standard \"The Industry Standard\")* *[The PayPal Wars](https:\/\/en.wikipedia.org\/wiki\/The_PayPal_Wars \"The PayPal Wars\")* |\n| Broadcast media | *[e-Dreams](https:\/\/en.wikipedia.org\/wiki\/E-Dreams \"E-Dreams\")* *[Enron: The Smartest Guys in the Room](https:\/\/en.wikipedia.org\/wiki\/Enron:_The_Smartest_Guys_in_the_Room \"Enron: The Smartest Guys in the Room\")* *[Startup.com](https:\/\/en.wikipedia.org\/wiki\/Startup.com \"Startup.com\")* *[Valley of the Boom](https:\/\/en.wikipedia.org\/wiki\/Valley_of_the_Boom \"Valley of the Boom\")* |\n| ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/9\/96\/Symbol_category_class.svg\/20px-Symbol_category_class.svg.png) [Category](https:\/\/en.wikipedia.org\/wiki\/Category:Dot-com_bubble \"Category:Dot-com bubble\") |   |\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Financial_bubbles \"Template:Financial bubbles\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Financial_bubbles \"Template talk:Financial bubbles\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Financial_bubbles \"Special:EditPage\/Template:Financial bubbles\")[Financial bubbles](https:\/\/en.wikipedia.org\/wiki\/Economic_bubble \"Economic bubble\") |   |\n|---|---|\n| [Market trend](https:\/\/en.wikipedia.org\/wiki\/Market_trend \"Market trend\") [Credit cycle](https:\/\/en.wikipedia.org\/wiki\/Credit_cycle \"Credit cycle\") [Irrational exuberance](https:\/\/en.wikipedia.org\/wiki\/Irrational_exuberance \"Irrational exuberance\") [Social contagion](https:\/\/en.wikipedia.org\/wiki\/Social_contagion \"Social contagion\") [Real-estate bubble](https:\/\/en.wikipedia.org\/wiki\/Real-estate_bubble \"Real-estate bubble\") [Stock market bubble](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble \"Stock market bubble\") |   |\n| [Commercial revolution](https:\/\/en.wikipedia.org\/wiki\/Commercial_revolution \"Commercial revolution\") (1000–1760) | [Tulip mania](https:\/\/en.wikipedia.org\/wiki\/Tulip_mania \"Tulip mania\") (1634–1637) [Mississippi bubble](https:\/\/en.wikipedia.org\/wiki\/John_Law%27s_Company \"John Law's Company\") (1684–1720) [South Sea bubble](https:\/\/en.wikipedia.org\/wiki\/South_Sea_Company \"South Sea Company\") (1711–1720) [Bengal Bubble of 1769](https:\/\/en.wikipedia.org\/wiki\/Bengal_Bubble_of_1769 \"Bengal Bubble of 1769\") (1757–1769) |\n| [1st Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution \"Industrial Revolution\") (1760–1840) | [Canal Mania](https:\/\/en.wikipedia.org\/wiki\/Canal_Mania \"Canal Mania\") (c. 1790–c. 1810) [Carolina gold rush](https:\/\/en.wikipedia.org\/wiki\/Carolina_gold_rush \"Carolina gold rush\") (1802–1825) [1810s Alabama real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Alabama_real_estate_bubble_of_the_1810s \"Alabama real estate bubble of the 1810s\") [Georgia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Georgia_Gold_Rush \"Georgia Gold Rush\") (1828–c. 1840) [1830s Chicago real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Chicago_real_estate_bubble_of_the_1830s \"Chicago real estate bubble of the 1830s\") [Chilean silver rush](https:\/\/en.wikipedia.org\/wiki\/Chilean_silver_rush \"Chilean silver rush\") (1832–1850) |\n| 1840–1870 | [Railway Mania](https:\/\/en.wikipedia.org\/wiki\/Railway_Mania \"Railway Mania\") (c. 1840–c. 1850) [California gold rush](https:\/\/en.wikipedia.org\/wiki\/California_gold_rush \"California gold rush\") (1848–1855) [Queen Charlottes Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Queen_Charlottes_Gold_Rush \"Queen Charlottes Gold Rush\") (1851) [Victorian gold rush](https:\/\/en.wikipedia.org\/wiki\/Victorian_gold_rush \"Victorian gold rush\") (1851–c. 1870) [New South Wales gold rush](https:\/\/en.wikipedia.org\/wiki\/New_South_Wales_gold_rush \"New South Wales gold rush\") (1851–1880) [Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Australian_gold_rushes \"Australian gold rushes\") (1851–1914) [Fraser Canyon Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fraser_Canyon_Gold_Rush \"Fraser Canyon Gold Rush\") (1858) [Pike's Peak gold rush](https:\/\/en.wikipedia.org\/wiki\/Pike%27s_Peak_gold_rush \"Pike's Peak gold rush\") (1858–1861) [Rock Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Rock_Creek_Gold_Rush \"Rock Creek Gold Rush\") (1859) [Pennsylvania oil rush](https:\/\/en.wikipedia.org\/wiki\/Pennsylvania_oil_rush \"Pennsylvania oil rush\") (1859–1891) [Similkameen Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Similkameen_Gold_Rush \"Similkameen Gold Rush\") (1860) [Stikine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Stikine_Gold_Rush \"Stikine Gold Rush\") (1861) [Colorado River mining boom](https:\/\/en.wikipedia.org\/wiki\/Steamboats_of_the_Colorado_River \"Steamboats of the Colorado River\") (1861–1864) [Otago gold rush](https:\/\/en.wikipedia.org\/wiki\/Otago_gold_rush \"Otago gold rush\") (1861–1864) [Cariboo Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cariboo_Gold_Rush \"Cariboo Gold Rush\") (1861–1867) [First Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1861–1874) [West Coast gold rush](https:\/\/en.wikipedia.org\/wiki\/West_Coast_gold_rush \"West Coast gold rush\") (1864–1867) [Big Bend Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Big_Bend_Gold_Rush \"Big Bend Gold Rush\") (c. 1865) [Vermilion Lake gold rush](https:\/\/en.wikipedia.org\/wiki\/Vermilion_Lake_gold_rush \"Vermilion Lake gold rush\") (1865–1867) [Kildonan Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Kildonan_Gold_Rush \"Kildonan Gold Rush\") (1869) [Omineca Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Omineca_Gold_Rush \"Omineca Gold Rush\") (1869) |\n| [2nd Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Second_Industrial_Revolution \"Second Industrial Revolution\") (1870–1914) | [1870s Lapland gold rush](https:\/\/en.wikipedia.org\/wiki\/Lapland_gold_rush \"Lapland gold rush\") [Coromandel Gold Rushes](https:\/\/en.wikipedia.org\/wiki\/Coromandel_Gold_Rushes \"Coromandel Gold Rushes\") (c. 1870–c. 1890) [Cassiar Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cassiar_Country \"Cassiar Country\") (c. 1870–c. 1890) [Black Hills gold rush](https:\/\/en.wikipedia.org\/wiki\/Black_Hills_gold_rush \"Black Hills gold rush\") (1874–1880) [Colorado Silver Boom](https:\/\/en.wikipedia.org\/wiki\/Colorado_Silver_Boom \"Colorado Silver Boom\") (1879–1893) [Western Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Western_Australian_gold_rushes \"Western Australian gold rushes\") (c. 1880–c. 1900) [Indiana gas boom](https:\/\/en.wikipedia.org\/wiki\/Indiana_gas_boom \"Indiana gas boom\") (c. 1880–1903) [Ohio oil rush](https:\/\/en.wikipedia.org\/wiki\/Petroleum_industry_in_Ohio \"Petroleum industry in Ohio\") (c. 1880–c. 1930) [Tierra del Fuego gold rush](https:\/\/en.wikipedia.org\/wiki\/Tierra_del_Fuego_gold_rush \"Tierra del Fuego gold rush\") (1883–1906) [Cayoosh Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cayoosh_Gold_Rush \"Cayoosh Gold Rush\") (1884) [Witwatersrand Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Witwatersrand_Gold_Rush \"Witwatersrand Gold Rush\") (1886) [Encilhamento](https:\/\/en.wikipedia.org\/wiki\/Encilhamento \"Encilhamento\") (1886–1890) [Cripple Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cripple_Creek_Gold_Rush \"Cripple Creek Gold Rush\") (c. 1890–c. 1910) [Klondike Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Klondike_Gold_Rush \"Klondike Gold Rush\") (1896–1899) [Second Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1896–1903) [Kobuk River Stampede](https:\/\/en.wikipedia.org\/wiki\/Kobuk_River_Stampede \"Kobuk River Stampede\") (1897–1899) [Mount Baker gold rush](https:\/\/en.wikipedia.org\/wiki\/Mount_Baker_gold_rush \"Mount Baker gold rush\") (1897–c. 1925) [Nome Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Nome_Gold_Rush \"Nome Gold Rush\") (1899–1909) [Fairbanks Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fairbanks_Gold_Rush \"Fairbanks Gold Rush\") (c. 1900–1918) [Texas oil boom](https:\/\/en.wikipedia.org\/wiki\/Texas_oil_boom \"Texas oil boom\") (1901–1918) [Cobalt silver rush](https:\/\/en.wikipedia.org\/wiki\/Cobalt_silver_rush \"Cobalt silver rush\") (1903–1918) [Porcupine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Porcupine_Gold_Rush \"Porcupine Gold Rush\") (1909–1918) |\n| [Interwar period](https:\/\/en.wikipedia.org\/wiki\/Interwar_period \"Interwar period\") (1918–1939) | [1920s Florida land boom](https:\/\/en.wikipedia.org\/wiki\/1920s_Florida_land_boom \"1920s Florida land boom\") (c. 1920–1925) [Fairbanks Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fairbanks_Gold_Rush \"Fairbanks Gold Rush\") (1918–c. 1930) [Texas oil boom](https:\/\/en.wikipedia.org\/wiki\/Texas_oil_boom \"Texas oil boom\") (1918–1945) [Cobalt silver rush](https:\/\/en.wikipedia.org\/wiki\/Cobalt_silver_rush \"Cobalt silver rush\") (1918–c. 1930) [Porcupine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Porcupine_Gold_Rush \"Porcupine Gold Rush\") (1918–1945) [1930s Kakamega gold rush](https:\/\/en.wikipedia.org\/wiki\/Kakamega_gold_rush \"Kakamega gold rush\") [Third Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1932–1942) |\n| [Post–WWII expansion](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93World_War_II_economic_expansion \"Post–World War II economic expansion\") (1945–1973) | [Texas oil boom](https:\/\/en.wikipedia.org\/wiki\/Texas_oil_boom \"Texas oil boom\") (1945–c. 1950) [Porcupine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Porcupine_Gold_Rush \"Porcupine Gold Rush\") (1945–c. 1960) [Poseidon bubble](https:\/\/en.wikipedia.org\/wiki\/Poseidon_bubble \"Poseidon bubble\") (1969–1970) |\n| [The Great Inflation](https:\/\/en.wikipedia.org\/wiki\/Stagflation \"Stagflation\") (1973–1982) | [1970s commodities boom](https:\/\/en.wikipedia.org\/wiki\/1970s_commodities_boom \"1970s commodities boom\") [Mexican oil boom](https:\/\/en.wikipedia.org\/wiki\/Mexican_oil_boom \"Mexican oil boom\") (1977–1981) [Silver Thursday](https:\/\/en.wikipedia.org\/wiki\/Silver_Thursday \"Silver Thursday\") (1980) [New Zealand property bubble](https:\/\/en.wikipedia.org\/wiki\/New_Zealand_property_bubble \"New Zealand property bubble\") (c. 1980–1982) |\n| [Great Moderation](https:\/\/en.wikipedia.org\/wiki\/Great_Moderation \"Great Moderation\")\/ Great Regression (1982–2007) | [1980s oil glut](https:\/\/en.wikipedia.org\/wiki\/1980s_oil_glut \"1980s oil glut\") [New Zealand property bubble](https:\/\/en.wikipedia.org\/wiki\/New_Zealand_property_bubble \"New Zealand property bubble\") (1982–) [Spanish property bubble](https:\/\/en.wikipedia.org\/wiki\/Spanish_property_bubble \"Spanish property bubble\") (1985–2008) [Japanese asset price bubble](https:\/\/en.wikipedia.org\/wiki\/Japanese_asset_price_bubble \"Japanese asset price bubble\") (1986–1990) [Dot-com bubble]() (1995–2000) [Baltic states housing bubble](https:\/\/en.wikipedia.org\/wiki\/Baltic_states_housing_bubble \"Baltic states housing bubble\") (2000–2006) [Irish property bubble](https:\/\/en.wikipedia.org\/wiki\/Irish_property_bubble \"Irish property bubble\") (c. 2000–2007) [2000s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2000s_commodities_boom \"2000s commodities boom\") (2000–2008) [2000s Danish property bubble](https:\/\/en.wikipedia.org\/wiki\/Danish_property_bubble_of_2000s \"Danish property bubble of 2000s\") (2001–2006) [United States housing bubble](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_bubble \"2000s United States housing bubble\") (2002–2006) [Romanian property bubble](https:\/\/en.wikipedia.org\/wiki\/Romanian_property_bubble \"Romanian property bubble\") (2002–2007) [Polish property bubble](https:\/\/en.wikipedia.org\/wiki\/Polish_property_bubble \"Polish property bubble\") (2002–2008) [Canadian property bubble](https:\/\/en.wikipedia.org\/wiki\/Canadian_property_bubble \"Canadian property bubble\") (2002–) [Chinese property bubble](https:\/\/en.wikipedia.org\/wiki\/Chinese_property_bubble_\$2005%E2%80%932011\$ \"Chinese property bubble (2005–2011)\") (2005–2011) [Lebanese housing bubble](https:\/\/en.wikipedia.org\/wiki\/Lebanese_housing_bubble \"Lebanese housing bubble\") (2005–2008) [Chinese stock bubble of 2007](https:\/\/en.wikipedia.org\/wiki\/Chinese_stock_bubble_of_2007 \"Chinese stock bubble of 2007\") [Uranium bubble of 2007](https:\/\/en.wikipedia.org\/wiki\/Uranium_bubble_of_2007 \"Uranium bubble of 2007\") |\n| [Information Age](https:\/\/en.wikipedia.org\/wiki\/Information_Age \"Information Age\") (2007–present) | [2000s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2000s_commodities_boom \"2000s commodities boom\") (2008–2014) [Lebanese housing bubble](https:\/\/en.wikipedia.org\/wiki\/Lebanese_housing_bubble \"Lebanese housing bubble\") (2008–) [Corporate debt bubble](https:\/\/en.wikipedia.org\/wiki\/Corporate_debt_bubble \"Corporate debt bubble\") (2008–) [Australian property bubble](https:\/\/en.wikipedia.org\/wiki\/Australian_property_bubble \"Australian property bubble\") (2010–) [Cryptocurrency bubble](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble \"Cryptocurrency bubble\") (2011–) [Everything bubble](https:\/\/en.wikipedia.org\/wiki\/Everything_bubble \"Everything bubble\") (2020–21) [AI bubble](https:\/\/en.wikipedia.org\/wiki\/AI_bubble \"AI bubble\") (2022–) |\n| [Carbon bubble](https:\/\/en.wikipedia.org\/wiki\/Carbon_bubble \"Carbon bubble\") [Green bubble](https:\/\/en.wikipedia.org\/wiki\/Green_bubble \"Green bubble\") [Social media stock bubble](https:\/\/en.wikipedia.org\/wiki\/Social_media_stock_bubble \"Social media stock bubble\") [Unicorn bubble](https:\/\/en.wikipedia.org\/wiki\/Unicorn_bubble \"Unicorn bubble\") [U.S. higher education bubble](https:\/\/en.wikipedia.org\/wiki\/Higher_education_bubble_in_the_United_States \"Higher education bubble in the United States\") |   |\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Financial_crises \"Template:Financial crises\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Financial_crises \"Template talk:Financial crises\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Financial_crises \"Special:EditPage\/Template:Financial crises\")[Financial crises](https:\/\/en.wikipedia.org\/wiki\/Financial_crisis \"Financial crisis\") |   |\n|---|---|\n| [Bank run](https:\/\/en.wikipedia.org\/wiki\/Bank_run \"Bank run\") [Commodity price shocks](https:\/\/en.wikipedia.org\/wiki\/Commodity_price_shocks \"Commodity price shocks\") [Credit crunch](https:\/\/en.wikipedia.org\/wiki\/Credit_crunch \"Credit crunch\") [Credit cycle](https:\/\/en.wikipedia.org\/wiki\/Credit_cycle \"Credit cycle\") [Currency crisis](https:\/\/en.wikipedia.org\/wiki\/Currency_crisis \"Currency crisis\") [Debt crisis](https:\/\/en.wikipedia.org\/wiki\/Debt_crisis \"Debt crisis\") [Energy crisis](https:\/\/en.wikipedia.org\/wiki\/Energy_crisis \"Energy crisis\") [Financial contagion](https:\/\/en.wikipedia.org\/wiki\/Financial_contagion \"Financial contagion\") [Social contagion](https:\/\/en.wikipedia.org\/wiki\/Social_contagion \"Social contagion\") [Flash crash](https:\/\/en.wikipedia.org\/wiki\/Flash_crash \"Flash crash\") [Hyperinflation](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation \"Hyperinflation\") [Liquidity crisis](https:\/\/en.wikipedia.org\/wiki\/Liquidity_crisis \"Liquidity crisis\") [Accounting](https:\/\/en.wikipedia.org\/wiki\/Accounting_liquidity \"Accounting liquidity\") [Capital](https:\/\/en.wikipedia.org\/wiki\/Liquid_capital \"Liquid capital\") [Funding](https:\/\/en.wikipedia.org\/wiki\/Funding_liquidity \"Funding liquidity\") [Market](https:\/\/en.wikipedia.org\/wiki\/Market_liquidity \"Market liquidity\") [Minsky moment](https:\/\/en.wikipedia.org\/wiki\/Minsky_moment \"Minsky moment\") [Social crisis](https:\/\/en.wikipedia.org\/wiki\/Social_crisis \"Social crisis\") [Stock market crash](https:\/\/en.wikipedia.org\/wiki\/Stock_market_crash \"Stock market crash\") |   |\n| Pre-[1000](https:\/\/en.wikipedia.org\/wiki\/Commercial_revolution \"Commercial revolution\") | [Financial crisis of 33 CE](https:\/\/en.wikipedia.org\/wiki\/Financial_crisis_of_33 \"Financial crisis of 33\") [Crisis of the Third Century](https:\/\/en.wikipedia.org\/wiki\/Crisis_of_the_Third_Century \"Crisis of the Third Century\") (235–284 CE) |\n| [Commercial revolution](https:\/\/en.wikipedia.org\/wiki\/Commercial_revolution \"Commercial revolution\") (1000–1760) | [Great Bullion Famine](https:\/\/en.wikipedia.org\/wiki\/Great_Bullion_Famine \"Great Bullion Famine\") (c. 1400–c. 1500) [The Great Debasement](https:\/\/en.wikipedia.org\/wiki\/The_Great_Debasement \"The Great Debasement\") (1544–1551) [Spanish Price Revolution](https:\/\/en.wikipedia.org\/wiki\/Price_revolution \"Price revolution\") (c. 1550–c. 1650) [Dutch Republic stock market crashes](https:\/\/en.wikipedia.org\/wiki\/Financial_history_of_the_Dutch_Republic \"Financial history of the Dutch Republic\") (c. 1600–1760) *[Kipper und Wipper](https:\/\/en.wikipedia.org\/wiki\/Kipper_und_Wipper \"Kipper und Wipper\")* (1621–1623) [Tulip mania](https:\/\/en.wikipedia.org\/wiki\/Tulip_mania \"Tulip mania\") (1637) [South Sea bubble](https:\/\/en.wikipedia.org\/wiki\/South_Sea_Company \"South Sea Company\") (1720) [Mississippi bubble](https:\/\/en.wikipedia.org\/wiki\/John_Law%27s_Company \"John Law's Company\") (1720) |\n| [1st Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution \"Industrial Revolution\") (1760–1840) | [Amsterdam banking crisis of 1763](https:\/\/en.wikipedia.org\/wiki\/Amsterdam_banking_crisis_of_1763 \"Amsterdam banking crisis of 1763\") [Bengal Bubble of 1769](https:\/\/en.wikipedia.org\/wiki\/Bengal_Bubble_of_1769 \"Bengal Bubble of 1769\") (1769–1784) [British credit crisis of 1772–1773](https:\/\/en.wikipedia.org\/wiki\/British_credit_crisis_of_1772%E2%80%931773 \"British credit crisis of 1772–1773\") [Dutch Republic financial collapse](https:\/\/en.wikipedia.org\/wiki\/Financial_history_of_the_Dutch_Republic \"Financial history of the Dutch Republic\") (c. 1780–1795) [Copper Panic of 1789](https:\/\/en.wikipedia.org\/wiki\/Copper_Panic_of_1789 \"Copper Panic of 1789\") [Panic of 1792](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1792 \"Panic of 1792\") [Panic of 1796–1797](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1796%E2%80%931797 \"Panic of 1796–1797\") [Danish state bankruptcy of 1813](https:\/\/en.wikipedia.org\/wiki\/Danish_state_bankruptcy_of_1813 \"Danish state bankruptcy of 1813\") [Post-Napoleonic Irish grain price and land use shocks](https:\/\/en.wikipedia.org\/wiki\/Commodity_price_shocks \"Commodity price shocks\") (1815–1816) [Panic of 1819](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1819 \"Panic of 1819\") [Panic of 1825](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1825 \"Panic of 1825\") [Panic of 1837](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1837 \"Panic of 1837\") |\n| 1840–1870 | [European potato failure](https:\/\/en.wikipedia.org\/wiki\/European_potato_failure \"European potato failure\") (1845–1856) [Great Irish Famine](https:\/\/en.wikipedia.org\/wiki\/Great_Famine_\$Ireland\$ \"Great Famine (Ireland)\") [Highland Potato Famine](https:\/\/en.wikipedia.org\/wiki\/Highland_Potato_Famine \"Highland Potato Famine\") [Panic of 1847](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1847 \"Panic of 1847\") [Panic of 1857](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1857 \"Panic of 1857\") [Panic of 1866](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1866 \"Panic of 1866\") [Black Friday](https:\/\/en.wikipedia.org\/wiki\/Black_Friday_\$1869\$ \"Black Friday (1869)\") (1869) |\n| [2nd Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Second_Industrial_Revolution \"Second Industrial Revolution\") (1870–1914) | [Panic of 1873](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1873 \"Panic of 1873\") [Paris Bourse crash of 1882](https:\/\/en.wikipedia.org\/wiki\/Paris_Bourse_crash_of_1882 \"Paris Bourse crash of 1882\") [Panic of 1884](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1884 \"Panic of 1884\") [Arendal crash](https:\/\/en.wikipedia.org\/wiki\/Arendal_crash \"Arendal crash\") (1886) [Baring crisis](https:\/\/en.wikipedia.org\/wiki\/Baring_crisis \"Baring crisis\") (1890) [Encilhamento](https:\/\/en.wikipedia.org\/wiki\/Encilhamento \"Encilhamento\") (1890–1893) [Panic of 1893](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1893 \"Panic of 1893\") [Australian banking crisis of 1893](https:\/\/en.wikipedia.org\/wiki\/Australian_banking_crisis_of_1893 \"Australian banking crisis of 1893\") [Black Monday](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$1894\$ \"Black Monday (1894)\") (1894) [Panic of 1896](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1896 \"Panic of 1896\") [Panic of 1901](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1901 \"Panic of 1901\") [Panic of 1907](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1907 \"Panic of 1907\") [Shanghai rubber stock market crisis](https:\/\/en.wikipedia.org\/wiki\/Shanghai_rubber_stock_market_crisis \"Shanghai rubber stock market crisis\") (1910) [Panic of 1910–11](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1910%E2%80%9311 \"Panic of 1910–11\") [Financial crisis of 1914](https:\/\/en.wikipedia.org\/wiki\/Financial_crisis_of_1914 \"Financial crisis of 1914\") |\n| [Interwar period](https:\/\/en.wikipedia.org\/wiki\/Interwar_period \"Interwar period\") (1918–1939) | [Early Soviet hyperinflation](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_early_Soviet_Russia \"Hyperinflation in early Soviet Russia\") (1917–1924) [Weimar Republic hyperinflation](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_the_Weimar_Republic \"Hyperinflation in the Weimar Republic\") (1921–1923) [Shōwa financial crisis](https:\/\/en.wikipedia.org\/wiki\/Sh%C5%8Dwa_financial_crisis \"Shōwa financial crisis\") (1927) [Wall Street crash of 1929](https:\/\/en.wikipedia.org\/wiki\/Wall_Street_crash_of_1929 \"Wall Street crash of 1929\") [Panic of 1930](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1930 \"Panic of 1930\") [Chinese hyperinflation](https:\/\/en.wikipedia.org\/wiki\/Chinese_hyperinflation \"Chinese hyperinflation\") (1937–1950) |\n| [Wartime period](https:\/\/en.wikipedia.org\/wiki\/World_War_II \"World War II\") (1939–1945) | [Greek hyperinflation](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_Greece \"Hyperinflation in Greece\") (1941–1946) [Chinese hyperinflation](https:\/\/en.wikipedia.org\/wiki\/Chinese_hyperinflation \"Chinese hyperinflation\") (1937–1950) |\n| [Post–WWII expansion](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93World_War_II_economic_expansion \"Post–World War II economic expansion\") (1945–1973) | [Hungarian pengő hyperinflation](https:\/\/en.wikipedia.org\/wiki\/Hungarian_peng%C5%91#Hyperinflation \"Hungarian pengő\") (1945–1946) [Kennedy Slide of 1962](https:\/\/en.wikipedia.org\/wiki\/Kennedy_Slide_of_1962 \"Kennedy Slide of 1962\") [1963–1965 Indonesian hyperinflation](https:\/\/en.wikipedia.org\/w\/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1 \"1963–1965 Indonesian hyperinflation (page does not exist)\") [Chinese hyperinflation](https:\/\/en.wikipedia.org\/wiki\/Chinese_hyperinflation \"Chinese hyperinflation\") (1937–1950) |\n| [Great Inflation](https:\/\/en.wikipedia.org\/wiki\/Stagflation \"Stagflation\") (1973–1982) | [1970s energy crisis](https:\/\/en.wikipedia.org\/wiki\/1970s_energy_crisis \"1970s energy crisis\") (1973–1980) [1973 oil crisis](https:\/\/en.wikipedia.org\/wiki\/1973_oil_crisis \"1973 oil crisis\") [1973–1974 stock market crash](https:\/\/en.wikipedia.org\/wiki\/1973%E2%80%931974_stock_market_crash \"1973–1974 stock market crash\") [Secondary banking crisis of 1973–1975](https:\/\/en.wikipedia.org\/wiki\/Secondary_banking_crisis_of_1973%E2%80%931975 \"Secondary banking crisis of 1973–1975\") [Steel crisis](https:\/\/en.wikipedia.org\/wiki\/Steel_crisis \"Steel crisis\") (1973–1982) [Latin American debt crisis](https:\/\/en.wikipedia.org\/wiki\/Latin_American_debt_crisis \"Latin American debt crisis\") (1975–1982) [1976 sterling crisis](https:\/\/en.wikipedia.org\/wiki\/1976_sterling_crisis \"1976 sterling crisis\") [1979 oil crisis](https:\/\/en.wikipedia.org\/wiki\/1979_oil_crisis \"1979 oil crisis\") [Brazilian hyperinflation](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_Brazil \"Hyperinflation in Brazil\") (1980–1982) |\n| [Great Moderation](https:\/\/en.wikipedia.org\/wiki\/Great_Moderation \"Great Moderation\")\/ Great Regression (1982–2007) | [Brazilian hyperinflation](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_Brazil \"Hyperinflation in Brazil\") (1982–1994) [Souk Al-Manakh stock market crash](https:\/\/en.wikipedia.org\/wiki\/Souk_Al-Manakh_stock_market_crash \"Souk Al-Manakh stock market crash\") (1982) [Chilean crisis of 1982](https:\/\/en.wikipedia.org\/wiki\/Crisis_of_1982 \"Crisis of 1982\") [1983 Israel bank stock crisis](https:\/\/en.wikipedia.org\/wiki\/1983_Israel_bank_stock_crisis \"1983 Israel bank stock crisis\") [Black Saturday (1983)](https:\/\/en.wikipedia.org\/wiki\/Black_Saturday_\$1983\$ \"Black Saturday (1983)\") [Savings and loan crisis](https:\/\/en.wikipedia.org\/wiki\/Savings_and_loan_crisis \"Savings and loan crisis\") (1986–1995) [Cameroonian economic crisis](https:\/\/en.wikipedia.org\/wiki\/Cameroonian_economic_crisis \"Cameroonian economic crisis\") (1987–2000s) [Black Monday (1987)](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$1987\$ \"Black Monday (1987)\") [1988–1992 Norwegian banking crisis](https:\/\/en.wikipedia.org\/wiki\/1988%E2%80%931992_Norwegian_banking_crisis \"1988–1992 Norwegian banking crisis\") [Japanese asset price bubble crash](https:\/\/en.wikipedia.org\/wiki\/Japanese_asset_price_bubble \"Japanese asset price bubble\") (1990–1992) [Rhode Island banking crisis](https:\/\/en.wikipedia.org\/wiki\/Rhode_Island_banking_crisis \"Rhode Island banking crisis\") (1990–1992) [1991 Indian economic crisis](https:\/\/en.wikipedia.org\/wiki\/1991_Indian_economic_crisis \"1991 Indian economic crisis\") [1990–1994 Swedish financial crisis](https:\/\/en.wikipedia.org\/wiki\/1990%E2%80%931994_Swedish_financial_crisis \"1990–1994 Swedish financial crisis\") [1990s Finnish banking crisis](https:\/\/en.wikipedia.org\/wiki\/1990s_Finnish_banking_crisis \"1990s Finnish banking crisis\") [1990s Armenian energy crisis](https:\/\/en.wikipedia.org\/wiki\/1990s_Armenian_energy_crisis \"1990s Armenian energy crisis\") [Cuban Special Period](https:\/\/en.wikipedia.org\/wiki\/Special_Period \"Special Period\") (1991–2000) [Black Wednesday (1992 Sterling crisis)](https:\/\/en.wikipedia.org\/wiki\/Black_Wednesday \"Black Wednesday\") [Hyperinflation in Serbia and Montenegro](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_Serbia_and_Montenegro \"Hyperinflation in Serbia and Montenegro\") (1992–1994) [1994 bond market crisis](https:\/\/en.wikipedia.org\/wiki\/1994_bond_market_crisis \"1994 bond market crisis\") [Venezuelan banking crisis of 1994](https:\/\/en.wikipedia.org\/wiki\/Venezuelan_banking_crisis_of_1994 \"Venezuelan banking crisis of 1994\") [1994 Papua New Guinea financial crisis](https:\/\/en.wikipedia.org\/wiki\/1994_Papua_New_Guinea_financial_crisis \"1994 Papua New Guinea financial crisis\") [Mexican peso crisis](https:\/\/en.wikipedia.org\/wiki\/Mexican_peso_crisis \"Mexican peso crisis\") (1994–1996) [1997 Asian financial crisis](https:\/\/en.wikipedia.org\/wiki\/1997_Asian_financial_crisis \"1997 Asian financial crisis\") [October 27, 1997, mini-crash](https:\/\/en.wikipedia.org\/wiki\/October_27,_1997,_mini-crash \"October 27, 1997, mini-crash\") [1998 Russian financial crisis](https:\/\/en.wikipedia.org\/wiki\/1998_Russian_financial_crisis \"1998 Russian financial crisis\") [1998–1999 Ecuador economic crisis](https:\/\/en.wikipedia.org\/wiki\/1998%E2%80%931999_Ecuador_economic_crisis \"1998–1999 Ecuador economic crisis\") [1998–2002 Argentine great depression](https:\/\/en.wikipedia.org\/wiki\/1998%E2%80%932002_Argentine_great_depression \"1998–2002 Argentine great depression\") [Samba effect](https:\/\/en.wikipedia.org\/wiki\/Samba_effect \"Samba effect\") (1999) [Dot-com bubble]() (2000–2004) [9\/11 stock market crash](https:\/\/en.wikipedia.org\/wiki\/Economic_effects_of_the_September_11_attacks \"Economic effects of the September 11 attacks\") (2001) [2001 Turkish economic crisis](https:\/\/en.wikipedia.org\/wiki\/2001_Turkish_economic_crisis \"2001 Turkish economic crisis\") [South American economic crisis of 2002](https:\/\/en.wikipedia.org\/wiki\/South_American_economic_crisis_of_2002 \"South American economic crisis of 2002\") [Stock market downturn of 2002](https:\/\/en.wikipedia.org\/wiki\/Stock_market_downturn_of_2002 \"Stock market downturn of 2002\") [2002 Uruguay banking crisis](https:\/\/en.wikipedia.org\/wiki\/2002_Uruguay_banking_crisis \"2002 Uruguay banking crisis\") [2003 Myanmar banking crisis](https:\/\/en.wikipedia.org\/wiki\/2003_Myanmar_banking_crisis \"2003 Myanmar banking crisis\") [2000s energy crisis](https:\/\/en.wikipedia.org\/wiki\/2000s_energy_crisis \"2000s energy crisis\") (2003–2008) [2004 Argentine energy crisis](https:\/\/en.wikipedia.org\/wiki\/2004_Argentine_energy_crisis \"2004 Argentine energy crisis\") [Chinese stock bubble of 2007](https:\/\/en.wikipedia.org\/wiki\/Chinese_stock_bubble_of_2007 \"Chinese stock bubble of 2007\") [Hyperinflation in Zimbabwe](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_Zimbabwe \"Hyperinflation in Zimbabwe\") (2007–present) |\n| [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") (2007–2009) | [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") [September 2008](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_September_2008 \"Global financial crisis in September 2008\") [October 2008](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_October_2008 \"Global financial crisis in October 2008\") [November 2008](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_November_2008 \"Global financial crisis in November 2008\") [December 2008](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_December_2008 \"Global financial crisis in December 2008\") [2009](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_2009 \"Global financial crisis in 2009\") [Subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\") [2000s U.S. housing market correction](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_market_correction \"2000s United States housing market correction\") [U.S. bear market of 2007–2009](https:\/\/en.wikipedia.org\/wiki\/United_States_bear_market_of_2007%E2%80%932009 \"United States bear market of 2007–2009\") [2008 Latvian financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_Latvian_financial_crisis \"2008 Latvian financial crisis\") [2008–2009 Belgian financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932009_Belgian_financial_crisis \"2008–2009 Belgian financial crisis\") [Great Recession in Russia](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Russia \"Great Recession in Russia\") [2008–2009 Ukrainian financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932009_Ukrainian_financial_crisis \"2008–2009 Ukrainian financial crisis\") [2008–2011 Icelandic financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932011_Icelandic_financial_crisis \"2008–2011 Icelandic financial crisis\") [Post-2008 Irish banking crisis](https:\/\/en.wikipedia.org\/wiki\/Post-2008_Irish_banking_crisis \"Post-2008 Irish banking crisis\") [2008–2014 Spanish financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932014_Spanish_financial_crisis \"2008–2014 Spanish financial crisis\") [Blue Monday Crash 2009](https:\/\/en.wikipedia.org\/wiki\/Blue_Monday_Crash_2009 \"Blue Monday Crash 2009\") [Euro area crisis](https:\/\/en.wikipedia.org\/wiki\/Euro_area_crisis \"Euro area crisis\") [Greek government-debt crisis](https:\/\/en.wikipedia.org\/wiki\/Greek_government-debt_crisis \"Greek government-debt crisis\") |\n| [Information Age](https:\/\/en.wikipedia.org\/wiki\/Information_Age \"Information Age\") (2009–present) | [2009 Dubai debt standstill](https:\/\/en.wikipedia.org\/wiki\/Dubai_World \"Dubai World\") [Venezuelan banking crisis of 2009–2010](https:\/\/en.wikipedia.org\/wiki\/Venezuelan_banking_crisis_of_2009%E2%80%932010 \"Venezuelan banking crisis of 2009–2010\") [2010–2014 Portuguese financial crisis](https:\/\/en.wikipedia.org\/wiki\/2010%E2%80%932014_Portuguese_financial_crisis \"2010–2014 Portuguese financial crisis\") [Energy crisis in Venezuela](https:\/\/en.wikipedia.org\/wiki\/Energy_crisis_in_Venezuela \"Energy crisis in Venezuela\") (2010–present) [Syrian economic crisis](https:\/\/en.wikipedia.org\/wiki\/Economy_of_Syria \"Economy of Syria\") (2011–present) [August 2011 stock markets fall](https:\/\/en.wikipedia.org\/wiki\/August_2011_stock_markets_fall \"August 2011 stock markets fall\") [2011 Bangladesh share market scam](https:\/\/en.wikipedia.org\/wiki\/2011_Bangladesh_share_market_scam \"2011 Bangladesh share market scam\") [2012–2013 Cypriot financial crisis](https:\/\/en.wikipedia.org\/wiki\/2012%E2%80%932013_Cypriot_financial_crisis \"2012–2013 Cypriot financial crisis\") [Chinese Banking Liquidity Crisis of 2013](https:\/\/en.wikipedia.org\/wiki\/Chinese_Banking_Liquidity_Crisis_of_2013 \"Chinese Banking Liquidity Crisis of 2013\") [Venezuela economic crisis](https:\/\/en.wikipedia.org\/wiki\/2013%E2%80%93present_economic_crisis_in_Venezuela \"2013–present economic crisis in Venezuela\") (2013–present) [2014 Brazilian economic crisis](https:\/\/en.wikipedia.org\/wiki\/2014_Brazilian_economic_crisis \"2014 Brazilian economic crisis\") [Puerto Rican government-debt crisis](https:\/\/en.wikipedia.org\/wiki\/Puerto_Rican_government-debt_crisis \"Puerto Rican government-debt crisis\") (2014–2022) [Russian financial crisis (2014–2016)](https:\/\/en.wikipedia.org\/wiki\/Russian_financial_crisis_\$2014%E2%80%932016\$ \"Russian financial crisis (2014–2016)\") [2015–16 Nepal blockade](https:\/\/en.wikipedia.org\/wiki\/2015%E2%80%9316_Nepal_blockade \"2015–16 Nepal blockade\") [2015–2016 Chinese stock market turbulence](https:\/\/en.wikipedia.org\/wiki\/2015%E2%80%932016_Chinese_stock_market_turbulence \"2015–2016 Chinese stock market turbulence\") [2015–2016 stock market selloff](https:\/\/en.wikipedia.org\/wiki\/2015%E2%80%932016_stock_market_selloff \"2015–2016 stock market selloff\") [Brexit stock market crash](https:\/\/en.wikipedia.org\/wiki\/Economic_effects_of_Brexit \"Economic effects of Brexit\") (2016) [Hyperinflation in Venezuela](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_Venezuela \"Hyperinflation in Venezuela\") (2016–2022) [2017 Sri Lankan fuel crisis](https:\/\/en.wikipedia.org\/wiki\/2017_Sri_Lankan_fuel_crisis \"2017 Sri Lankan fuel crisis\") [Ghana banking crisis](https:\/\/en.wikipedia.org\/wiki\/Ghana_banking_crisis \"Ghana banking crisis\") (2017–2018) [Turkish economic crisis (2018–current)](https:\/\/en.wikipedia.org\/wiki\/Turkish_economic_crisis_\$2018%E2%80%93current\$ \"Turkish economic crisis (2018–current)\") [Lebanese liquidity crisis](https:\/\/en.wikipedia.org\/wiki\/Lebanese_liquidity_crisis \"Lebanese liquidity crisis\") (2019–present) [Sri Lankan economic crisis (2019–2024)](https:\/\/en.wikipedia.org\/wiki\/Sri_Lankan_economic_crisis_\$2019%E2%80%932024\$ \"Sri Lankan economic crisis (2019–2024)\") [COVID-19 pandemic](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic \"Economic impact of the COVID-19 pandemic\") [Financial market impact](https:\/\/en.wikipedia.org\/wiki\/Financial_market_impact_of_the_COVID-19_pandemic \"Financial market impact of the COVID-19 pandemic\") [2020 stock market crash](https:\/\/en.wikipedia.org\/wiki\/2020_stock_market_crash \"2020 stock market crash\") [Recession](https:\/\/en.wikipedia.org\/wiki\/COVID-19_recession \"COVID-19 recession\") [Chinese property sector crisis (2020–present)](https:\/\/en.wikipedia.org\/wiki\/Chinese_property_sector_crisis_\$2020%E2%80%93present\$ \"Chinese property sector crisis (2020–present)\") [2021–2023 inflation surge](https:\/\/en.wikipedia.org\/wiki\/2021%E2%80%932023_inflation_surge \"2021–2023 inflation surge\") [2022 Russian financial crisis](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_Russo-Ukrainian_war_\$2022%E2%80%93present\$ \"Economic impact of the Russo-Ukrainian war (2022–present)\") [Pakistani economic crisis (2021–2024)](https:\/\/en.wikipedia.org\/wiki\/Pakistani_economic_crisis_\$2021%E2%80%932024\$ \"Pakistani economic crisis (2021–2024)\") [2022 stock market decline](https:\/\/en.wikipedia.org\/wiki\/2022_stock_market_decline \"2022 stock market decline\") [German economic crisis (2022–present)](https:\/\/en.wikipedia.org\/wiki\/German_economic_crisis_\$2022%E2%80%93present\$ \"German economic crisis (2022–present)\") [2023 United States banking crisis](https:\/\/en.wikipedia.org\/wiki\/2023_United_States_banking_crisis \"2023 United States banking crisis\") [2023–2024 Egyptian financial crisis](https:\/\/en.wikipedia.org\/wiki\/2023%E2%80%932024_Egyptian_financial_crisis \"2023–2024 Egyptian financial crisis\") [2025 stock market crash](https:\/\/en.wikipedia.org\/wiki\/2025_stock_market_crash \"2025 stock market crash\") |\n| [List of banking crises](https:\/\/en.wikipedia.org\/wiki\/List_of_banking_crises \"List of banking crises\") [List of economic crises](https:\/\/en.wikipedia.org\/wiki\/List_of_economic_crises \"List of economic crises\") [List of sovereign debt crises](https:\/\/en.wikipedia.org\/wiki\/List_of_sovereign_debt_crises \"List of sovereign debt crises\") [List of stock market crashes and bear markets](https:\/\/en.wikipedia.org\/wiki\/List_of_stock_market_crashes_and_bear_markets \"List of stock market crashes and bear markets\") |   |\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions \"Template:United States – Commonwealth of Nations recessions\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions \"Template talk:United States – Commonwealth of Nations recessions\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions \"Special:EditPage\/Template:United States – Commonwealth of Nations recessions\")[Economic history of the United States](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_States \"Economic history of the United States\") and Commonwealth of Nations countries |   |\n|---|---|\n| [Commercial revolution](https:\/\/en.wikipedia.org\/wiki\/Commercial_revolution \"Commercial revolution\") (1000–1760) | [Great Bullion Famine](https:\/\/en.wikipedia.org\/wiki\/Great_Bullion_Famine \"Great Bullion Famine\") (c. 1400–c. 1500) [Great Slump](https:\/\/en.wikipedia.org\/wiki\/Great_Slump_\$15th_century\$ \"Great Slump (15th century)\") (1430–1490) [The Great Debasement](https:\/\/en.wikipedia.org\/wiki\/The_Great_Debasement \"The Great Debasement\") (1544–1551) [Financial Revolution](https:\/\/en.wikipedia.org\/wiki\/Financial_Revolution \"Financial Revolution\") (1690–1800) [Slump of 1706](https:\/\/en.wikipedia.org\/wiki\/War_of_the_Spanish_Succession \"War of the Spanish Succession\") [Great Frost of 1709](https:\/\/en.wikipedia.org\/wiki\/Great_Frost_of_1709 \"Great Frost of 1709\") [South Sea bubble](https:\/\/en.wikipedia.org\/wiki\/South_Sea_Company \"South Sea Company\") (1713–1720) [Mississippi bubble](https:\/\/en.wikipedia.org\/wiki\/John_Law%27s_Company \"John Law's Company\") (1717–1720) [Economic impact of the Seven Years' War](https:\/\/en.wikipedia.org\/wiki\/Financial_costs_of_the_Seven_Years%27_War \"Financial costs of the Seven Years' War\") (1754–1763) |\n| [1st Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution \"Industrial Revolution\")\/ [Market Revolution](https:\/\/en.wikipedia.org\/wiki\/Market_Revolution \"Market Revolution\") (1760–1870) | Industrial Revolution [Scotland](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution_in_Scotland \"Industrial Revolution in Scotland\") [United States](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution_in_the_United_States \"Industrial Revolution in the United States\") [Wales](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution_in_Wales \"Industrial Revolution in Wales\") [Bengal Bubble of 1769](https:\/\/en.wikipedia.org\/wiki\/Bengal_Bubble_of_1769 \"Bengal Bubble of 1769\") (1769–1784) [British credit crisis of 1772–1773](https:\/\/en.wikipedia.org\/wiki\/British_credit_crisis_of_1772%E2%80%931773 \"British credit crisis of 1772–1773\") [American Revolutionary War inflation](https:\/\/en.wikipedia.org\/wiki\/Financial_costs_of_the_American_Revolutionary_War \"Financial costs of the American Revolutionary War\") (1775–1783) [Panic of 1785](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") (1785–1788) [Copper Panic of 1789](https:\/\/en.wikipedia.org\/wiki\/Copper_Panic_of_1789 \"Copper Panic of 1789\")\/[Panic of 1792](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1792 \"Panic of 1792\") (1789–1793) [Canal Mania](https:\/\/en.wikipedia.org\/wiki\/Canal_Mania \"Canal Mania\") (c. 1790–c. 1810) [Panic of 1796–1797](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1796%E2%80%931797 \"Panic of 1796–1797\") (1796–1799) [1802–1804 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Carolina gold rush](https:\/\/en.wikipedia.org\/wiki\/Carolina_gold_rush \"Carolina gold rush\") (1802–1825) [Depression of 1807](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") (1807–1810) [1810s Alabama real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Alabama_real_estate_bubble_of_the_1810s \"Alabama real estate bubble of the 1810s\") [Alabama Fever](https:\/\/en.wikipedia.org\/wiki\/Alabama_Fever \"Alabama Fever\") [1812 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Post-Napoleonic Depression](https:\/\/en.wikipedia.org\/wiki\/Post-Napoleonic_Depression \"Post-Napoleonic Depression\") (1815–1821) [1822–23 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Panic of 1825](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1825 \"Panic of 1825\") [Panic of 1826](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1826 \"Panic of 1826\") [1828–29 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Georgia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Georgia_Gold_Rush \"Georgia Gold Rush\") (1828–c. 1840) [1830s Chicago real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Chicago_real_estate_bubble_of_the_1830s \"Chicago real estate bubble of the 1830s\") [1833–34 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Panic of 1837](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1837 \"Panic of 1837\") (1836–1838 and 1839–1843) [U.S. state defaults in the 1840s](https:\/\/en.wikipedia.org\/wiki\/U.S._state_defaults_in_the_1840s \"U.S. state defaults in the 1840s\") [Railway Mania](https:\/\/en.wikipedia.org\/wiki\/Railway_Mania \"Railway Mania\") (c. 1840–c. 1850) [Plank Road Boom](https:\/\/en.wikipedia.org\/wiki\/Plank_Road_Boom \"Plank Road Boom\") (1844–c. 1855) [1845–46 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Panic of 1847](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1847 \"Panic of 1847\") (1847–1848) [California gold rush](https:\/\/en.wikipedia.org\/wiki\/California_gold_rush \"California gold rush\") (1848–1855) [British Columbia gold rushes](https:\/\/en.wikipedia.org\/wiki\/British_Columbia_gold_rushes \"British Columbia gold rushes\") [Queen Charlottes Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Queen_Charlottes_Gold_Rush \"Queen Charlottes Gold Rush\"), 1851 [Fraser Canyon Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fraser_Canyon_Gold_Rush \"Fraser Canyon Gold Rush\"), 1858 [Rock Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Rock_Creek_Gold_Rush \"Rock Creek Gold Rush\"), 1859 [Similkameen Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Similkameen_Gold_Rush \"Similkameen Gold Rush\"), 1860 [Stikine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Stikine_Gold_Rush \"Stikine Gold Rush\"), 1861 [Cariboo Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cariboo_Gold_Rush \"Cariboo Gold Rush\"), 1861–1867 [Wild Horse Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fisherville,_British_Columbia \"Fisherville, British Columbia\"), 1863–1870 [Leechtown Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Leechtown,_British_Columbia \"Leechtown, British Columbia\"), 1864–1865 [Big Bend Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Big_Bend_Gold_Rush \"Big Bend Gold Rush\"), c. 1865 [Omineca Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Omineca_Gold_Rush \"Omineca Gold Rush\"), 1869 [Victorian gold rush](https:\/\/en.wikipedia.org\/wiki\/Victorian_gold_rush \"Victorian gold rush\") (1851–c. 1870) [New South Wales gold rush](https:\/\/en.wikipedia.org\/wiki\/New_South_Wales_gold_rush \"New South Wales gold rush\") (1851–1880) [Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Australian_gold_rushes \"Australian gold rushes\") (1851–1914) [1853–54 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Panic of 1857](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1857 \"Panic of 1857\") (1857–1858) [Pike's Peak gold rush](https:\/\/en.wikipedia.org\/wiki\/Pike%27s_Peak_gold_rush \"Pike's Peak gold rush\") (1858–1861) [Pennsylvania oil rush](https:\/\/en.wikipedia.org\/wiki\/Pennsylvania_oil_rush \"Pennsylvania oil rush\") (1859–1891) [1860–61 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Colorado River mining boom](https:\/\/en.wikipedia.org\/wiki\/Steamboats_of_the_Colorado_River \"Steamboats of the Colorado River\") (1861–1864) [Otago gold rush](https:\/\/en.wikipedia.org\/wiki\/Otago_gold_rush \"Otago gold rush\") (1861–1864) [U.S. Civil War economy](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_American_Civil_War \"Economic history of the American Civil War\") (1861–1865) [First Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1861–1874) [West Coast gold rush](https:\/\/en.wikipedia.org\/wiki\/West_Coast_gold_rush \"West Coast gold rush\") (1864–1867) [Panic of 1866](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1866 \"Panic of 1866\") (1865–1867) [Vermilion Lake gold rush](https:\/\/en.wikipedia.org\/wiki\/Vermilion_Lake_gold_rush \"Vermilion Lake gold rush\") (1865–1867) [Kildonan Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Kildonan_Gold_Rush \"Kildonan Gold Rush\") (1869) [Black Friday](https:\/\/en.wikipedia.org\/wiki\/Black_Friday_\$1869\$ \"Black Friday (1869)\") (1869–1870) |\n| [Gilded Age](https:\/\/en.wikipedia.org\/wiki\/Gilded_Age \"Gilded Age\")\/ [2nd Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Second_Industrial_Revolution \"Second Industrial Revolution\") (1870–1914) | [Coromandel Gold Rushes](https:\/\/en.wikipedia.org\/wiki\/Coromandel_Gold_Rushes \"Coromandel Gold Rushes\") (c. 1870–c. 1890) [Cassiar Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cassiar_Country \"Cassiar Country\") (c. 1870–c. 1890) [Long Depression](https:\/\/en.wikipedia.org\/wiki\/Long_Depression \"Long Depression\") 1873–1879; [Panic of 1873](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1873 \"Panic of 1873\") [Black Hills gold rush](https:\/\/en.wikipedia.org\/wiki\/Black_Hills_gold_rush \"Black Hills gold rush\") (1874–1880) [Colorado Silver Boom](https:\/\/en.wikipedia.org\/wiki\/Colorado_Silver_Boom \"Colorado Silver Boom\") (1879–1893) [Western Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Western_Australian_gold_rushes \"Western Australian gold rushes\") (c. 1880–c. 1900) [Indiana gas boom](https:\/\/en.wikipedia.org\/wiki\/Indiana_gas_boom \"Indiana gas boom\") (c. 1880–1903) [Ohio oil rush](https:\/\/en.wikipedia.org\/wiki\/Petroleum_industry_in_Ohio \"Petroleum industry in Ohio\") (c. 1880–c. 1930) [Depression of 1882–1885](https:\/\/en.wikipedia.org\/wiki\/Depression_of_1882%E2%80%931885 \"Depression of 1882–1885\") [Panic of 1884](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1884 \"Panic of 1884\") [Cayoosh Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cayoosh_Gold_Rush \"Cayoosh Gold Rush\") (1884) [Witwatersrand Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Witwatersrand_Gold_Rush \"Witwatersrand Gold Rush\") (1886) [1887–88 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Baring crisis](https:\/\/en.wikipedia.org\/wiki\/Baring_crisis \"Baring crisis\") (1890–1891) [Cripple Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cripple_Creek_Gold_Rush \"Cripple Creek Gold Rush\") (c. 1890–c. 1910) [Panic of 1893](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1893 \"Panic of 1893\") (1893–1897) [Australian banking crisis of 1893](https:\/\/en.wikipedia.org\/wiki\/Australian_banking_crisis_of_1893 \"Australian banking crisis of 1893\") [Black Monday](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$1894\$ \"Black Monday (1894)\") (1894) [Panic of 1896](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1896 \"Panic of 1896\") [Klondike Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Klondike_Gold_Rush \"Klondike Gold Rush\") (1896–1899) [Second Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1896–1903) [Kobuk River Stampede](https:\/\/en.wikipedia.org\/wiki\/Kobuk_River_Stampede \"Kobuk River Stampede\") (1897–1899) [Mount Baker gold rush](https:\/\/en.wikipedia.org\/wiki\/Mount_Baker_gold_rush \"Mount Baker gold rush\") (1897–c. 1925) [1899–1900 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Nome Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Nome_Gold_Rush \"Nome Gold Rush\") (1899–1909) [Fairbanks Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fairbanks_Gold_Rush \"Fairbanks Gold Rush\") (c. 1900–c. 1930) [Texas oil boom](https:\/\/en.wikipedia.org\/wiki\/Texas_oil_boom \"Texas oil boom\") (1901–c. 1950) [Panic of 1901](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1901 \"Panic of 1901\") (1902–1904) [Cobalt silver rush](https:\/\/en.wikipedia.org\/wiki\/Cobalt_silver_rush \"Cobalt silver rush\") (1903–c. 1930) [Panic of 1907](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1907 \"Panic of 1907\") (1907–1908) [Porcupine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Porcupine_Gold_Rush \"Porcupine Gold Rush\") (1909–c. 1960) [Panic of 1910–11](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1910%E2%80%9311 \"Panic of 1910–11\") (1910–1912) [Financial crisis of 1914](https:\/\/en.wikipedia.org\/wiki\/Financial_crisis_of_1914 \"Financial crisis of 1914\") (1913–14) |\n| World War home fronts\/ [Interwar period](https:\/\/en.wikipedia.org\/wiki\/Interwar_period \"Interwar period\") (1914–1945) | [World War I economy](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_World_War_I \"Economic history of World War I\") and [home fronts](https:\/\/en.wikipedia.org\/wiki\/Home_front_during_World_War_I \"Home front during World War I\") [Australia](https:\/\/en.wikipedia.org\/wiki\/Australia_in_World_War_I#Home_front \"Australia in World War I\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Canada_in_World_War_I#Home_Front \"Canada in World War I\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_Kingdom_during_the_First_World_War \"History of the United Kingdom during the First World War\") [United States](https:\/\/en.wikipedia.org\/wiki\/United_States_home_front_during_World_War_I \"United States home front during World War I\") [Post–World War I recession](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93World_War_I_recession \"Post–World War I recession\") (1918–1919) [Recession of 1920–1921](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1920%E2%80%931921 \"Recession of 1920–1921\") [1920s Florida land boom](https:\/\/en.wikipedia.org\/wiki\/Florida_land_boom_of_the_1920s \"Florida land boom of the 1920s\") (c. 1920–1925) [Roaring Twenties](https:\/\/en.wikipedia.org\/wiki\/Roaring_Twenties \"Roaring Twenties\") [1923–1924 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [1926–1927 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression \"Great Depression\") 1929–1939; [Wall Street crash of 1929](https:\/\/en.wikipedia.org\/wiki\/Wall_Street_crash_of_1929 \"Wall Street crash of 1929\") [Panic of 1930](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1930 \"Panic of 1930\") [Great Contraction](https:\/\/en.wikipedia.org\/wiki\/Great_Contraction \"Great Contraction\"), 1929–1933 [Recession of 1937–1938](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1937%E2%80%931938 \"Recession of 1937–1938\") [Australia](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_Australia \"Great Depression in Australia\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_Canada \"Great Depression in Canada\") [India](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_India \"Great Depression in India\") [South Africa](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_South_Africa \"Great Depression in South Africa\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_the_United_Kingdom \"Great Depression in the United Kingdom\") [United States](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_the_United_States \"Great Depression in the United States\") [1930s Kakamega gold rush](https:\/\/en.wikipedia.org\/wiki\/Kakamega_gold_rush \"Kakamega gold rush\") [Third Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1932–1942) [World War II home front](https:\/\/en.wikipedia.org\/wiki\/Home_front_during_World_War_II \"Home front during World War II\") [Australia](https:\/\/en.wikipedia.org\/wiki\/Australian_home_front_during_World_War_II \"Australian home front during World War II\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Canada_in_World_War_II#Home_front \"Canada in World War II\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/British_home_front_during_World_War_II \"British home front during World War II\") [United States](https:\/\/en.wikipedia.org\/wiki\/United_States_home_front_during_World_War_II \"United States home front during World War II\") |\n| [Post–WWII expansion](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93World_War_II_economic_expansion \"Post–World War II economic expansion\")\/ [1970s stagflation](https:\/\/en.wikipedia.org\/wiki\/Stagflation \"Stagflation\") (1945–1982) | [Great Compression](https:\/\/en.wikipedia.org\/wiki\/Great_Compression \"Great Compression\") [1945 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Great_Depression_onward_\$1929%E2%80%93present\$ \"List of recessions in the United States\") [Recession of 1949](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1949 \"Recession of 1949\") (1948–1949) [Hong Kong and Singapore Asian Tiger expansions](https:\/\/en.wikipedia.org\/wiki\/Four_Asian_Tigers \"Four Asian Tigers\") (1950–1990) [1951 Canada recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_Canada \"List of recessions in Canada\") [Recession of 1953](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1953 \"Recession of 1953\") (1953–1954) [Recession of 1958](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1958 \"Recession of 1958\") (1957–1958) [Recession of 1960–1961](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1960%E2%80%931961 \"Recession of 1960–1961\") [Kennedy Slide of 1962](https:\/\/en.wikipedia.org\/wiki\/Kennedy_Slide_of_1962 \"Kennedy Slide of 1962\") [Poseidon bubble](https:\/\/en.wikipedia.org\/wiki\/Poseidon_bubble \"Poseidon bubble\") (1969–1970) [Recession of 1969–1970](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1969%E2%80%931970 \"Recession of 1969–1970\") [1970s commodities boom](https:\/\/en.wikipedia.org\/wiki\/1970s_commodities_boom \"1970s commodities boom\") [1973–1975 recession](https:\/\/en.wikipedia.org\/wiki\/1973%E2%80%931975_recession \"1973–1975 recession\") [1973–1974 stock market crash](https:\/\/en.wikipedia.org\/wiki\/1973%E2%80%931974_stock_market_crash \"1973–1974 stock market crash\") [Secondary banking crisis of 1973–1975](https:\/\/en.wikipedia.org\/wiki\/Secondary_banking_crisis_of_1973%E2%80%931975 \"Secondary banking crisis of 1973–1975\") [1970s energy crisis](https:\/\/en.wikipedia.org\/wiki\/1970s_energy_crisis \"1970s energy crisis\") 1973–1980; [1973 oil crisis](https:\/\/en.wikipedia.org\/wiki\/1973_oil_crisis \"1973 oil crisis\") [1979 oil crisis](https:\/\/en.wikipedia.org\/wiki\/1979_oil_crisis \"1979 oil crisis\") [Steel crisis](https:\/\/en.wikipedia.org\/wiki\/Steel_crisis \"Steel crisis\") (1973–1982) [1976 sterling crisis](https:\/\/en.wikipedia.org\/wiki\/1976_sterling_crisis \"1976 sterling crisis\") [Silver Thursday](https:\/\/en.wikipedia.org\/wiki\/Silver_Thursday \"Silver Thursday\") (1980) [Early 1980s recession](https:\/\/en.wikipedia.org\/wiki\/Early_1980s_recession \"Early 1980s recession\") 1980–1982; [United States](https:\/\/en.wikipedia.org\/wiki\/Early_1980s_recession_in_the_United_States \"Early 1980s recession in the United States\") |\n| [Computer Age](https:\/\/en.wikipedia.org\/wiki\/Information_Age \"Information Age\")\/ [Second Gilded Age](https:\/\/en.wikipedia.org\/wiki\/Second_Gilded_Age \"Second Gilded Age\") (1982–present) | [Great Moderation](https:\/\/en.wikipedia.org\/wiki\/Great_Moderation \"Great Moderation\") (1982–2007) [1980s oil glut](https:\/\/en.wikipedia.org\/wiki\/1980s_oil_glut \"1980s oil glut\") [Black Saturday](https:\/\/en.wikipedia.org\/wiki\/Black_Saturday_\$1983\$ \"Black Saturday (1983)\") (1983) [New Zealand property bubble](https:\/\/en.wikipedia.org\/wiki\/New_Zealand_property_bubble \"New Zealand property bubble\") (c. 1985–) [Savings and loan crisis](https:\/\/en.wikipedia.org\/wiki\/Savings_and_loan_crisis \"Savings and loan crisis\") (1986–1995) [Black Monday](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$1987\$ \"Black Monday (1987)\") (1987) [Friday the 13th mini-crash](https:\/\/en.wikipedia.org\/wiki\/Friday_the_13th_mini-crash \"Friday the 13th mini-crash\") (1989) [Early 1990s recession](https:\/\/en.wikipedia.org\/wiki\/Early_1990s_recession \"Early 1990s recession\") 1990–1991; [Australia](https:\/\/en.wikipedia.org\/wiki\/Early_1990s_recession_in_Australia \"Early 1990s recession in Australia\") [United States](https:\/\/en.wikipedia.org\/wiki\/Early_1990s_recession_in_the_United_States \"Early 1990s recession in the United States\") [1990 oil price shock](https:\/\/en.wikipedia.org\/wiki\/1990_oil_price_shock \"1990 oil price shock\") [Rhode Island banking crisis](https:\/\/en.wikipedia.org\/wiki\/Rhode_Island_banking_crisis \"Rhode Island banking crisis\") (1990–1992) [1991 Indian economic crisis](https:\/\/en.wikipedia.org\/wiki\/1991_Indian_economic_crisis \"1991 Indian economic crisis\") [1990s United States boom](https:\/\/en.wikipedia.org\/wiki\/1990s_United_States_boom \"1990s United States boom\") (1991–2001) [1990s India economic boom](https:\/\/en.wikipedia.org\/wiki\/Economic_liberalisation_in_India \"Economic liberalisation in India\") [Hyperinflation in Zimbabwe](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_Zimbabwe \"Hyperinflation in Zimbabwe\") (1991–present) [Black Wednesday](https:\/\/en.wikipedia.org\/wiki\/Black_Wednesday \"Black Wednesday\") (1992) [1994 bond market crisis](https:\/\/en.wikipedia.org\/wiki\/1994_bond_market_crisis \"1994 bond market crisis\") [1994 Papua New Guinea financial crisis](https:\/\/en.wikipedia.org\/wiki\/1994_Papua_New_Guinea_financial_crisis \"1994 Papua New Guinea financial crisis\") [Dot-com bubble]() 1995–2004; [Stock market downturn of 2002](https:\/\/en.wikipedia.org\/wiki\/Stock_market_downturn_of_2002 \"Stock market downturn of 2002\") [1997 Asian financial crisis](https:\/\/en.wikipedia.org\/wiki\/1997_Asian_financial_crisis \"1997 Asian financial crisis\") [October 27, 1997, mini-crash](https:\/\/en.wikipedia.org\/wiki\/October_27,_1997,_mini-crash \"October 27, 1997, mini-crash\") [Early 2000s recession](https:\/\/en.wikipedia.org\/wiki\/Early_2000s_recession \"Early 2000s recession\") 2001; [9\/11 stock market crash](https:\/\/en.wikipedia.org\/wiki\/Economic_effects_of_the_September_11_attacks \"Economic effects of the September 11 attacks\") [2000s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2000s_commodities_boom \"2000s commodities boom\") (2000–2014) [United States housing bubble](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_bubble \"2000s United States housing bubble\") (2002–2006) [Canadian property bubble](https:\/\/en.wikipedia.org\/wiki\/Canadian_property_bubble \"Canadian property bubble\") (2002–) [2003 Myanmar banking crisis](https:\/\/en.wikipedia.org\/wiki\/2003_Myanmar_banking_crisis \"2003 Myanmar banking crisis\") [2000s energy crisis](https:\/\/en.wikipedia.org\/wiki\/2000s_energy_crisis \"2000s energy crisis\") (2003–2008) [North Dakota oil boom](https:\/\/en.wikipedia.org\/wiki\/North_Dakota_oil_boom \"North Dakota oil boom\") (2006–2015) [Uranium bubble of 2007](https:\/\/en.wikipedia.org\/wiki\/Uranium_bubble_of_2007 \"Uranium bubble of 2007\") [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") 2007–2009; [Australia and New Zealand](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Oceania \"Great Recession in Oceania\") [Bangladesh, India, Malaysia, Pakistan, and Sri Lanka](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Asia \"Great Recession in Asia\") [British West Indies](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_South_America \"Great Recession in South America\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_Americas \"Great Recession in the Americas\") [South Africa](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Africa \"Great Recession in Africa\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Europe#United_Kingdom \"Great Recession in Europe\") [United States](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States \"Great Recession in the United States\") [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") [September](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_September_2008 \"Global financial crisis in September 2008\") [October](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_October_2008 \"Global financial crisis in October 2008\") [November](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_November_2008 \"Global financial crisis in November 2008\") [December](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_December_2008 \"Global financial crisis in December 2008\") [2009](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_2009 \"Global financial crisis in 2009\") [Subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\") [2000s U.S. housing market correction](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_market_correction \"2000s United States housing market correction\") [U.S. bear market of 2007–2009](https:\/\/en.wikipedia.org\/wiki\/United_States_bear_market_of_2007%E2%80%932009 \"United States bear market of 2007–2009\") [2007–2010 U.S. bank failures](https:\/\/en.wikipedia.org\/wiki\/List_of_banks_acquired_or_bankrupted_in_the_United_States_during_the_2008_financial_crisis \"List of banks acquired or bankrupted in the United States during the 2008 financial crisis\") [Corporate debt bubble](https:\/\/en.wikipedia.org\/wiki\/Corporate_debt_bubble \"Corporate debt bubble\") (2008–) [Blue Monday Crash 2009](https:\/\/en.wikipedia.org\/wiki\/Blue_Monday_Crash_2009 \"Blue Monday Crash 2009\") [2010 flash crash](https:\/\/en.wikipedia.org\/wiki\/2010_flash_crash \"2010 flash crash\") [Malaysia Tiger Cub expansion](https:\/\/en.wikipedia.org\/wiki\/Tiger_Cub_Economies \"Tiger Cub Economies\") (2010s) [Australian property bubble](https:\/\/en.wikipedia.org\/wiki\/Australian_property_bubble \"Australian property bubble\") (2010–) [August 2011 stock markets fall](https:\/\/en.wikipedia.org\/wiki\/August_2011_stock_markets_fall \"August 2011 stock markets fall\") [Black Monday](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$2011\$ \"Black Monday (2011)\") [2011 Bangladesh share market scam](https:\/\/en.wikipedia.org\/wiki\/2011_Bangladesh_share_market_scam \"2011 Bangladesh share market scam\") [Cryptocurrency bubble](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble \"Cryptocurrency bubble\") (2011–) [Puerto Rican government-debt crisis](https:\/\/en.wikipedia.org\/wiki\/Puerto_Rican_government-debt_crisis \"Puerto Rican government-debt crisis\") (2014–2022) [2015–2016 stock market selloff](https:\/\/en.wikipedia.org\/wiki\/2015%E2%80%932016_stock_market_selloff \"2015–2016 stock market selloff\") [Brexit stock market crash](https:\/\/en.wikipedia.org\/wiki\/Economic_effects_of_Brexit \"Economic effects of Brexit\") (2016) [2017 Sri Lankan fuel crisis](https:\/\/en.wikipedia.org\/wiki\/2017_Sri_Lankan_fuel_crisis \"2017 Sri Lankan fuel crisis\") [Ghana banking crisis](https:\/\/en.wikipedia.org\/wiki\/Ghana_banking_crisis \"Ghana banking crisis\") (2017–2018) [Sri Lankan economic crisis](https:\/\/en.wikipedia.org\/wiki\/Sri_Lankan_economic_crisis_\$2019%E2%80%932024\$ \"Sri Lankan economic crisis (2019–2024)\") (2019–2024) [COVID-19 recession](https:\/\/en.wikipedia.org\/wiki\/COVID-19_recession \"COVID-19 recession\") 2020–2022; [2020 stock market crash](https:\/\/en.wikipedia.org\/wiki\/2020_stock_market_crash \"2020 stock market crash\") [financial market impact](https:\/\/en.wikipedia.org\/wiki\/Financial_market_impact_of_the_COVID-19_pandemic \"Financial market impact of the COVID-19 pandemic\") [sectoral impacts](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic \"Economic impact of the COVID-19 pandemic\") [shortages](https:\/\/en.wikipedia.org\/wiki\/Shortages_related_to_the_COVID-19_pandemic \"Shortages related to the COVID-19 pandemic\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_Canada \"Economic impact of the COVID-19 pandemic in Canada\") [India](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_India \"Economic impact of the COVID-19 pandemic in India\") [Malaysia](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia \"Economic impact of the COVID-19 pandemic in Malaysia\") [New Zealand](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand \"Economic impact of the COVID-19 pandemic in New Zealand\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom \"Economic impact of the COVID-19 pandemic in the United Kingdom\") [United States](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States \"Economic impact of the COVID-19 pandemic in the United States\") [2020s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2020s_commodities_boom \"2020s commodities boom\") [Global energy crisis](https:\/\/en.wikipedia.org\/wiki\/Global_energy_crisis_\$2021%E2%80%932023\$ \"Global energy crisis (2021–2023)\") 2021–2023; [2021 United Kingdom natural gas supplier crisis](https:\/\/en.wikipedia.org\/wiki\/2021_United_Kingdom_natural_gas_supplier_crisis \"2021 United Kingdom natural gas supplier crisis\") [regional effects](https:\/\/en.wikipedia.org\/wiki\/Regional_effects_of_the_2021%E2%80%932023_global_energy_crisis \"Regional effects of the 2021–2023 global energy crisis\") [2021–2023 global supply chain crisis](https:\/\/en.wikipedia.org\/wiki\/2021%E2%80%932023_global_supply_chain_crisis \"2021–2023 global supply chain crisis\") [2021–2023 inflation surge](https:\/\/en.wikipedia.org\/wiki\/2021%E2%80%932023_inflation_surge \"2021–2023 inflation surge\") [Pakistani economic crisis](https:\/\/en.wikipedia.org\/wiki\/Pakistani_economic_crisis_\$2021%E2%80%932024\$ \"Pakistani economic crisis (2021–2024)\") (2021–2024) [2022 stock market decline](https:\/\/en.wikipedia.org\/wiki\/2022_stock_market_decline \"2022 stock market decline\") [2022–2023 global food crises](https:\/\/en.wikipedia.org\/wiki\/2022%E2%80%932023_global_food_crises \"2022–2023 global food crises\") [2023 United Kingdom recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_Kingdom \"List of recessions in the United Kingdom\") [2023 United States banking crisis](https:\/\/en.wikipedia.org\/wiki\/2023_United_States_banking_crisis \"2023 United States banking crisis\") [2025 stock market crash](https:\/\/en.wikipedia.org\/wiki\/2025_stock_market_crash \"2025 stock market crash\") |\n| Countries and sectors | [Australia](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Australia \"Economic history of Australia\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Australia \"History of rail transport in Australia\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Australia \"Slavery in Australia\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Australia \"Whaling in Australia\")\/[Western Australia](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Western_Australia \"Whaling in Western Australia\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Canada \"Economic history of Canada\") [agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_Canada \"History of agriculture in Canada\") [currencies](https:\/\/en.wikipedia.org\/wiki\/History_of_Canadian_currencies \"History of Canadian currencies\") [early banking system](https:\/\/en.wikipedia.org\/wiki\/Early_Canadian_banking_system \"Early Canadian banking system\") [list of recessions](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_Canada \"List of recessions in Canada\") [petroleum industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_petroleum_industry_in_Canada \"History of the petroleum industry in Canada\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Canada \"History of rail transport in Canada\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Canada \"Slavery in Canada\") [technological and industrial](https:\/\/en.wikipedia.org\/wiki\/Technological_and_industrial_history_of_Canada \"Technological and industrial history of Canada\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Canada \"Whaling in Canada\")\/[Pacific Northwest](https:\/\/en.wikipedia.org\/wiki\/Whaling_on_the_Pacific_Northwest_Coast \"Whaling on the Pacific Northwest Coast\") [Ghana](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Ghana \"Economic history of Ghana\") [India](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_India \"Economic history of India\") [agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_the_Indian_subcontinent \"History of agriculture in the Indian subcontinent\") [Company rule](https:\/\/en.wikipedia.org\/wiki\/Economy_of_India_under_Company_rule \"Economy of India under Company rule\") [maritime](https:\/\/en.wikipedia.org\/wiki\/Indian_maritime_history \"Indian maritime history\") [British Raj](https:\/\/en.wikipedia.org\/wiki\/Economy_of_India_under_the_British_Raj \"Economy of India under the British Raj\") [Deindustrialisation](https:\/\/en.wikipedia.org\/wiki\/De-industrialisation_of_India \"De-industrialisation of India\") [salt tax](https:\/\/en.wikipedia.org\/wiki\/History_of_the_salt_tax_in_British_India \"History of the salt tax in British India\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_India \"Slavery in India\") [Malaysia](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Malaysia \"Economic history of Malaysia\") [New Zealand](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_New_Zealand \"Economic history of New Zealand\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_New_Zealand \"Whaling in New Zealand\") [Nigeria](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Nigeria \"Economic history of Nigeria\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Nigeria \"Slavery in Nigeria\") [Pakistan](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Pakistan \"Economic history of Pakistan\") [maritime](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_Pakistan \"Maritime history of Pakistan\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Pakistan \"History of rail transport in Pakistan\") [South Africa](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_South_Africa \"Economic history of South Africa\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_South_Africa \"Slavery in South Africa\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_South_Africa \"Whaling in South Africa\") [Uganda](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Uganda \"Economic history of Uganda\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_Kingdom \"Economic history of the United Kingdom\") [Agricultural Revolution](https:\/\/en.wikipedia.org\/wiki\/British_Agricultural_Revolution \"British Agricultural Revolution\") [Atlantic slave trade](https:\/\/en.wikipedia.org\/wiki\/Atlantic_slave_trade \"Atlantic slave trade\") [banking](https:\/\/en.wikipedia.org\/wiki\/History_of_banking_in_the_United_Kingdom \"History of banking in the United Kingdom\") [British Empire](https:\/\/en.wikipedia.org\/wiki\/Economy_of_the_British_Empire \"Economy of the British Empire\") [English fiscal system](https:\/\/en.wikipedia.org\/wiki\/History_of_the_English_fiscal_system \"History of the English fiscal system\") [Interwar unemployment and poverty](https:\/\/en.wikipedia.org\/wiki\/Interwar_unemployment_and_poverty_in_the_United_Kingdom \"Interwar unemployment and poverty in the United Kingdom\") [list of recessions](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_Kingdom \"List of recessions in the United Kingdom\") [maritime](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_Kingdom \"Maritime history of the United Kingdom\")\/[England](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_England \"Maritime history of England\")\/[Scotland](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_Scotland \"Maritime history of Scotland\") [Middle Ages England](https:\/\/en.wikipedia.org\/wiki\/Economy_of_England_in_the_Middle_Ages \"Economy of England in the Middle Ages\")\/[agriculture](https:\/\/en.wikipedia.org\/wiki\/Economics_of_English_agriculture_in_the_Middle_Ages \"Economics of English agriculture in the Middle Ages\") [national debt](https:\/\/en.wikipedia.org\/wiki\/History_of_the_British_national_debt \"History of the British national debt\") [Scotland](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Scotland \"Economic history of Scotland\")\/[agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_Scotland \"History of agriculture in Scotland\")\/[Middle Ages](https:\/\/en.wikipedia.org\/wiki\/Economy_of_Scotland_in_the_Middle_Ages \"Economy of Scotland in the Middle Ages\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain \"History of rail transport in Great Britain\")\/[pre–1830](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_to_1830 \"History of rail transport in Great Britain to 1830\")\/[1830–1922](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1830%E2%80%931922 \"History of rail transport in Great Britain 1830–1922\")\/[1923–1947](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1923%E2%80%931947 \"History of rail transport in Great Britain 1923–1947\")\/[1948–1994](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1948%E2%80%931994 \"History of rail transport in Great Britain 1948–1994\")\/[1995–present](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1995_to_date \"History of rail transport in Great Britain 1995 to date\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Britain \"Slavery in Britain\") [trade unions](https:\/\/en.wikipedia.org\/wiki\/History_of_trade_unions_in_the_United_Kingdom \"History of trade unions in the United Kingdom\") [Victorian era](https:\/\/en.wikipedia.org\/wiki\/Economy,_industry,_and_trade_of_the_Victorian_era \"Economy, industry, and trade of the Victorian era\") [Wales](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Wales \"Economic history of Wales\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_the_United_Kingdom \"Whaling in the United Kingdom\")\/[Scotland](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Scotland \"Whaling in Scotland\") [United States](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_States \"Economic history of the United States\") [agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_the_United_States \"History of agriculture in the United States\") [banking](https:\/\/en.wikipedia.org\/wiki\/History_of_banking_in_the_United_States \"History of banking in the United States\")\/[colonial-era credit](https:\/\/en.wikipedia.org\/wiki\/Credit_in_the_Thirteen_Colonies \"Credit in the Thirteen Colonies\")\/[cooperatives](https:\/\/en.wikipedia.org\/wiki\/History_of_cooperatives_in_the_United_States \"History of cooperatives in the United States\")\/[investment banking](https:\/\/en.wikipedia.org\/wiki\/History_of_investment_banking_in_the_United_States \"History of investment banking in the United States\")\/[wildcat banking](https:\/\/en.wikipedia.org\/wiki\/Wildcat_banking \"Wildcat banking\") [business](https:\/\/en.wikipedia.org\/wiki\/American_business_history \"American business history\") [central banking](https:\/\/en.wikipedia.org\/wiki\/History_of_central_banking_in_the_United_States \"History of central banking in the United States\") [coal mining](https:\/\/en.wikipedia.org\/wiki\/History_of_coal_mining_in_the_United_States \"History of coal mining in the United States\") [indentured servitude](https:\/\/en.wikipedia.org\/wiki\/Indentured_servitude_in_British_America \"Indentured servitude in British America\") [iron and steel industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_iron_and_steel_industry_in_the_United_States \"History of the iron and steel industry in the United States\") [labor](https:\/\/en.wikipedia.org\/wiki\/Labor_history_of_the_United_States \"Labor history of the United States\") [list of economic expansions](https:\/\/en.wikipedia.org\/wiki\/List_of_economic_expansions_in_the_United_States \"List of economic expansions in the United States\") [list of recessions](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States \"List of recessions in the United States\") [lumber industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_lumber_industry_in_the_United_States \"History of the lumber industry in the United States\") [maritime](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Merchant_Marine \"History of the United States Merchant Marine\")\/[colonial-era](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_Colonial_America \"Maritime history of Colonial America\")\/[1776–1799](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$1776%E2%80%931799\$ \"Maritime history of the United States (1776–1799)\")\/[1800–1899](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$1800%E2%80%931899\$ \"Maritime history of the United States (1800–1899)\")\/[1900–1999](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$1900%E2%80%931999\$ \"Maritime history of the United States (1900–1999)\")\/[2000–present](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$2000%E2%80%93present\$ \"Maritime history of the United States (2000–present)\") [monetary policy](https:\/\/en.wikipedia.org\/wiki\/History_of_monetary_policy_in_the_United_States \"History of monetary policy in the United States\") [poverty](https:\/\/en.wikipedia.org\/wiki\/History_of_poverty_in_the_United_States \"History of poverty in the United States\") [petroleum 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Wikipedia® is a registered trademark of the [Wikimedia Foundation, Inc.](https:\/\/wikimediafoundation.org\/), a non-profit organization.\n\n- [Privacy policy](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Privacy_policy)\n- [About Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:About)\n- [Disclaimers](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:General_disclaimer)\n- [Contact Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contact_us)\n- [Legal & safety contacts](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Legal:Wikimedia_Foundation_Legal_and_Safety_Contact_Information)\n- [Code of Conduct](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Universal_Code_of_Conduct)\n- [Developers](https:\/\/developer.wikimedia.org\/)\n- [Statistics](https:\/\/stats.wikimedia.org\/#\/en.wikipedia.org)\n- [Cookie statement](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Cookie_statement)\n- [Mobile view](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&mobileaction=toggle_view_mobile)\n\n- [![Wikimedia Foundation](https:\/\/en.wikipedia.org\/static\/images\/footer\/wikimedia.svg)](https:\/\/www.wikimedia.org\/)\n- [![Powered by MediaWiki](https:\/\/en.wikipedia.org\/w\/resources\/assets\/mediawiki_compact.svg)](https:\/\/www.mediawiki.org\/)\n\nSearch\n\nToggle the table of contents\n\nDot-com bubble\n\n45 languages\n\n[Add topic](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble)","attrs_readable_markdown":"From Wikipedia, the free encyclopedia\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/8\/84\/Nasdaq_Composite_dot-com_bubble.svg\/330px-Nasdaq_Composite_dot-com_bubble.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Nasdaq_Composite_dot-com_bubble.svg)\n\nThe [NASDAQ Composite](https:\/\/en.wikipedia.org\/wiki\/NASDAQ_Composite \"NASDAQ Composite\") index spiked in 2000 and then fell sharply as a result of the dot-com bubble.\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/5\/50\/US_VC_funding.png\/330px-US_VC_funding.png)](https:\/\/en.wikipedia.org\/wiki\/File:US_VC_funding.png)\n\nQuarterly U.S. venture capital investments, 1995–2017\n\nThe **dot-com bubble** (or **dot-com boom**) was a [stock market bubble](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble \"Stock market bubble\") that developed during the late 1990s and peaked on March 10, 2000. This period of market growth coincided with the widespread adoption of the [World Wide Web](https:\/\/en.wikipedia.org\/wiki\/World_Wide_Web \"World Wide Web\") and the [Internet](https:\/\/en.wikipedia.org\/wiki\/Internet \"Internet\"), resulting in a dispensation of available [venture capital](https:\/\/en.wikipedia.org\/wiki\/Venture_capital \"Venture capital\") and the rapid growth of valuations in new dot-com [startups](https:\/\/en.wikipedia.org\/wiki\/Startup_company \"Startup company\"). Between 1995 and its peak in March 2000, investments in the [Nasdaq Composite](https:\/\/en.wikipedia.org\/wiki\/Nasdaq_Composite \"Nasdaq Composite\") stock market index rose by 600%,\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\] only to fall 78% from its peak by October 2002, giving up all its gains during the bubble. It is also known retrospectively as the **tech–media–telecom (TMT) bubble**, since it boosted established companies in those sectors as well as Internet startups.\n\nDuring the **dot-com crash**, many [online shopping](https:\/\/en.wikipedia.org\/wiki\/Online_shopping \"Online shopping\") companies like [Pets.com](https:\/\/en.wikipedia.org\/wiki\/Pets.com \"Pets.com\"), [Webvan](https:\/\/en.wikipedia.org\/wiki\/Webvan \"Webvan\"), and [Boo.com](https:\/\/en.wikipedia.org\/wiki\/Boo.com \"Boo.com\"), as well as several communication companies, such as [WorldCom](https:\/\/en.wikipedia.org\/wiki\/WorldCom \"WorldCom\"), [NorthPoint Communications](https:\/\/en.wikipedia.org\/wiki\/NorthPoint_Communications \"NorthPoint Communications\"), and [Global Crossing](https:\/\/en.wikipedia.org\/wiki\/Global_Crossing \"Global Crossing\"), failed and shut down;[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-1)[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-valuation-2) WorldCom was renamed to MCI Inc. in 2003 and was acquired by [Verizon](https:\/\/en.wikipedia.org\/wiki\/Verizon \"Verizon\") in 2006. Others, like [Lastminute.com](https:\/\/en.wikipedia.org\/wiki\/Lastminute.com \"Lastminute.com\"), [MP3.com](https:\/\/en.wikipedia.org\/wiki\/MP3.com \"MP3.com\") and [PeopleSound](https:\/\/en.wikipedia.org\/wiki\/PeopleSound \"PeopleSound\") were bought out. Larger companies like [Amazon](https:\/\/en.wikipedia.org\/wiki\/Amazon_\$company\$ \"Amazon (company)\") and [Cisco Systems](https:\/\/en.wikipedia.org\/wiki\/Cisco_Systems \"Cisco Systems\") lost large portions of their market capitalization, with Cisco losing 80% of its stock value.[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-valuation-2)[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-3)\n\nHistorically, the dot-com boom can be seen as similar to a number of other technology-inspired booms of the past, including [railroads](https:\/\/en.wikipedia.org\/wiki\/Railway_mania \"Railway mania\") in the 1840s, [automobiles](https:\/\/en.wikipedia.org\/wiki\/Automobile \"Automobile\") in the 1900s, [radio](https:\/\/en.wikipedia.org\/wiki\/Radio \"Radio\") in the 1920s, [television](https:\/\/en.wikipedia.org\/wiki\/Television \"Television\") in the 1940s, [transistor](https:\/\/en.wikipedia.org\/wiki\/Transistor \"Transistor\") electronics in the 1950s, computer time-sharing in the 1960s, and [home computers](https:\/\/en.wikipedia.org\/wiki\/Home_computer \"Home computer\") and [biotechnology](https:\/\/en.wikipedia.org\/wiki\/Biotechnology \"Biotechnology\") in the 1980s.[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-4)\\[*[failed verification](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Verifiability \"Wikipedia:Verifiability\")*\\]\n\n## Prelude to the bubble\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=2 \"Edit section: Prelude to the bubble\")\\]\n\nThe 1993 release of [Mosaic](https:\/\/en.wikipedia.org\/wiki\/Mosaic_\$web_browser\$ \"Mosaic (web browser)\") and subsequent [web browsers](https:\/\/en.wikipedia.org\/wiki\/Web_browser \"Web browser\") during the following years gave computer users access to the [World Wide Web](https:\/\/en.wikipedia.org\/wiki\/World_Wide_Web \"World Wide Web\"), popularizing the use of the Internet.[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-5) Internet use increased as a result of the reduction of the \"[digital divide](https:\/\/en.wikipedia.org\/wiki\/Digital_divide \"Digital divide\")\" and advances in connectivity, uses of the Internet, and computer education. Between 1990 and 1997, the percentage of households in the United States owning computers increased from 15% to 35% as computer ownership progressed from a luxury to a necessity.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-6) This marked the shift to the [Information Age](https:\/\/en.wikipedia.org\/wiki\/Information_Age \"Information Age\"), an economy based on [information technology](https:\/\/en.wikipedia.org\/wiki\/Information_technology \"Information technology\"), and many new startups were founded as a result of that growth.\n\nAt the same time, a decline in interest rates increased the availability of capital.[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-7) The [Taxpayer Relief Act of 1997](https:\/\/en.wikipedia.org\/wiki\/Taxpayer_Relief_Act_of_1997 \"Taxpayer Relief Act of 1997\"), which lowered the top marginal [capital gains tax in the United States](https:\/\/en.wikipedia.org\/wiki\/Capital_gains_tax_in_the_United_States \"Capital gains tax in the United States\"), also made people more willing to make more speculative investments.[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-8) [Alan Greenspan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\"), then-[Chair of the Federal Reserve](https:\/\/en.wikipedia.org\/wiki\/Chair_of_the_Federal_Reserve \"Chair of the Federal Reserve\"), allegedly fueled investments in the stock market by putting a positive spin on stock valuations.[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-enigma-9) The [Telecommunications Act of 1996](https:\/\/en.wikipedia.org\/wiki\/Telecommunications_Act_of_1996 \"Telecommunications Act of 1996\") was expected to result in many new technologies from which many people wanted to profit.[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-now-10)\n\nAs a result of these factors, many investors were eager to invest, at any valuation, in any [dot-com company](https:\/\/en.wikipedia.org\/wiki\/Dot-com_company \"Dot-com company\"), especially if it had one of the [Internet-related prefixes](https:\/\/en.wikipedia.org\/wiki\/Internet-related_prefixes \"Internet-related prefixes\") or a \"[.com](https:\/\/en.wikipedia.org\/wiki\/.com \".com\")\" [suffix](https:\/\/en.wikipedia.org\/wiki\/Suffix \"Suffix\") in its name. [Venture capital](https:\/\/en.wikipedia.org\/wiki\/Venture_capital \"Venture capital\") was easy to raise. [Investment banks](https:\/\/en.wikipedia.org\/wiki\/Investment_bank \"Investment bank\"), which profited significantly from [initial public offerings](https:\/\/en.wikipedia.org\/wiki\/Initial_public_offering \"Initial public offering\") (IPO) (almost all of them were on Nasdaq), fueled speculation and encouraged investment in technology.[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-swindle-11) A combination of rapidly increasing stock prices in the [quaternary sector of the economy](https:\/\/en.wikipedia.org\/wiki\/Quaternary_sector_of_the_economy \"Quaternary sector of the economy\") and confidence that the companies would turn future profits created an environment in which many investors were willing to overlook traditional metrics, such as the [price–earnings ratio](https:\/\/en.wikipedia.org\/wiki\/Price%E2%80%93earnings_ratio \"Price–earnings ratio\"), and base confidence on technological advancements, leading to a [stock market bubble](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble \"Stock market bubble\").[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-enigma-9) Between 1995 and 2000, the Nasdaq Composite stock market index rose 400%. It reached a price–earnings ratio of 200, dwarfing the peak price–earnings ratio of 80 for the Japanese [Nikkei 225](https:\/\/en.wikipedia.org\/wiki\/Nikkei_225 \"Nikkei 225\") during the [Japanese asset price bubble](https:\/\/en.wikipedia.org\/wiki\/Japanese_asset_price_bubble \"Japanese asset price bubble\") of 1991.[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-enigma-9) In 1999, shares of [Qualcomm](https:\/\/en.wikipedia.org\/wiki\/Qualcomm \"Qualcomm\") rose in value by 2,619%, 12 other large-cap stocks each rose over 1,000% in value, and seven additional large-cap stocks each rose over 900% in value. Even though the Nasdaq Composite rose 85.6% and the [S\\&P 500](https:\/\/en.wikipedia.org\/wiki\/S%26P_500 \"S&P 500\") rose 19.5% in 1999, more stocks fell in value than rose in value as investors sold stocks in slower growing companies to invest in Internet stocks.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-12)\n\nAn unprecedented amount of personal investing occurred during the boom and stories of people quitting their jobs to trade on the financial market were common.[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-13) The [news media](https:\/\/en.wikipedia.org\/wiki\/News_media \"News media\") took advantage of the public's desire to invest in the stock market; an article in *[The Wall Street Journal](https:\/\/en.wikipedia.org\/wiki\/The_Wall_Street_Journal \"The Wall Street Journal\")* suggested that investors \"re-think\" the \"quaint idea\" of profits,[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-14) and [CNBC](https:\/\/en.wikipedia.org\/wiki\/CNBC \"CNBC\") reported on the stock market with the same level of suspense as many networks provided to the [broadcasting of sports events](https:\/\/en.wikipedia.org\/wiki\/Broadcasting_of_sports_events \"Broadcasting of sports events\").[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-enigma-9)[\\[15\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-15)\n\nAt the height of the boom, it was possible for a promising dot-com company to become a [public company](https:\/\/en.wikipedia.org\/wiki\/Public_company \"Public company\") via an IPO and raise a substantial amount of money even if it had never made a profit—or, in some cases, realized any material revenue or even have a finished product. People who received [employee stock options](https:\/\/en.wikipedia.org\/wiki\/Employee_stock_option \"Employee stock option\") became instant paper millionaires when their companies executed IPOs; however, most employees were barred from selling shares immediately due to [lock-up periods](https:\/\/en.wikipedia.org\/wiki\/Lock-up_period \"Lock-up period\").[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-swindle-11)\\[*[page needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citing_sources \"Wikipedia:Citing sources\")*\\] The most successful entrepreneurs, such as [Mark Cuban](https:\/\/en.wikipedia.org\/wiki\/Mark_Cuban \"Mark Cuban\"), sold their shares or entered into [hedges](https:\/\/en.wikipedia.org\/wiki\/Hedge_\$finance\$ \"Hedge (finance)\") to protect their gains. [Sir John Templeton](https:\/\/en.wikipedia.org\/wiki\/Sir_John_Templeton \"Sir John Templeton\") successfully [shorted](https:\/\/en.wikipedia.org\/wiki\/Short_\$finance\$ \"Short (finance)\") many dot-com stocks at the peak of the bubble during what he called \"temporary insanity\" and a \"once-in-a-lifetime opportunity\". He shorted stocks just before the expiration of lockup periods ending six months after initial public offerings, correctly anticipating many dot-com company executives would sell shares as soon as possible, and that large-scale selling would force down share prices.[\\[16\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-16)[\\[17\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-17)\n\n### Spending tendencies of dot-com companies\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=4 \"Edit section: Spending tendencies of dot-com companies\")\\]\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/c\/c6\/Modo_Promo_CD.png\/250px-Modo_Promo_CD.png)](https:\/\/en.wikipedia.org\/wiki\/File:Modo_Promo_CD.png)\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/7\/75\/Pets.com_sockpuppet.jpg\/120px-Pets.com_sockpuppet.jpg)](https:\/\/en.wikipedia.org\/wiki\/File:Pets.com_sockpuppet.jpg)\n\nDot-com companies spent most of their investments in marketing efforts. Left: A promotional music CD for the [Modo](https:\/\/en.wikipedia.org\/wiki\/Modo_\$wireless_device\$ \"Modo (wireless device)\") pager. Right: The [Pets.com](https:\/\/en.wikipedia.org\/wiki\/Pets.com \"Pets.com\") sock puppet who turned into a [celebrity](https:\/\/en.wikipedia.org\/wiki\/Celebrity \"Celebrity\") and symbol of the dot-com bubble\n\nMost dot-com companies incurred [net operating losses](https:\/\/en.wikipedia.org\/wiki\/Net_operating_loss \"Net operating loss\") as they spent heavily on advertising and promotions to harness [network effects](https:\/\/en.wikipedia.org\/wiki\/Network_effect \"Network effect\") to build [market share](https:\/\/en.wikipedia.org\/wiki\/Market_share \"Market share\") or [mind share](https:\/\/en.wikipedia.org\/wiki\/Mind_share \"Mind share\") as fast as possible, using the mottos \"get big fast\" and \"get large or get lost\". These companies offered their services or products for free or at a discount with the expectation that they could build enough [brand awareness](https:\/\/en.wikipedia.org\/wiki\/Brand_awareness \"Brand awareness\") to charge profitable rates for their services in the future.[\\[18\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-lessons-18)[\\[19\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-19)\n\nThe \"growth over profits\" mentality and the aura of \"[new economy](https:\/\/en.wikipedia.org\/wiki\/New_economy \"New economy\")\" invincibility led some companies to engage in lavish spending on elaborate business facilities and luxury vacations for employees. Upon the launch of a new product or website, a company would organize an expensive event called a [dot-com party](https:\/\/en.wikipedia.org\/wiki\/Dot-com_party \"Dot-com party\").[\\[20\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-20)[\\[21\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-21)\n\nIn the five years after the American [Telecommunications Act of 1996](https:\/\/en.wikipedia.org\/wiki\/Telecommunications_Act_of_1996 \"Telecommunications Act of 1996\") went into effect, [telecommunications equipment](https:\/\/en.wikipedia.org\/wiki\/Telecommunications_equipment \"Telecommunications equipment\") companies invested more than \\$500 billion, mostly financed with debt, into laying fiber optic cable, adding new switches, and building wireless networks.[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-now-10) In many areas, such as the [Dulles Technology Corridor](https:\/\/en.wikipedia.org\/wiki\/Dulles_Technology_Corridor \"Dulles Technology Corridor\") in Virginia, governments funded technology infrastructure and created favorable business and tax law to encourage companies to expand.[\\[22\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-22) The growth in capacity vastly outstripped the growth in demand.[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-now-10) [Spectrum auctions](https:\/\/en.wikipedia.org\/wiki\/Spectrum_auction \"Spectrum auction\") for [3G](https:\/\/en.wikipedia.org\/wiki\/3G \"3G\") in the United Kingdom in April 2000, led by [Chancellor of the Exchequer](https:\/\/en.wikipedia.org\/wiki\/Chancellor_of_the_Exchequer \"Chancellor of the Exchequer\") [Gordon Brown](https:\/\/en.wikipedia.org\/wiki\/Gordon_Brown \"Gordon Brown\"), raised £22.5 billion.[\\[23\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-23) In Germany, in August 2000, the auctions raised £30 billion.[\\[24\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-24)[\\[25\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-25) A 3G [spectrum auction](https:\/\/en.wikipedia.org\/wiki\/Spectrum_auction \"Spectrum auction\") in the United States in 1999 had to be re-run when the winners defaulted on their bids of \\$4 billion. The re-auction netted 10% of the original sales prices.[\\[26\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-26)[\\[27\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-27) When financing became difficult to obtain as the bubble burst, high [debt ratios](https:\/\/en.wikipedia.org\/wiki\/Debt_ratio \"Debt ratio\") of some companies led to a number of [bankruptcies](https:\/\/en.wikipedia.org\/wiki\/Bankruptcy \"Bankruptcy\").[\\[28\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-28) Bond investors recovered just over 20% of their investments.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-29) However, several telecom executives sold stock before the crash including [Philip Anschutz](https:\/\/en.wikipedia.org\/wiki\/Philip_Anschutz \"Philip Anschutz\"), who reaped \\$1.9 billion, [Joseph Nacchio](https:\/\/en.wikipedia.org\/wiki\/Joseph_Nacchio \"Joseph Nacchio\"), who reaped \\$248 million, and [Gary Winnick](https:\/\/en.wikipedia.org\/wiki\/Gary_Winnick \"Gary Winnick\"), who sold \\$748 million worth of shares.[\\[30\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-30)\n\n## Bursting the bubble\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=6 \"Edit section: Bursting the bubble\")\\]\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/8\/8d\/U.S._Treasuries.svg\/500px-U.S._Treasuries.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:U.S._Treasuries.svg)\n\nHistorical government interest rates in the United States\n\nNearing the turn of the 2000s, spending on technology was volatile as companies prepared for the [Year 2000 problem](https:\/\/en.wikipedia.org\/wiki\/Year_2000_problem \"Year 2000 problem\"). There were concerns that computer systems would have trouble changing their clock and calendar systems from 1999 to 2000 which might trigger wider social or economic problems, but there was virtually no impact or disruption due to adequate preparation.[\\[31\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-31) Spending on marketing also reached new heights for the sector: Two dot-com companies purchased ad spots for [Super Bowl XXXIII](https:\/\/en.wikipedia.org\/wiki\/Super_Bowl_XXXIII \"Super Bowl XXXIII\"), and 17 dot-com companies bought ad spots the following year for [Super Bowl XXXIV](https:\/\/en.wikipedia.org\/wiki\/Super_Bowl_XXXIV \"Super Bowl XXXIV\").[\\[32\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-32)\n\nOn January 10, 2000, [America Online](https:\/\/en.wikipedia.org\/wiki\/America_Online \"America Online\"), led by [Steve Case](https:\/\/en.wikipedia.org\/wiki\/Steve_Case \"Steve Case\") and [Ted Leonsis](https:\/\/en.wikipedia.org\/wiki\/Ted_Leonsis \"Ted Leonsis\"), announced a [merger](https:\/\/en.wikipedia.org\/wiki\/Mergers_and_acquisitions \"Mergers and acquisitions\") with [Time Warner](https:\/\/en.wikipedia.org\/wiki\/Time_Warner \"Time Warner\"), led by [Gerald M. Levin](https:\/\/en.wikipedia.org\/wiki\/Gerald_M._Levin \"Gerald M. Levin\"). The merger was the largest to date and was questioned by many analysts.[\\[33\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-33) Then, on January 30, 2000, 12 ads of the 61 ads for [Super Bowl XXXIV](https:\/\/en.wikipedia.org\/wiki\/Super_Bowl_XXXIV \"Super Bowl XXXIV\") were purchased by dot-coms (sources state ranges from 12 up to 19 companies depending on the definition of *dot-com company*). At that time, the cost for a 30-second commercial was between \\$1.9 million and \\$2.2 million.[\\[34\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-34)[\\[35\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-35)\n\nMeanwhile, [Alan Greenspan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\"), then [Chair of the Federal Reserve](https:\/\/en.wikipedia.org\/wiki\/Chair_of_the_Federal_Reserve \"Chair of the Federal Reserve\"), raised interest rates several times; these actions were believed by many\\[*[weasel words](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Avoid_weasel_words \"Wikipedia:Avoid weasel words\")*\\] to have caused the bursting of the dot-com bubble. According to [Paul Krugman](https:\/\/en.wikipedia.org\/wiki\/Paul_Krugman \"Paul Krugman\"), however, \"he didn't raise interest rates to curb the market's enthusiasm; he didn't even seek to impose margin requirements on stock market investors. Instead, \\[it is alleged\\] he waited until the bubble burst, as it did in 2000, then tried to clean up the mess afterward\".[\\[36\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-36) Finance author and commentator [E. Ray Canterbery](https:\/\/en.wikipedia.org\/w\/index.php?title=E._Ray_Canterbery&action=edit&redlink=1 \"E. Ray Canterbery (page does not exist)\") agreed with Krugman's criticism.[\\[37\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-37)\n\nOn Friday March 10, 2000, the NASDAQ Composite stock market index peaked at 5,048.62.[\\[38\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-38) However, on March 13, 2000, news that [Japan](https:\/\/en.wikipedia.org\/wiki\/Economy_of_Japan \"Economy of Japan\") had once again entered a [recession](https:\/\/en.wikipedia.org\/wiki\/Lost_Decades \"Lost Decades\") triggered a global sell off that disproportionately affected technology stocks.[\\[39\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-39) Soon after, [Yahoo\\!](https:\/\/en.wikipedia.org\/wiki\/Yahoo! \"Yahoo!\") and [eBay](https:\/\/en.wikipedia.org\/wiki\/EBay \"EBay\") ended merger talks and the Nasdaq fell 2.6%, but the [S\\&P 500](https:\/\/en.wikipedia.org\/wiki\/S%26P_500 \"S&P 500\") rose 2.4% as investors shifted from strong performing technology stocks to poor performing established stocks.[\\[40\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-40)\n\nOn March 20, 2000, *[Barron's](https:\/\/en.wikipedia.org\/wiki\/Barron%27s_\$newspaper\$ \"Barron's (newspaper)\")* featured a cover article titled \"Burning Up; Warning: Internet companies are running out of cash—fast\", which predicted the imminent bankruptcy of many Internet companies.[\\[41\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-41) This led many people to rethink their investments. That same day, [MicroStrategy](https:\/\/en.wikipedia.org\/wiki\/MicroStrategy \"MicroStrategy\") announced a revenue restatement due to aggressive accounting practices. Its stock price, which had risen from \\$7 per share to as high as \\$333 per share in a year, fell to \\$140 per share, or 62%, in a day.[\\[42\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-micro-42) The next day, the Federal Reserve raised interest rates, leading to an [inverted yield curve](https:\/\/en.wikipedia.org\/wiki\/Inverted_yield_curve \"Inverted yield curve\"), although stocks rallied temporarily.[\\[43\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-43)\n\nTangentially to all of speculation, Judge [Thomas Penfield Jackson](https:\/\/en.wikipedia.org\/wiki\/Thomas_Penfield_Jackson \"Thomas Penfield Jackson\") issued his conclusions of law in the case of [*United States v. Microsoft Corp.* (2001)](https:\/\/en.wikipedia.org\/wiki\/United_States_v._Microsoft_Corp._\$2001\$ \"United States v. Microsoft Corp. (2001)\") and ruled that Microsoft was guilty of [monopolization](https:\/\/en.wikipedia.org\/wiki\/Monopolization \"Monopolization\") and [tying](https:\/\/en.wikipedia.org\/wiki\/Tying_\$commerce\$ \"Tying (commerce)\") in violation of the [Sherman Antitrust Act](https:\/\/en.wikipedia.org\/wiki\/Sherman_Antitrust_Act \"Sherman Antitrust Act\"). This led to a one-day 15% decline in the value of shares in Microsoft and a 350-point, or 8%, drop in the value of the Nasdaq. Many people saw the legal actions as bad for technology in general.[\\[44\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-44) That same day, [Bloomberg News](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_News \"Bloomberg News\") published a widely read article that stated: \"It's time, at last, to pay attention to the numbers\".[\\[45\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-45)\n\nOn Friday, April 14, 2000, the Nasdaq Composite index fell 9%, ending a week in which it fell 25%. Investors were forced to sell stocks ahead of [Tax Day](https:\/\/en.wikipedia.org\/wiki\/Tax_Day_\$United_States\$ \"Tax Day (United States)\"), the due date to pay taxes on gains realized in the previous year.[\\[46\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-46) By June 2000, dot-com companies were forced to reevaluate their spending on advertising campaigns.[\\[47\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-47) On November 9, 2000, [Pets.com](https:\/\/en.wikipedia.org\/wiki\/Pets.com \"Pets.com\"), a much-hyped company that had backing from Amazon.com, went out of business only nine months after completing its IPO.[\\[48\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-pets-48)[\\[49\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-49) By that time, most Internet stocks had declined in value by 75% from their highs, wiping out \\$1.755 trillion in value.[\\[50\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-50) In January 2001, just three dot-com companies bought advertising spots during [Super Bowl XXXV](https:\/\/en.wikipedia.org\/wiki\/Super_Bowl_XXXV \"Super Bowl XXXV\").[\\[51\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-51) The [September 11 attacks](https:\/\/en.wikipedia.org\/wiki\/September_11_attacks \"September 11 attacks\") accelerated the stock-market drop.[\\[52\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-52) Investor confidence was further eroded by several [accounting scandals](https:\/\/en.wikipedia.org\/wiki\/Accounting_scandal \"Accounting scandal\") and the resulting bankruptcies, including the [Enron scandal](https:\/\/en.wikipedia.org\/wiki\/Enron_scandal \"Enron scandal\") in October 2001, the [WorldCom scandal](https:\/\/en.wikipedia.org\/wiki\/WorldCom_scandal \"WorldCom scandal\") in June 2002,[\\[53\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-53) and the [Adelphia Communications Corporation](https:\/\/en.wikipedia.org\/wiki\/Adelphia_Communications_Corporation \"Adelphia Communications Corporation\") scandal in July 2002.[\\[54\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-54)\n\nBy the end of the [stock market downturn of 2002](https:\/\/en.wikipedia.org\/wiki\/Stock_market_downturn_of_2002 \"Stock market downturn of 2002\"), stocks had lost \\$5 trillion in [market capitalization](https:\/\/en.wikipedia.org\/wiki\/Market_capitalization \"Market capitalization\") since the peak.[\\[55\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-55) At its trough on October 9, 2002, the NASDAQ-100 had dropped to 1,114, down 78% from its peak.[\\[56\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-56)[\\[57\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-57)\n\nAfter venture capital was no longer available, the operational mentality of executives and investors completely changed. A dot-com company's lifespan was measured by its [burn rate](https:\/\/en.wikipedia.org\/wiki\/Burn_rate \"Burn rate\"), the rate at which it spent its existing capital. Many dot-com companies ran out of capital and went through [liquidation](https:\/\/en.wikipedia.org\/wiki\/Liquidation \"Liquidation\"). Supporting industries, such as advertising and shipping, scaled back their operations as demand for services fell. However, many companies were able to endure the crash; 48% of dot-com companies survived through 2004, albeit at lower valuations.[\\[18\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-lessons-18)\n\nSeveral companies and their executives, including [Bernard Ebbers](https:\/\/en.wikipedia.org\/wiki\/Bernard_Ebbers \"Bernard Ebbers\"), [Jeffrey Skilling](https:\/\/en.wikipedia.org\/wiki\/Jeffrey_Skilling \"Jeffrey Skilling\"), and [Kenneth Lay](https:\/\/en.wikipedia.org\/wiki\/Kenneth_Lay \"Kenneth Lay\"), were accused or convicted of [fraud](https:\/\/en.wikipedia.org\/wiki\/Fraud \"Fraud\") for misusing shareholders' money, and the [U.S. Securities and Exchange Commission](https:\/\/en.wikipedia.org\/wiki\/U.S._Securities_and_Exchange_Commission \"U.S. Securities and Exchange Commission\") levied large fines against investment firms including [Citigroup](https:\/\/en.wikipedia.org\/wiki\/Citigroup \"Citigroup\") and [Merrill Lynch](https:\/\/en.wikipedia.org\/wiki\/Merrill_Lynch \"Merrill Lynch\") for misleading investors.[\\[58\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-58)\n\nAfter suffering losses, retail investors transitioned their investment portfolios to more cautious positions.[\\[59\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-59) Popular [Internet forums](https:\/\/en.wikipedia.org\/wiki\/Internet_forum \"Internet forum\") that focused on [high tech](https:\/\/en.wikipedia.org\/wiki\/High_tech \"High tech\") stocks, such as [Silicon Investor](https:\/\/en.wikipedia.org\/wiki\/Silicon_Investor \"Silicon Investor\"), [Yahoo! Finance](https:\/\/en.wikipedia.org\/wiki\/Yahoo!_Finance \"Yahoo! Finance\"), and [The Motley Fool](https:\/\/en.wikipedia.org\/wiki\/The_Motley_Fool \"The Motley Fool\") declined in use significantly.[\\[60\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-60)\n\n### Job market and office equipment glut\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Dot-com_bubble&action=edit&section=8 \"Edit section: Job market and office equipment glut\")\\]\n\nLayoffs of [programmers](https:\/\/en.wikipedia.org\/wiki\/Programmer \"Programmer\") resulted in a [general glut](https:\/\/en.wikipedia.org\/wiki\/General_glut \"General glut\") in the job market. University enrollment for computer-related degrees dropped noticeably.[\\[61\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-61)[\\[62\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-62) [Aeron chairs](https:\/\/en.wikipedia.org\/wiki\/Aeron_chair \"Aeron chair\"), which retailed for \\$1,100 each, were liquidated en masse.[\\[63\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-63)\n\nAs growth in the technology sector stabilized, companies consolidated; some, such as [Amazon.com](https:\/\/en.wikipedia.org\/wiki\/Amazon.com \"Amazon.com\"), [eBay](https:\/\/en.wikipedia.org\/wiki\/EBay \"EBay\"), [Nvidia](https:\/\/en.wikipedia.org\/wiki\/Nvidia \"Nvidia\") and [Google](https:\/\/en.wikipedia.org\/wiki\/Google \"Google\"), gained market share and came to dominate their respective fields. The most valuable public companies are now generally in the technology sector.\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\]\n\nIn a 2015 book, venture capitalist [Fred Wilson](https:\/\/en.wikipedia.org\/wiki\/Fred_Wilson_\$financier\$ \"Fred Wilson (financier)\"), who funded many dot-com companies and lost 90% of his net worth when the bubble burst, said about the dot-com bubble:\n\n> A friend of mine has a great line. He says \"Nothing important has ever been built without [irrational exuberance](https:\/\/en.wikipedia.org\/wiki\/Irrational_exuberance \"Irrational exuberance\").\" Meaning that you need some of this mania to cause investors to open up their pocketbooks and finance the building of the railroads or the automobile or aerospace industry or whatever. And in this case, much of the capital invested was lost, but also much of it was invested in a very high [throughput](https:\/\/en.wikipedia.org\/wiki\/Throughput \"Throughput\") backbone for the Internet, and lots of software that works, and databases and server structure. All that stuff has allowed what we have today, which has changed all our lives... that's what all this speculative mania built.[\\[64\\]](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_note-64)\n\n- [AI boom](https:\/\/en.wikipedia.org\/wiki\/AI_boom \"AI boom\")\n- [AI bubble](https:\/\/en.wikipedia.org\/wiki\/AI_bubble \"AI bubble\")\n- [Cryptocurrency bubble](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble \"Cryptocurrency bubble\")\n- [List of stock market crashes and bear markets](https:\/\/en.wikipedia.org\/wiki\/List_of_stock_market_crashes_and_bear_markets \"List of stock market crashes and bear markets\")\n- [Stock market crash](https:\/\/en.wikipedia.org\/wiki\/Stock_market_crash \"Stock market crash\")\n\n1. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-1)**\n   [\"The greatest defunct Web sites and dotcom disasters\"](https:\/\/www.cnet.com\/news\/the-greatest-defunct-web-sites-and-dotcom-disasters\/). *[CNET](https:\/\/en.wikipedia.org\/wiki\/CNET \"CNET\")*. June 5, 2008. [Archived](https:\/\/web.archive.org\/web\/20190828223335\/https:\/\/www.cnet.com\/news\/the-greatest-defunct-web-sites-and-dotcom-disasters\/) from the original on August 28, 2019. Retrieved February 10, 2020.\n2. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-valuation_2-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-valuation_2-1)\n   Kumar, Rajesh (December 5, 2015). *Valuation: Theories and Concepts*. [Elsevier](https:\/\/en.wikipedia.org\/wiki\/Elsevier \"Elsevier\"). p. 25.\n3. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-3)**\n   Powell, Jamie (March 8, 2021). [\"Investors should not dismiss Cisco's dot com collapse as a historical anomaly\"](https:\/\/www.ft.com\/content\/81a03045-86f7-4e57-afbd-5ff83679615f). *[Financial Times](https:\/\/en.wikipedia.org\/wiki\/Financial_Times \"Financial Times\")*. [Archived](https:\/\/ghostarchive.org\/archive\/20221210\/https:\/\/www.ft.com\/content\/81a03045-86f7-4e57-afbd-5ff83679615f) from the original on December 10, 2022. Retrieved April 6, 2022.\n4. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-4)**\n   Edwards, Jim (December 6, 2016). [\"One of the kings of the '90s dot-com bubble now faces 20 years in prison\"](https:\/\/www.businessinsider.com\/where-are-the-kings-of-the-1990s-dot-com-bubble-bust-2016-12). *[Business Insider](https:\/\/en.wikipedia.org\/wiki\/Business_Insider \"Business Insider\")*. [Archived](https:\/\/web.archive.org\/web\/20181011053734\/https:\/\/www.businessinsider.com\/where-are-the-kings-of-the-1990s-dot-com-bubble-bust-2016-12) from the original on October 11, 2018. Retrieved October 11, 2018.\n5. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-5)**\n   Kline, Greg (April 20, 2003). [\"Mosaic started Web rush, Internet boom\"](https:\/\/www.news-gazette.com\/news\/mosaic-started-web-rush-internet-boom\/article_a459cd7f-dafe-5de4-a5fe-c3723a009af2.html). *[The News-Gazette](https:\/\/en.wikipedia.org\/wiki\/The_News-Gazette_\$Champaign-Urbana\$ \"The News-Gazette (Champaign-Urbana)\")*. [Archived](https:\/\/web.archive.org\/web\/20200613132107\/https:\/\/www.news-gazette.com\/news\/mosaic-started-web-rush-internet-boom\/article_a459cd7f-dafe-5de4-a5fe-c3723a009af2.html) from the original on June 13, 2020. Retrieved February 10, 2020.\n6. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-6)**\n   [\"Issues in labor Statistics\"](https:\/\/www.bls.gov\/opub\/btn\/archive\/computer-ownership-up-sharply-in-the-1990s.pdf) (PDF). [U.S. Department of Labor](https:\/\/en.wikipedia.org\/wiki\/U.S._Department_of_Labor \"U.S. Department of Labor\"). 1999. [Archived](https:\/\/web.archive.org\/web\/20170512120401\/https:\/\/www.bls.gov\/opub\/btn\/archive\/computer-ownership-up-sharply-in-the-1990s.pdf) (PDF) from the original on May 12, 2017. Retrieved April 14, 2017.\n7. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-7)**\n   Weinberger, Matt (February 3, 2016). [\"If you're too young to remember the insanity of the dot-com bubble, check out these pictures\"](https:\/\/www.businessinsider.com\/history-of-the-dot-com-bubble-in-photos-2016-2\/). *[Business Insider](https:\/\/en.wikipedia.org\/wiki\/Business_Insider \"Business Insider\")*. [Archived](https:\/\/web.archive.org\/web\/20200313233345\/https:\/\/www.businessinsider.com\/history-of-the-dot-com-bubble-in-photos-2016-2) from the original on March 13, 2020. Retrieved February 10, 2020.\n8. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-8)**\n   [\"Here's Why The Dot Com Bubble Began And Why It Popped\"](https:\/\/www.businessinsider.com\/heres-why-the-dot-com-bubble-began-and-why-it-popped-2010-12). *[Business Insider](https:\/\/en.wikipedia.org\/wiki\/Business_Insider \"Business Insider\")*. December 15, 2010. [Archived](https:\/\/web.archive.org\/web\/20200406151705\/https:\/\/www.businessinsider.com\/heres-why-the-dot-com-bubble-began-and-why-it-popped-2010-12) from the original on April 6, 2020. Retrieved February 10, 2020.\n9. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-enigma_9-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-enigma_9-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-enigma_9-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-enigma_9-3)\n   Teeter, Preston; Sandberg, Jorgen (2017). \"Cracking the enigma of asset bubbles with narratives\". *Strategic Organization*. **15** (1): 91–99\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1177\/1476127016629880](https:\/\/doi.org\/10.1177%2F1476127016629880). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [156163200](https:\/\/api.semanticscholar.org\/CorpusID:156163200).\n10. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-now_10-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-now_10-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-now_10-2)\n    Litan, Robert E. (December 1, 2002). [\"The Telecommunications Crash: What To Do Now?\"](https:\/\/www.brookings.edu\/research\/the-telecommunications-crash-what-to-do-now\/). *[Brookings Institution](https:\/\/en.wikipedia.org\/wiki\/Brookings_Institution \"Brookings Institution\")*. [Archived](https:\/\/web.archive.org\/web\/20180330212743\/https:\/\/www.brookings.edu\/research\/the-telecommunications-crash-what-to-do-now\/) from the original on March 30, 2018. Retrieved March 30, 2018.\n11. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-swindle_11-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-swindle_11-1)\n    [Smith, Andrew](https:\/\/en.wikipedia.org\/wiki\/Andrew_Smith_\$author\$ \"Andrew Smith (author)\") (2012). [*Totally Wired: On the Trail of the Great Dotcom Swindle*](https:\/\/books.google.com\/books?id=GoDuPQAACAAJ). [Bloomsbury Books](https:\/\/en.wikipedia.org\/wiki\/Bloomsbury_Books \"Bloomsbury Books\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-1-84737-449-3](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-84737-449-3 \"Special:BookSources\/978-1-84737-449-3\")\n    \n    . [Archived](https:\/\/web.archive.org\/web\/20200801023652\/https:\/\/books.google.com\/books\/about\/Totally_Wired.html?id=GoDuPQAACAAJ) from the original on August 1, 2020. Retrieved May 8, 2017.\n12. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-12)**\n    [Norris, Floyd](https:\/\/en.wikipedia.org\/wiki\/Floyd_Norris \"Floyd Norris\") (January 3, 2000). [\"THE YEAR IN THE MARKETS; 1999: Extraordinary Winners and More Losers\"](https:\/\/www.nytimes.com\/2000\/01\/03\/business\/the-year-in-the-markets-1999-extraordinary-winners-and-more-losers.html). *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")*. [Archived](https:\/\/web.archive.org\/web\/20170831061735\/http:\/\/www.nytimes.com\/2000\/01\/03\/business\/the-year-in-the-markets-1999-extraordinary-winners-and-more-losers.html) from the original on August 31, 2017. Retrieved August 26, 2017.\n13. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-13)**\n    Kadlec, Daniel (August 9, 1999). [\"Day Trading: It's a Brutal World\"](http:\/\/content.time.com\/time\/magazine\/article\/0,9171,991726,00.html). *[Time](https:\/\/en.wikipedia.org\/wiki\/Time_\$magazine\$ \"Time (magazine)\")*. [Archived](https:\/\/web.archive.org\/web\/20170415200633\/http:\/\/content.time.com\/time\/magazine\/article\/0,9171,991726,00.html) from the original on April 15, 2017. Retrieved April 14, 2017.\n14. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-14)**\n    Wysocki, Bernard (May 19, 1999). [\"Companies Chose to Rethink A Quaint Concept: Profits\"](https:\/\/www.wsj.com\/articles\/SB9270768713268007). *[The Wall Street Journal](https:\/\/en.wikipedia.org\/wiki\/The_Wall_Street_Journal \"The Wall Street Journal\")*. [Archived](https:\/\/web.archive.org\/web\/20210808220858\/https:\/\/www.wsj.com\/articles\/SB9270768713268007) from the original on August 8, 2021. Retrieved August 8, 2021.\n15. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-15)**\n    [Lowenstein, Roger](https:\/\/en.wikipedia.org\/wiki\/Roger_Lowenstein \"Roger Lowenstein\") (2004). [*Origins of the Crash: The Great Bubble and Its Undoing*](https:\/\/archive.org\/details\/originsofcrashgr00roge). [Penguin Books](https:\/\/en.wikipedia.org\/wiki\/Penguin_Books \"Penguin Books\"). p. [115](https:\/\/archive.org\/details\/originsofcrashgr00roge\/page\/115). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-1-59420-003-8](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-59420-003-8 \"Special:BookSources\/978-1-59420-003-8\")\n    \n    .\n16. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-16)**\n    Langlois, Shawn (May 9, 2019). [\"John Templeton profited from 'temporary insanity' in 2000 — now it's your turn, says longtime money manager\"](https:\/\/www.marketwatch.com\/story\/john-templeton-profited-from-temporary-insanity-in-2000-now-its-your-turn-says-longtime-money-manager-2019-05-09). *[MarketWatch](https:\/\/en.wikipedia.org\/wiki\/MarketWatch \"MarketWatch\")*. [Archived](https:\/\/web.archive.org\/web\/20200731142657\/https:\/\/www.marketwatch.com\/story\/john-templeton-profited-from-temporary-insanity-in-2000-now-its-your-turn-says-longtime-money-manager-2019-05-09) from the original on July 31, 2020. Retrieved April 3, 2021.\n17. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-17)**\n    [\"Old Dog, New Tricks\"](https:\/\/www.forbes.com\/forbes\/2001\/0528\/054.html). *[Forbes](https:\/\/en.wikipedia.org\/wiki\/Forbes \"Forbes\")*. May 28, 2001. [Archived](https:\/\/web.archive.org\/web\/20210307040731\/https:\/\/www.forbes.com\/forbes\/2001\/0528\/054.html) from the original on March 7, 2021. Retrieved April 3, 2021.\n18. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-lessons_18-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-lessons_18-1)\n    BERLIN, LESLIE (November 21, 2008). [\"Lessons of Survival, From the Dot-Com Attic\"](https:\/\/www.nytimes.com\/2008\/11\/23\/business\/23proto.html). *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")*. [Archived](https:\/\/web.archive.org\/web\/20170906100917\/http:\/\/www.nytimes.com\/2008\/11\/23\/business\/23proto.html) from the original on September 6, 2017. Retrieved August 26, 2017.\n19. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-19)**\n    Dodge, John (May 16, 2000). [\"MotherNature.com's CEO Defends Dot-Coms' Get-Big-Fast Strategy\"](https:\/\/www.wsj.com\/articles\/SB958412442522904320). *[The Wall Street Journal](https:\/\/en.wikipedia.org\/wiki\/The_Wall_Street_Journal \"The Wall Street Journal\")*. [Archived](https:\/\/web.archive.org\/web\/20170415200406\/https:\/\/www.wsj.com\/articles\/SB958412442522904320) from the original on April 15, 2017. Retrieved April 14, 2017.\n20. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-20)**\n    Cave, Damien (April 25, 2000). [\"Dot-com party madness\"](https:\/\/www.salon.com\/2000\/04\/25\/party_5\/). *[Salon](https:\/\/en.wikipedia.org\/wiki\/Salon_\$website\$ \"Salon (website)\")*. [Archived](https:\/\/web.archive.org\/web\/20180309001604\/https:\/\/www.salon.com\/2000\/04\/25\/party_5\/) from the original on March 9, 2018. Retrieved March 8, 2018.\n21. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-21)**\n    HuffStutter, P.J. (December 25, 2000). [\"Dot-Com Parties Dry Up\"](https:\/\/www.latimes.com\/archives\/la-xpm-2000-dec-25-mn-4559-story.html). *[Los Angeles Times](https:\/\/en.wikipedia.org\/wiki\/Los_Angeles_Times \"Los Angeles Times\")*. [Archived](https:\/\/web.archive.org\/web\/20200613132107\/https:\/\/www.latimes.com\/archives\/la-xpm-2000-dec-25-mn-4559-story.html) from the original on June 13, 2020. Retrieved February 10, 2020.\n22. **[^](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble#cite_ref-22)**\n    Donnelly, Sally B.; Zagorin, Adam (August 14, 2000). [\"D.C. Dotcom\"](http:\/\/content.time.com\/time\/magazine\/article\/0,9171,52073-2,00.html). *[Time](https:\/\/en.wikipedia.org\/wiki\/Time_\$magazine\$ \"Time (magazine)\")*. [Archived](https:\/\/web.archive.org\/web\/20200607165730\/http:\/\/content.time.com\/time\/magazine\/article\/0,9171,52073-2,00.html) from the original on June 7, 2020. 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[ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0-262-51196-4](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0-262-51196-4 \"Special:BookSources\/978-0-262-51196-4\")\n  \n  .\n- Aharon, David Y.; Gavious, Ilanit; Yosef, Rami (2010). \"Stock market bubble effects on mergers and acquisitions\". *The Quarterly Review of Economics and Finance*. **50** (4): 456–70\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/j.qref.2010.05.002](https:\/\/doi.org\/10.1016%2Fj.qref.2010.05.002).\n- Cassidy, John (2009). [*Dot.con: How America Lost Its Mind and Its Money in the Internet Era*](https:\/\/books.google.com\/books?id=jsuZnrzT6YsC). [HarperCollins](https:\/\/en.wikipedia.org\/wiki\/HarperCollins \"HarperCollins\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [9780061841781](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/9780061841781 \"Special:BookSources\/9780061841781\")\n  \n  .\n- Cellan-Jones, Rory (2001). *Dot.Bomb: The Rise and Fall of Dot.com Britain*. Aurum. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-1854107909](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1854107909 \"Special:BookSources\/978-1854107909\")\n  \n  .\n- Daisey, Mike (2014). [*Twenty-one Dog Years: Doing Time at Amazon.com*](https:\/\/books.google.com\/books?id=QhKhAgAAQBAJ). [Free Press](https:\/\/en.wikipedia.org\/wiki\/Free_Press_\$publisher\$ \"Free Press (publisher)\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0-7432-2580-9](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0-7432-2580-9 \"Special:BookSources\/978-0-7432-2580-9\")\n  \n  .\n- Goldfarb, Brent D.; Kirsch, David; Miller, David A. (April 24, 2006). \"Was There Too Little Entry During the Dot Com Era?\". *Robert H. Smith School Research Paper* (RHS 06-029). [SSRN](https:\/\/en.wikipedia.org\/wiki\/SSRN_\$identifier\$ \"SSRN (identifier)\") [899100](https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=899100).\n- Kindleberger, Charles P. (2005). [*Manias, Panics, and Crashes: A History of Financial Crises*](https:\/\/books.google.com\/books?id=nBb-xYi9O-sC). [John Wiley & Sons](https:\/\/en.wikipedia.org\/wiki\/John_Wiley_%26_Sons \"John Wiley & Sons\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [9780230365353](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/9780230365353 \"Special:BookSources\/9780230365353\")\n  \n  .\n  \\[*[permanent dead link](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Link_rot \"Wikipedia:Link rot\")*\\]\n- [Kuo, David](https:\/\/en.wikipedia.org\/wiki\/David_Kuo_\$author\$ \"David Kuo (author)\") (2001). [*dot.bomb: My Days and Nights at an Internet Goliath*](https:\/\/books.google.com\/books?id=SPeYMBXVFGoC). Little, Brown. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0-316-60005-7](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0-316-60005-7 \"Special:BookSources\/978-0-316-60005-7\")\n  \n  .\n- [Lowenstein, Roger](https:\/\/en.wikipedia.org\/wiki\/Roger_Lowenstein \"Roger Lowenstein\") (2004). [*Origins of the Crash: The Great Bubble and Its Undoing*](https:\/\/archive.org\/details\/originsofcrashgr00roge). [Penguin Books](https:\/\/en.wikipedia.org\/wiki\/Penguin_Books \"Penguin Books\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-1-59420-003-8](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-59420-003-8 \"Special:BookSources\/978-1-59420-003-8\")\n  \n  .\n- [Wolff, Michael](https:\/\/en.wikipedia.org\/wiki\/Michael_Wolff_\$journalist\$ \"Michael Wolff (journalist)\") (1999). [*Burn Rate: How I Survived the Gold Rush Years on the Internet*](https:\/\/en.wikipedia.org\/wiki\/Burn_Rate_\$book\$ \"Burn Rate (book)\"). [Orion Publishing Group](https:\/\/en.wikipedia.org\/wiki\/Orion_Publishing_Group \"Orion Publishing Group\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [9780752826066](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/9780752826066 \"Special:BookSources\/9780752826066\")\n  \n  .\n  *[Burn Rate](https:\/\/books.google.com\/books?id=urRaPwAACAAJ)* at [Google Books](https:\/\/en.wikipedia.org\/wiki\/Google_Books \"Google Books\").","meta_canonical":null,"ml_categories_json":"{\"\/Finance\":873,\"\/Finance\/Investing\":865,\"\/Finance\/Investing\/Stocks_and_Bonds\":683,\"\/Internet_and_Telecom\":266,\"\/Business_and_Industrial\":231,\"\/Business_and_Industrial\/Business_Finance\":211,\"\/Internet_and_Telecom\/Web_Services\":205,\"\/Internet_and_Telecom\/Web_Services\/Other\":135,\"\/Business_and_Industrial\/Business_Finance\/Investment_Banking\":126}","ml_types_json":"{\"\/Article\":999,\"\/Article\/Wiki\":808}","ml_intent_types_json":"{\"Informational\":999}","meta_language":"en","attrs_author":null,"attrs_publish_time":0,"attrs_original_publish_time":1375978989,"attrs_is_republished":0,"attrs_nr_words":"8333","attrs_boilerpipe_nr_words":"4924","body_ext_links_number":109,"body_int_links_number":1025,"meta_nofollow":0,"meta_noarchive":0,"props_was_rendered":0,"src_redirect":"","download_time_msec":92,"download_ttfb_msec":59,"download_size":67186}

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From Wikipedia, the free encyclopedia The NASDAQ Composite index spiked in 2000 and then fell sharply as a result of the dot-com bubble. Quarterly U.S. venture capital investments, 1995–2017 The dot-com bubble (or dot-com boom ) was a stock market bubble that developed during the late 1990s and peaked on March 10, 2000. This period of market growth coincided with the widespread adoption of the World Wide Web and the Internet , resulting in a dispensation of available venture capital and the rapid growth of valuations in new dot-com startups . Between 1995 and its peak in March 2000, investments in the Nasdaq Composite stock market index rose by 600%, [ citation needed ] only to fall 78% from its peak by October 2002, giving up all its gains during the bubble. It is also known retrospectively as the tech–media–telecom (TMT) bubble , since it boosted established companies in those sectors as well as Internet startups. During the dot-com crash , many online shopping companies like Pets.com , Webvan , and Boo.com , as well as several communication companies, such as WorldCom , NorthPoint Communications , and Global Crossing , failed and shut down; [ 1 ] [ 2 ] WorldCom was renamed to MCI Inc. in 2003 and was acquired by Verizon in 2006. Others, like Lastminute.com , MP3.com and PeopleSound were bought out. Larger companies like Amazon and Cisco Systems lost large portions of their market capitalization, with Cisco losing 80% of its stock value. [ 2 ] [ 3 ] Historically, the dot-com boom can be seen as similar to a number of other technology-inspired booms of the past, including railroads in the 1840s, automobiles in the 1900s, radio in the 1920s, television in the 1940s, transistor electronics in the 1950s, computer time-sharing in the 1960s, and home computers and biotechnology in the 1980s. [ 4 ] [ failed verification ] Prelude to the bubble [ edit ] The 1993 release of Mosaic and subsequent web browsers during the following years gave computer users access to the World Wide Web , popularizing the use of the Internet. [ 5 ] Internet use increased as a result of the reduction of the " digital divide " and advances in connectivity, uses of the Internet, and computer education. Between 1990 and 1997, the percentage of households in the United States owning computers increased from 15% to 35% as computer ownership progressed from a luxury to a necessity. [ 6 ] This marked the shift to the Information Age , an economy based on information technology , and many new startups were founded as a result of that growth. At the same time, a decline in interest rates increased the availability of capital. [ 7 ] The Taxpayer Relief Act of 1997 , which lowered the top marginal capital gains tax in the United States , also made people more willing to make more speculative investments. [ 8 ] Alan Greenspan , then- Chair of the Federal Reserve , allegedly fueled investments in the stock market by putting a positive spin on stock valuations. [ 9 ] The Telecommunications Act of 1996 was expected to result in many new technologies from which many people wanted to profit. [ 10 ] As a result of these factors, many investors were eager to invest, at any valuation, in any dot-com company , especially if it had one of the Internet-related prefixes or a " .com " suffix in its name. Venture capital was easy to raise. Investment banks , which profited significantly from initial public offerings (IPO) (almost all of them were on Nasdaq), fueled speculation and encouraged investment in technology. [ 11 ] A combination of rapidly increasing stock prices in the quaternary sector of the economy and confidence that the companies would turn future profits created an environment in which many investors were willing to overlook traditional metrics, such as the price–earnings ratio , and base confidence on technological advancements, leading to a stock market bubble . [ 9 ] Between 1995 and 2000, the Nasdaq Composite stock market index rose 400%. It reached a price–earnings ratio of 200, dwarfing the peak price–earnings ratio of 80 for the Japanese Nikkei 225 during the Japanese asset price bubble of 1991. [ 9 ] In 1999, shares of Qualcomm rose in value by 2,619%, 12 other large-cap stocks each rose over 1,000% in value, and seven additional large-cap stocks each rose over 900% in value. Even though the Nasdaq Composite rose 85.6% and the S&P 500 rose 19.5% in 1999, more stocks fell in value than rose in value as investors sold stocks in slower growing companies to invest in Internet stocks. [ 12 ] An unprecedented amount of personal investing occurred during the boom and stories of people quitting their jobs to trade on the financial market were common. [ 13 ] The news media took advantage of the public's desire to invest in the stock market; an article in The Wall Street Journal suggested that investors "re-think" the "quaint idea" of profits, [ 14 ] and CNBC reported on the stock market with the same level of suspense as many networks provided to the broadcasting of sports events . [ 9 ] [ 15 ] At the height of the boom, it was possible for a promising dot-com company to become a public company via an IPO and raise a substantial amount of money even if it had never made a profit—or, in some cases, realized any material revenue or even have a finished product. People who received employee stock options became instant paper millionaires when their companies executed IPOs; however, most employees were barred from selling shares immediately due to lock-up periods . [ 11 ] [ page needed ] The most successful entrepreneurs, such as Mark Cuban , sold their shares or entered into hedges to protect their gains. Sir John Templeton successfully shorted many dot-com stocks at the peak of the bubble during what he called "temporary insanity" and a "once-in-a-lifetime opportunity". He shorted stocks just before the expiration of lockup periods ending six months after initial public offerings, correctly anticipating many dot-com company executives would sell shares as soon as possible, and that large-scale selling would force down share prices. [ 16 ] [ 17 ] Spending tendencies of dot-com companies [ edit ] Dot-com companies spent most of their investments in marketing efforts. Left: A promotional music CD for the Modo pager. Right: The Pets.com sock puppet who turned into a celebrity and symbol of the dot-com bubble Most dot-com companies incurred net operating losses as they spent heavily on advertising and promotions to harness network effects to build market share or mind share as fast as possible, using the mottos "get big fast" and "get large or get lost". These companies offered their services or products for free or at a discount with the expectation that they could build enough brand awareness to charge profitable rates for their services in the future. [ 18 ] [ 19 ] The "growth over profits" mentality and the aura of " new economy " invincibility led some companies to engage in lavish spending on elaborate business facilities and luxury vacations for employees. Upon the launch of a new product or website, a company would organize an expensive event called a dot-com party . [ 20 ] [ 21 ] In the five years after the American Telecommunications Act of 1996 went into effect, telecommunications equipment companies invested more than $500 billion, mostly financed with debt, into laying fiber optic cable, adding new switches, and building wireless networks. [ 10 ] In many areas, such as the Dulles Technology Corridor in Virginia, governments funded technology infrastructure and created favorable business and tax law to encourage companies to expand. [ 22 ] The growth in capacity vastly outstripped the growth in demand. [ 10 ] Spectrum auctions for 3G in the United Kingdom in April 2000, led by Chancellor of the Exchequer Gordon Brown , raised £22.5 billion. [ 23 ] In Germany, in August 2000, the auctions raised £30 billion. [ 24 ] [ 25 ] A 3G spectrum auction in the United States in 1999 had to be re-run when the winners defaulted on their bids of $4 billion. The re-auction netted 10% of the original sales prices. [ 26 ] [ 27 ] When financing became difficult to obtain as the bubble burst, high debt ratios of some companies led to a number of bankruptcies . [ 28 ] Bond investors recovered just over 20% of their investments. [ 29 ] However, several telecom executives sold stock before the crash including Philip Anschutz , who reaped $1.9 billion, Joseph Nacchio , who reaped $248 million, and Gary Winnick , who sold $748 million worth of shares. [ 30 ] Bursting the bubble [ edit ] Historical government interest rates in the United States Nearing the turn of the 2000s, spending on technology was volatile as companies prepared for the Year 2000 problem . There were concerns that computer systems would have trouble changing their clock and calendar systems from 1999 to 2000 which might trigger wider social or economic problems, but there was virtually no impact or disruption due to adequate preparation. [ 31 ] Spending on marketing also reached new heights for the sector: Two dot-com companies purchased ad spots for Super Bowl XXXIII , and 17 dot-com companies bought ad spots the following year for Super Bowl XXXIV . [ 32 ] On January 10, 2000, America Online , led by Steve Case and Ted Leonsis , announced a merger with Time Warner , led by Gerald M. Levin . The merger was the largest to date and was questioned by many analysts. [ 33 ] Then, on January 30, 2000, 12 ads of the 61 ads for Super Bowl XXXIV were purchased by dot-coms (sources state ranges from 12 up to 19 companies depending on the definition of dot-com company ). At that time, the cost for a 30-second commercial was between $1.9 million and $2.2 million. [ 34 ] [ 35 ] Meanwhile, Alan Greenspan , then Chair of the Federal Reserve , raised interest rates several times; these actions were believed by many [ weasel words ] to have caused the bursting of the dot-com bubble. According to Paul Krugman , however, "he didn't raise interest rates to curb the market's enthusiasm; he didn't even seek to impose margin requirements on stock market investors. Instead, [it is alleged] he waited until the bubble burst, as it did in 2000, then tried to clean up the mess afterward". [ 36 ] Finance author and commentator E. Ray Canterbery agreed with Krugman's criticism. [ 37 ] On Friday March 10, 2000, the NASDAQ Composite stock market index peaked at 5,048.62. [ 38 ] However, on March 13, 2000, news that Japan had once again entered a recession triggered a global sell off that disproportionately affected technology stocks. [ 39 ] Soon after, Yahoo! and eBay ended merger talks and the Nasdaq fell 2.6%, but the S&P 500 rose 2.4% as investors shifted from strong performing technology stocks to poor performing established stocks. [ 40 ] On March 20, 2000, Barron's featured a cover article titled "Burning Up; Warning: Internet companies are running out of cash—fast", which predicted the imminent bankruptcy of many Internet companies. [ 41 ] This led many people to rethink their investments. That same day, MicroStrategy announced a revenue restatement due to aggressive accounting practices. Its stock price, which had risen from $7 per share to as high as $333 per share in a year, fell to $140 per share, or 62%, in a day. [ 42 ] The next day, the Federal Reserve raised interest rates, leading to an inverted yield curve , although stocks rallied temporarily. [ 43 ] Tangentially to all of speculation, Judge Thomas Penfield Jackson issued his conclusions of law in the case of United States v. Microsoft Corp. (2001) and ruled that Microsoft was guilty of monopolization and tying in violation of the Sherman Antitrust Act . This led to a one-day 15% decline in the value of shares in Microsoft and a 350-point, or 8%, drop in the value of the Nasdaq. Many people saw the legal actions as bad for technology in general. [ 44 ] That same day, Bloomberg News published a widely read article that stated: "It's time, at last, to pay attention to the numbers". [ 45 ] On Friday, April 14, 2000, the Nasdaq Composite index fell 9%, ending a week in which it fell 25%. Investors were forced to sell stocks ahead of Tax Day , the due date to pay taxes on gains realized in the previous year. [ 46 ] By June 2000, dot-com companies were forced to reevaluate their spending on advertising campaigns. [ 47 ] On November 9, 2000, Pets.com , a much-hyped company that had backing from Amazon.com, went out of business only nine months after completing its IPO. [ 48 ] [ 49 ] By that time, most Internet stocks had declined in value by 75% from their highs, wiping out $1.755 trillion in value. [ 50 ] In January 2001, just three dot-com companies bought advertising spots during Super Bowl XXXV . [ 51 ] The September 11 attacks accelerated the stock-market drop. [ 52 ] Investor confidence was further eroded by several accounting scandals and the resulting bankruptcies, including the Enron scandal in October 2001, the WorldCom scandal in June 2002, [ 53 ] and the Adelphia Communications Corporation scandal in July 2002. [ 54 ] By the end of the stock market downturn of 2002 , stocks had lost $5 trillion in market capitalization since the peak. [ 55 ] At its trough on October 9, 2002, the NASDAQ-100 had dropped to 1,114, down 78% from its peak. [ 56 ] [ 57 ] After venture capital was no longer available, the operational mentality of executives and investors completely changed. A dot-com company's lifespan was measured by its burn rate , the rate at which it spent its existing capital. Many dot-com companies ran out of capital and went through liquidation . Supporting industries, such as advertising and shipping, scaled back their operations as demand for services fell. However, many companies were able to endure the crash; 48% of dot-com companies survived through 2004, albeit at lower valuations. [ 18 ] Several companies and their executives, including Bernard Ebbers , Jeffrey Skilling , and Kenneth Lay , were accused or convicted of fraud for misusing shareholders' money, and the U.S. Securities and Exchange Commission levied large fines against investment firms including Citigroup and Merrill Lynch for misleading investors. [ 58 ] After suffering losses, retail investors transitioned their investment portfolios to more cautious positions. [ 59 ] Popular Internet forums that focused on high tech stocks, such as Silicon Investor , Yahoo! Finance , and The Motley Fool declined in use significantly. [ 60 ] Job market and office equipment glut [ edit ] Layoffs of programmers resulted in a general glut in the job market. University enrollment for computer-related degrees dropped noticeably. [ 61 ] [ 62 ] Aeron chairs , which retailed for $1,100 each, were liquidated en masse. [ 63 ] As growth in the technology sector stabilized, companies consolidated; some, such as Amazon.com , eBay , Nvidia and Google , gained market share and came to dominate their respective fields. The most valuable public companies are now generally in the technology sector. [ citation needed ] In a 2015 book, venture capitalist Fred Wilson , who funded many dot-com companies and lost 90% of his net worth when the bubble burst, said about the dot-com bubble: A friend of mine has a great line. He says "Nothing important has ever been built without irrational exuberance ." Meaning that you need some of this mania to cause investors to open up their pocketbooks and finance the building of the railroads or the automobile or aerospace industry or whatever. And in this case, much of the capital invested was lost, but also much of it was invested in a very high throughput backbone for the Internet, and lots of software that works, and databases and server structure. All that stuff has allowed what we have today, which has changed all our lives... that's what all this speculative mania built. [ 64 ] AI boom AI bubble Cryptocurrency bubble List of stock market crashes and bear markets Stock market crash ^ "The greatest defunct Web sites and dotcom disasters" . CNET . June 5, 2008. Archived from the original on August 28, 2019 . Retrieved February 10, 2020 . ^ a b Kumar, Rajesh (December 5, 2015). Valuation: Theories and Concepts . Elsevier . p. 25. ^ Powell, Jamie (March 8, 2021). "Investors should not dismiss Cisco's dot com collapse as a historical anomaly" . Financial Times . Archived from the original on December 10, 2022 . Retrieved April 6, 2022 . ^ Edwards, Jim (December 6, 2016). 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Fast Company . Archived from the original on March 2, 2020 . Retrieved March 2, 2020 . ^ Johnson, Tom (January 10, 2000). "Thats AOL folks" . CNN . Archived from the original on December 11, 2017 . Retrieved October 29, 2018 . ^ Pender, Kathleen (September 13, 2000). "Dot-Com Super Bowl Advertisers Fumble / But Down Under, LifeMinders.com may win at Olympics" . San Francisco Chronicle . Archived from the original on March 2, 2020 . Retrieved March 2, 2020 . ^ Kircher, Madison Malone (February 3, 2019). "Revisiting the Ads From 2000's 'Dot-Com Super Bowl' " . New York . Archived from the original on March 2, 2020 . Retrieved March 2, 2020 . ^ Krugman, Paul (2009). The Return of Depression Economics and the Crisis of 2008 . W.W. Norton. p. 142 . ISBN 978-0-393-33780-8 . ^ Canterbery, E. Ray (2013). The Global Great Recession . World Scientific. pp. 123– 135. ISBN 978-981-4322-76-8 . ^ Long, Tony (March 10, 2010). "March 10, 2000: Pop Goes the Nasdaq!" . Wired . Archived from the original on March 8, 2018 . Retrieved March 8, 2018 . ^ "Nasdaq tumbles on Japan" . CNN . March 13, 2000. Archived from the original on October 30, 2018 . Retrieved October 29, 2018 . ^ "Dow wows Wall Street" . CNN . March 15, 2000. Archived from the original on October 30, 2018 . Retrieved October 29, 2018 . ^ Willoughby, Jack (March 10, 2010). "Burning Up; Warning: Internet companies are running out of cash—fast" . Barron's . Archived from the original on March 30, 2018 . Retrieved March 30, 2018 . ^ "MicroStrategy plummets" . CNN . March 20, 2000. Archived from the original on October 11, 2018 . Retrieved October 29, 2018 . ^ "Wall St.: What rate hike?" . CNN . March 21, 2000. Archived from the original on October 11, 2018 . Retrieved October 29, 2018 . ^ "Nasdaq sinks 350 points" . CNN . April 3, 2000. Archived from the original on August 11, 2018 . Retrieved October 29, 2018 . ^ Yang, Catherine (April 3, 2000). "Commentary: Earth To Dot Com Accountants" . Bloomberg News . Archived from the original on May 25, 2017 . Retrieved May 4, 2017 . ^ "Bleak Friday on Wall Street" . CNN . April 14, 2000. Archived from the original on November 27, 2020 . Retrieved February 10, 2020 . ^ Owens, Jennifer (June 19, 2000). "IQ News: Dot-Coms Re-Evaluate Ad Spending Habits" . AdWeek . Archived from the original on May 25, 2017. ^ "Pets.com at its tail end" . CNN . November 7, 2000. Archived from the original on July 27, 2018 . Retrieved October 29, 2018 . ^ "The Pets.com Phenomenon" . MSNBC . October 19, 2016. Archived from the original on June 12, 2018 . Retrieved June 28, 2018 . ^ Kleinbard, David (November 9, 2000). "The $1.7 trillion dot.com lesson" . CNN . Archived from the original on October 24, 2018 . Retrieved October 29, 2018 . ^ Elliott, Stuart (January 8, 2001). "In Super Commercial Bowl XXXV, the not-coms are beating the dot-coms" . The New York Times . Archived from the original on August 31, 2017 . Retrieved August 26, 2017 . ^ "World markets shatter" . CNN . September 11, 2001. Archived from the original on September 20, 2020 . Retrieved February 10, 2020 . ^ Beltran, Luisa (July 22, 2002). "WorldCom files largest bankruptcy ever" . CNN . Archived from the original on October 30, 2018 . Retrieved October 29, 2018 . ^ "SEC Charges Adelphia and Rigas Family With Massive Financial Fraud" . www.sec.gov . Archived from the original on November 9, 2010 . Retrieved April 18, 2021 . ^ Gaither, Chris; Chmielewski, Dawn C. (July 16, 2006). "Fears of Dot-Com Crash, Version 2.0" . Los Angeles Times . Archived from the original on December 18, 2019 . Retrieved February 10, 2020 . ^ Glassman, James K. (February 11, 2015). "3 Lessons for Investors From the Tech Bubble" . Kiplinger's Personal Finance . Archived from the original on April 4, 2020 . Retrieved February 10, 2020 . ^ Alden, Chris (March 10, 2005). "Looking back on the crash" . The Guardian . Archived from the original on January 4, 2018 . Retrieved March 30, 2018 . ^ "Ex-WorldCom CEO Ebbers found guilty on all counts – Mar. 15, 2005" . CNN . Archived from the original on July 3, 2018 . Retrieved June 20, 2021 . ^ Reuteman, Rob (August 9, 2010). "Hard Times Investing: For Some, Cash Is Everything And Only Thing" . CNBC . Archived from the original on May 25, 2017 . Retrieved September 9, 2017 . ^ Forster, Stacy (January 31, 2001). "Raging Bull Goes for a Bargain As Interest in Stock Chat Wanes" . The Wall Street Journal . Archived from the original on December 9, 2018 . Retrieved December 9, 2018 . ^ desJardins, Marie (October 22, 2015). "The real reason U.S. students lag behind in computer science" . Fortune . Archived from the original on March 7, 2020 . Retrieved February 10, 2020 . ^ Mann, Amar; Nunes, Tony (2009). "After the Dot-Com Bubble: Silicon Valley High-Tech Employment And Wages in 2001 and 2008" . Bureau of Labor Statistics . Archived from the original on November 16, 2018 . Retrieved April 14, 2017 . ^ Kennedy, Brian (September 15, 2006). "Remembering the Dot-Com Throne" . New York . Archived from the original on June 6, 2020 . Retrieved February 10, 2020 . ^ Donnelly, Jacob (February 14, 2016). "Here's what the future of bitcoin looks like—and it's bright" . VentureBeat . Archived from the original on April 15, 2017 . Retrieved April 14, 2017 . Abramson, Bruce (2005). Digital Phoenix; Why the Information Economy Collapsed and How it Will Rise Again . MIT Press . ISBN 978-0-262-51196-4 . Aharon, David Y.; Gavious, Ilanit; Yosef, Rami (2010). "Stock market bubble effects on mergers and acquisitions". The Quarterly Review of Economics and Finance . 50 (4): 456– 70. doi : 10.1016/j.qref.2010.05.002 . Cassidy, John (2009). Dot.con: How America Lost Its Mind and Its Money in the Internet Era . HarperCollins . ISBN 9780061841781 . Cellan-Jones, Rory (2001). Dot.Bomb: The Rise and Fall of Dot.com Britain . Aurum. ISBN 978-1854107909 . Daisey, Mike (2014). Twenty-one Dog Years: Doing Time at Amazon.com . Free Press . ISBN 978-0-7432-2580-9 . Goldfarb, Brent D.; Kirsch, David; Miller, David A. (April 24, 2006). "Was There Too Little Entry During the Dot Com Era?". Robert H. Smith School Research Paper (RHS 06-029). SSRN 899100 . Kindleberger, Charles P. (2005). Manias, Panics, and Crashes: A History of Financial Crises . John Wiley & Sons . ISBN 9780230365353 . [ permanent dead link ] Kuo, David (2001). dot.bomb: My Days and Nights at an Internet Goliath . Little, Brown. ISBN 978-0-316-60005-7 . Lowenstein, Roger (2004). Origins of the Crash: The Great Bubble and Its Undoing . Penguin Books . ISBN 978-1-59420-003-8 . Wolff, Michael (1999). Burn Rate: How I Survived the Gold Rush Years on the Internet . Orion Publishing Group . ISBN 9780752826066 . Burn Rate at Google Books .

Markdown

[Jump to content](https://en.wikipedia.org/wiki/Dot-com_bubble#bodyContent) Main menu Main menu move to sidebar hide Navigation - [Main page](https://en.wikipedia.org/wiki/Main_Page "Visit the main page [z]") - [Contents](https://en.wikipedia.org/wiki/Wikipedia:Contents "Guides to browsing Wikipedia") - [Current events](https://en.wikipedia.org/wiki/Portal:Current_events "Articles related to current events") - [Random article](https://en.wikipedia.org/wiki/Special:Random "Visit a randomly selected article [x]") - [About Wikipedia](https://en.wikipedia.org/wiki/Wikipedia:About "Learn about Wikipedia and how it works") - [Contact us](https://en.wikipedia.org/wiki/Wikipedia:Contact_us "How to contact Wikipedia") Contribute - [Help](https://en.wikipedia.org/wiki/Help:Contents "Guidance on how to use and edit Wikipedia") - [Learn to edit](https://en.wikipedia.org/wiki/Help:Introduction "Learn how to edit Wikipedia") - [Community portal](https://en.wikipedia.org/wiki/Wikipedia:Community_portal "The hub for editors") - [Recent changes](https://en.wikipedia.org/wiki/Special:RecentChanges "A list of recent changes to Wikipedia [r]") - [Upload file](https://en.wikipedia.org/wiki/Wikipedia:File_upload_wizard "Add images or other media for use on Wikipedia") - [Special pages](https://en.wikipedia.org/wiki/Special:SpecialPages "A list of all special pages [q]") [![](https://en.wikipedia.org/static/images/icons/enwiki-25.svg) ![Wikipedia](https://en.wikipedia.org/static/images/mobile/copyright/wikipedia-wordmark-en-25.svg) ![The Free Encyclopedia](https://en.wikipedia.org/static/images/mobile/copyright/wikipedia-tagline-en-25.svg)](https://en.wikipedia.org/wiki/Main_Page) [Search](https://en.wikipedia.org/wiki/Special:Search "Search Wikipedia [f]") Appearance - [Donate](https://donate.wikimedia.org/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en) - [Create account](https://en.wikipedia.org/w/index.php?title=Special:CreateAccount&returnto=Dot-com+bubble "You are encouraged to create an account and log in; however, it is not mandatory") - [Log in](https://en.wikipedia.org/w/index.php?title=Special:UserLogin&returnto=Dot-com+bubble "You're encouraged to log in; however, it's not mandatory. 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[o]") ## Contents move to sidebar hide - [(Top)](https://en.wikipedia.org/wiki/Dot-com_bubble) - [1 Background](https://en.wikipedia.org/wiki/Dot-com_bubble#Background) - [2 Prelude to the bubble](https://en.wikipedia.org/wiki/Dot-com_bubble#Prelude_to_the_bubble) - [3 The bubble](https://en.wikipedia.org/wiki/Dot-com_bubble#The_bubble) Toggle The bubble subsection - [3\.1 Spending tendencies of dot-com companies](https://en.wikipedia.org/wiki/Dot-com_bubble#Spending_tendencies_of_dot-com_companies) - [3\.2 Bubble in telecom](https://en.wikipedia.org/wiki/Dot-com_bubble#Bubble_in_telecom) - [4 Bursting the bubble](https://en.wikipedia.org/wiki/Dot-com_bubble#Bursting_the_bubble) - [5 Aftermath](https://en.wikipedia.org/wiki/Dot-com_bubble#Aftermath) Toggle Aftermath subsection - [5\.1 Job market and office equipment glut](https://en.wikipedia.org/wiki/Dot-com_bubble#Job_market_and_office_equipment_glut) - [5\.2 Legacy](https://en.wikipedia.org/wiki/Dot-com_bubble#Legacy) - [6 See also](https://en.wikipedia.org/wiki/Dot-com_bubble#See_also) - [7 References](https://en.wikipedia.org/wiki/Dot-com_bubble#References) - [8 Further reading](https://en.wikipedia.org/wiki/Dot-com_bubble#Further_reading) Toggle the table of contents # Dot-com bubble 45 languages - [Afrikaans](https://af.wikipedia.org/wiki/Dot-comvoorspoedgolf "Dot-comvoorspoedgolf – Afrikaans") - [العربية](https://ar.wikipedia.org/wiki/%D9%81%D9%82%D8%A7%D8%B9%D8%A9_%D8%A7%D9%84%D8%A5%D9%86%D8%AA%D8%B1%D9%86%D8%AA "فقاعة الإنترنت – Arabic") - [Azərbaycanca](https://az.wikipedia.org/wiki/Dotkom_k%C3%B6p%C3%BCy%C3%BC "Dotkom köpüyü – Azerbaijani") - [Башҡортса](https://ba.wikipedia.org/wiki/%D0%94%D0%BE%D1%82%D0%BA%D0%BE%D0%BC%D0%B4%D0%B0%D1%80_%D2%A1%D1%8B%D1%83%D1%8B%D2%93%D1%8B "Доткомдар ҡыуығы – Bashkir") - [Беларуская (тарашкевіца)](https://be-tarask.wikipedia.org/wiki/%D0%91%D1%83%D1%80%D0%B1%D0%B0%D0%BB%D0%BA%D0%B0_%D0%B4%D0%B0%D1%82%D0%BA%D0%BE%D0%BC%D0%B0%D1%9E "Бурбалка даткомаў – Belarusian (Taraškievica orthography)") - [Беларуская](https://be.wikipedia.org/wiki/%D0%91%D1%83%D1%80%D0%B1%D0%B0%D0%BB%D0%BA%D0%B0_%D0%B4%D0%B0%D1%82%D0%BA%D0%BE%D0%BC%D0%B0%D1%9E "Бурбалка даткомаў – Belarusian") - [Български](https://bg.wikipedia.org/wiki/%D0%94%D0%BE%D1%82-%D0%BA%D0%BE%D0%BC_%D0%B1%D0%B0%D0%BB%D0%BE%D0%BD "Дот-ком балон – Bulgarian") - [Banjar](https://bjn.wikipedia.org/wiki/Burinik_dot-com "Burinik dot-com – Banjar") - [বাংলা](https://bn.wikipedia.org/wiki/%E0%A6%A1%E0%A6%9F-%E0%A6%95%E0%A6%AE_%E0%A6%AC%E0%A7%81%E0%A6%A6%E0%A7%8D%E0%A6%AC%E0%A7%81%E0%A6%A6 "ডট-কম বুদ্বুদ – Bangla") - [Català](https://ca.wikipedia.org/wiki/Bombolla_puntcom "Bombolla puntcom – Catalan") - [Čeština](https://cs.wikipedia.org/wiki/Internetov%C3%A1_hore%C4%8Dka "Internetová horečka – Czech") - [Dansk](https://da.wikipedia.org/wiki/IT-boblen "IT-boblen – Danish") - [Deutsch](https://de.wikipedia.org/wiki/Dotcom-Blase "Dotcom-Blase – German") - [Ελληνικά](https://el.wikipedia.org/wiki/%CE%A6%CE%BF%CF%8D%CF%83%CE%BA%CE%B1_%CF%84%CF%89%CE%BD_Dot_Com "Φούσκα των Dot Com – Greek") - [Español](https://es.wikipedia.org/wiki/Burbuja_puntocom "Burbuja puntocom – Spanish") - [Euskara](https://eu.wikipedia.org/wiki/Puntucomen_burbuila "Puntucomen burbuila – Basque") - [فارسی](https://fa.wikipedia.org/wiki/%D8%AD%D8%A8%D8%A7%D8%A8_%D8%AF%D8%A7%D8%AA-%DA%A9%D8%A7%D9%85 "حباب دات-کام – Persian") - [Suomi](https://fi.wikipedia.org/wiki/IT-kupla "IT-kupla – Finnish") - [Français](https://fr.wikipedia.org/wiki/Bulle_Internet "Bulle Internet – French") - [עברית](https://he.wikipedia.org/wiki/%D7%91%D7%95%D7%A2%D7%AA_%D7%94%D7%93%D7%95%D7%98-%D7%A7%D7%95%D7%9D "בועת הדוט-קום – Hebrew") - [Magyar](https://hu.wikipedia.org/wiki/Dotkomlufi "Dotkomlufi – Hungarian") - [Bahasa Indonesia](https://id.wikipedia.org/wiki/Gelembung_dot-com "Gelembung dot-com – Indonesian") - [Íslenska](https://is.wikipedia.org/wiki/Netb%C3%B3lan "Netbólan – Icelandic") - [Italiano](https://it.wikipedia.org/wiki/Bolla_delle_dot-com "Bolla delle dot-com – Italian") - [日本語](https://ja.wikipedia.org/wiki/%E3%82%A4%E3%83%B3%E3%82%BF%E3%83%BC%E3%83%8D%E3%83%83%E3%83%88%E3%83%BB%E3%83%90%E3%83%96%E3%83%AB "インターネット・バブル – Japanese") - [한국어](https://ko.wikipedia.org/wiki/%EB%8B%B7%EC%BB%B4_%EB%B2%84%EB%B8%94 "닷컴 버블 – Korean") - [Lietuvių](https://lt.wikipedia.org/wiki/Interneto_bendrovi%C5%B3_burbulas "Interneto bendrovių burbulas – Lithuanian") - [മലയാളം](https://ml.wikipedia.org/wiki/%E0%B4%A1%E0%B5%8B%E0%B4%9F%E0%B5%8D%E0%B4%9F%E0%B5%8D%E2%80%8C%E0%B4%95%E0%B5%8B%E0%B4%82_%E0%B4%95%E0%B5%81%E0%B4%AE%E0%B4%BF%E0%B4%B3 "ഡോട്ട്‌കോം കുമിള – Malayalam") - [Bahasa Melayu](https://ms.wikipedia.org/wiki/Gelembung_dot-com "Gelembung dot-com – Malay") - [မြန်မာဘာသာ](https://my.wikipedia.org/wiki/%E1%80%92%E1%80%B1%E1%80%AB%E1%80%B7%E1%80%80%E1%80%BD%E1%80%94%E1%80%BA%E1%80%B8_%E1%80%98%E1%80%95%E1%80%BA%E1%80%98%E1%80%9A%E1%80%BA%E1%80%9C%E1%80%BA "ဒေါ့ကွန်း ဘပ်ဘယ်လ် – Burmese") - [Nederlands](https://nl.wikipedia.org/wiki/Internetzeepbel "Internetzeepbel – Dutch") - [Norsk bokmål](https://no.wikipedia.org/wiki/Dot_com-boblen "Dot com-boblen – Norwegian Bokmål") - [Polski](https://pl.wikipedia.org/wiki/Ba%C5%84ka_internetowa "Bańka internetowa – Polish") - [Português](https://pt.wikipedia.org/wiki/Bolha_da_Internet "Bolha da Internet – Portuguese") - [Română](https://ro.wikipedia.org/wiki/Bula_dot-com "Bula dot-com – Romanian") - [Русский](https://ru.wikipedia.org/wiki/%D0%9F%D1%83%D0%B7%D1%8B%D1%80%D1%8C_%D0%B4%D0%BE%D1%82%D0%BA%D0%BE%D0%BC%D0%BE%D0%B2 "Пузырь доткомов – Russian") - [Slovenčina](https://sk.wikipedia.org/wiki/Internetov%C3%A1_akciov%C3%A1_bublina "Internetová akciová bublina – Slovak") - [Svenska](https://sv.wikipedia.org/wiki/IT-bubblan "IT-bubblan – Swedish") - [ไทย](https://th.wikipedia.org/wiki/%E0%B8%A0%E0%B8%B2%E0%B8%A7%E0%B8%B0%E0%B9%80%E0%B8%A8%E0%B8%A3%E0%B8%A9%E0%B8%90%E0%B8%81%E0%B8%B4%E0%B8%88%E0%B8%9F%E0%B8%AD%E0%B8%87%E0%B8%AA%E0%B8%9A%E0%B8%B9%E0%B9%88%E0%B8%94%E0%B8%AD%E0%B8%95%E0%B8%84%E0%B8%AD%E0%B8%A1 "ภาวะเศรษฐกิจฟองสบู่ดอตคอม – Thai") - [Türkçe](https://tr.wikipedia.org/wiki/Dot-com_balonu "Dot-com balonu – Turkish") - [Українська](https://uk.wikipedia.org/wiki/%D0%91%D1%83%D0%BB%D1%8C%D0%B1%D0%B0%D1%88%D0%BA%D0%B0_%D0%B4%D0%BE%D1%82%D0%BA%D0%BE%D0%BC%D1%96%D0%B2 "Бульбашка доткомів – Ukrainian") - [Tiếng Việt](https://vi.wikipedia.org/wiki/Bong_b%C3%B3ng_dot-com "Bong bóng dot-com – Vietnamese") - [吴语](https://wuu.wikipedia.org/wiki/%E4%BA%92%E8%81%94%E7%BD%91%E6%B3%A1%E6%B2%AB "互联网泡沫 – Wu") - [粵語](https://zh-yue.wikipedia.org/wiki/%E7%A7%91%E7%B6%B2%E6%B3%A1%E6%B2%AB "科網泡沫 – Cantonese") - [中文](https://zh.wikipedia.org/wiki/%E4%BA%92%E8%81%AF%E7%B6%B2%E6%B3%A1%E6%B2%AB "互聯網泡沫 – Chinese") [Edit links](https://www.wikidata.org/wiki/Special:EntityPage/Q79721#sitelinks-wikipedia "Edit interlanguage links") - [Article](https://en.wikipedia.org/wiki/Dot-com_bubble "View the content page [c]") - [Talk](https://en.wikipedia.org/wiki/Talk:Dot-com_bubble "Discuss improvements to the content page [t]") English - [Read](https://en.wikipedia.org/wiki/Dot-com_bubble) - [Edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit "Edit this page [e]") - [View history](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=history "Past revisions of this page [h]") Tools Tools move to sidebar hide Actions - 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[Get shortened URL](https://en.wikipedia.org/w/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FDot-com_bubble) Print/export - [Download as PDF](https://en.wikipedia.org/w/index.php?title=Special:DownloadAsPdf&page=Dot-com_bubble&action=show-download-screen "Download this page as a PDF file") - [Printable version](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&printable=yes "Printable version of this page [p]") In other projects - [Wikimedia Commons](https://commons.wikimedia.org/wiki/Category:Dot-com_bubble) - [Wikidata item](https://www.wikidata.org/wiki/Special:EntityPage/Q79721 "Structured data on this page hosted by Wikidata [g]") Appearance move to sidebar hide From Wikipedia, the free encyclopedia Tech stock speculative craze, c. 1995–2003 [![](https://upload.wikimedia.org/wikipedia/commons/thumb/8/84/Nasdaq_Composite_dot-com_bubble.svg/330px-Nasdaq_Composite_dot-com_bubble.svg.png)](https://en.wikipedia.org/wiki/File:Nasdaq_Composite_dot-com_bubble.svg) The [NASDAQ Composite](https://en.wikipedia.org/wiki/NASDAQ_Composite "NASDAQ Composite") index spiked in 2000 and then fell sharply as a result of the dot-com bubble. [![](https://upload.wikimedia.org/wikipedia/commons/thumb/5/50/US_VC_funding.png/330px-US_VC_funding.png)](https://en.wikipedia.org/wiki/File:US_VC_funding.png) Quarterly U.S. venture capital investments, 1995–2017 The **dot-com bubble** (or **dot-com boom**) was a [stock market bubble](https://en.wikipedia.org/wiki/Stock_market_bubble "Stock market bubble") that developed during the late 1990s and peaked on March 10, 2000. This period of market growth coincided with the widespread adoption of the [World Wide Web](https://en.wikipedia.org/wiki/World_Wide_Web "World Wide Web") and the [Internet](https://en.wikipedia.org/wiki/Internet "Internet"), resulting in a dispensation of available [venture capital](https://en.wikipedia.org/wiki/Venture_capital "Venture capital") and the rapid growth of valuations in new dot-com [startups](https://en.wikipedia.org/wiki/Startup_company "Startup company"). Between 1995 and its peak in March 2000, investments in the [Nasdaq Composite](https://en.wikipedia.org/wiki/Nasdaq_Composite "Nasdaq Composite") stock market index rose by 600%,\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] only to fall 78% from its peak by October 2002, giving up all its gains during the bubble. It is also known retrospectively as the **tech–media–telecom (TMT) bubble**, since it boosted established companies in those sectors as well as Internet startups. During the **dot-com crash**, many [online shopping](https://en.wikipedia.org/wiki/Online_shopping "Online shopping") companies like [Pets.com](https://en.wikipedia.org/wiki/Pets.com "Pets.com"), [Webvan](https://en.wikipedia.org/wiki/Webvan "Webvan"), and [Boo.com](https://en.wikipedia.org/wiki/Boo.com "Boo.com"), as well as several communication companies, such as [WorldCom](https://en.wikipedia.org/wiki/WorldCom "WorldCom"), [NorthPoint Communications](https://en.wikipedia.org/wiki/NorthPoint_Communications "NorthPoint Communications"), and [Global Crossing](https://en.wikipedia.org/wiki/Global_Crossing "Global Crossing"), failed and shut down;[\[1\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-1)[\[2\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-valuation-2) WorldCom was renamed to MCI Inc. in 2003 and was acquired by [Verizon](https://en.wikipedia.org/wiki/Verizon "Verizon") in 2006. Others, like [Lastminute.com](https://en.wikipedia.org/wiki/Lastminute.com "Lastminute.com"), [MP3.com](https://en.wikipedia.org/wiki/MP3.com "MP3.com") and [PeopleSound](https://en.wikipedia.org/wiki/PeopleSound "PeopleSound") were bought out. Larger companies like [Amazon](https://en.wikipedia.org/wiki/Amazon_$company$ "Amazon (company)") and [Cisco Systems](https://en.wikipedia.org/wiki/Cisco_Systems "Cisco Systems") lost large portions of their market capitalization, with Cisco losing 80% of its stock value.[\[2\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-valuation-2)[\[3\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-3) ## Background \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=1 "Edit section: Background")\] Historically, the dot-com boom can be seen as similar to a number of other technology-inspired booms of the past, including [railroads](https://en.wikipedia.org/wiki/Railway_mania "Railway mania") in the 1840s, [automobiles](https://en.wikipedia.org/wiki/Automobile "Automobile") in the 1900s, [radio](https://en.wikipedia.org/wiki/Radio "Radio") in the 1920s, [television](https://en.wikipedia.org/wiki/Television "Television") in the 1940s, [transistor](https://en.wikipedia.org/wiki/Transistor "Transistor") electronics in the 1950s, computer time-sharing in the 1960s, and [home computers](https://en.wikipedia.org/wiki/Home_computer "Home computer") and [biotechnology](https://en.wikipedia.org/wiki/Biotechnology "Biotechnology") in the 1980s.[\[4\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-4)\[*[failed verification](https://en.wikipedia.org/wiki/Wikipedia:Verifiability "Wikipedia:Verifiability")*\] ## Prelude to the bubble \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=2 "Edit section: Prelude to the bubble")\] See also: [1990s United States boom](https://en.wikipedia.org/wiki/1990s_United_States_boom "1990s United States boom") The 1993 release of [Mosaic](https://en.wikipedia.org/wiki/Mosaic_$web_browser$ "Mosaic (web browser)") and subsequent [web browsers](https://en.wikipedia.org/wiki/Web_browser "Web browser") during the following years gave computer users access to the [World Wide Web](https://en.wikipedia.org/wiki/World_Wide_Web "World Wide Web"), popularizing the use of the Internet.[\[5\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-5) Internet use increased as a result of the reduction of the "[digital divide](https://en.wikipedia.org/wiki/Digital_divide "Digital divide")" and advances in connectivity, uses of the Internet, and computer education. Between 1990 and 1997, the percentage of households in the United States owning computers increased from 15% to 35% as computer ownership progressed from a luxury to a necessity.[\[6\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-6) This marked the shift to the [Information Age](https://en.wikipedia.org/wiki/Information_Age "Information Age"), an economy based on [information technology](https://en.wikipedia.org/wiki/Information_technology "Information technology"), and many new startups were founded as a result of that growth. At the same time, a decline in interest rates increased the availability of capital.[\[7\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-7) The [Taxpayer Relief Act of 1997](https://en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997 "Taxpayer Relief Act of 1997"), which lowered the top marginal [capital gains tax in the United States](https://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States "Capital gains tax in the United States"), also made people more willing to make more speculative investments.[\[8\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-8) [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan"), then-[Chair of the Federal Reserve](https://en.wikipedia.org/wiki/Chair_of_the_Federal_Reserve "Chair of the Federal Reserve"), allegedly fueled investments in the stock market by putting a positive spin on stock valuations.[\[9\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-enigma-9) The [Telecommunications Act of 1996](https://en.wikipedia.org/wiki/Telecommunications_Act_of_1996 "Telecommunications Act of 1996") was expected to result in many new technologies from which many people wanted to profit.[\[10\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-now-10) ## The bubble \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=3 "Edit section: The bubble")\] As a result of these factors, many investors were eager to invest, at any valuation, in any [dot-com company](https://en.wikipedia.org/wiki/Dot-com_company "Dot-com company"), especially if it had one of the [Internet-related prefixes](https://en.wikipedia.org/wiki/Internet-related_prefixes "Internet-related prefixes") or a "[.com](https://en.wikipedia.org/wiki/.com ".com")" [suffix](https://en.wikipedia.org/wiki/Suffix "Suffix") in its name. [Venture capital](https://en.wikipedia.org/wiki/Venture_capital "Venture capital") was easy to raise. [Investment banks](https://en.wikipedia.org/wiki/Investment_bank "Investment bank"), which profited significantly from [initial public offerings](https://en.wikipedia.org/wiki/Initial_public_offering "Initial public offering") (IPO) (almost all of them were on Nasdaq), fueled speculation and encouraged investment in technology.[\[11\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-swindle-11) A combination of rapidly increasing stock prices in the [quaternary sector of the economy](https://en.wikipedia.org/wiki/Quaternary_sector_of_the_economy "Quaternary sector of the economy") and confidence that the companies would turn future profits created an environment in which many investors were willing to overlook traditional metrics, such as the [price–earnings ratio](https://en.wikipedia.org/wiki/Price%E2%80%93earnings_ratio "Price–earnings ratio"), and base confidence on technological advancements, leading to a [stock market bubble](https://en.wikipedia.org/wiki/Stock_market_bubble "Stock market bubble").[\[9\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-enigma-9) Between 1995 and 2000, the Nasdaq Composite stock market index rose 400%. It reached a price–earnings ratio of 200, dwarfing the peak price–earnings ratio of 80 for the Japanese [Nikkei 225](https://en.wikipedia.org/wiki/Nikkei_225 "Nikkei 225") during the [Japanese asset price bubble](https://en.wikipedia.org/wiki/Japanese_asset_price_bubble "Japanese asset price bubble") of 1991.[\[9\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-enigma-9) In 1999, shares of [Qualcomm](https://en.wikipedia.org/wiki/Qualcomm "Qualcomm") rose in value by 2,619%, 12 other large-cap stocks each rose over 1,000% in value, and seven additional large-cap stocks each rose over 900% in value. Even though the Nasdaq Composite rose 85.6% and the [S\&P 500](https://en.wikipedia.org/wiki/S%26P_500 "S&P 500") rose 19.5% in 1999, more stocks fell in value than rose in value as investors sold stocks in slower growing companies to invest in Internet stocks.[\[12\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-12) An unprecedented amount of personal investing occurred during the boom and stories of people quitting their jobs to trade on the financial market were common.[\[13\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-13) The [news media](https://en.wikipedia.org/wiki/News_media "News media") took advantage of the public's desire to invest in the stock market; an article in *[The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal")* suggested that investors "re-think" the "quaint idea" of profits,[\[14\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-14) and [CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC") reported on the stock market with the same level of suspense as many networks provided to the [broadcasting of sports events](https://en.wikipedia.org/wiki/Broadcasting_of_sports_events "Broadcasting of sports events").[\[9\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-enigma-9)[\[15\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-15) At the height of the boom, it was possible for a promising dot-com company to become a [public company](https://en.wikipedia.org/wiki/Public_company "Public company") via an IPO and raise a substantial amount of money even if it had never made a profit—or, in some cases, realized any material revenue or even have a finished product. People who received [employee stock options](https://en.wikipedia.org/wiki/Employee_stock_option "Employee stock option") became instant paper millionaires when their companies executed IPOs; however, most employees were barred from selling shares immediately due to [lock-up periods](https://en.wikipedia.org/wiki/Lock-up_period "Lock-up period").[\[11\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-swindle-11)\[*[page needed](https://en.wikipedia.org/wiki/Wikipedia:Citing_sources "Wikipedia:Citing sources")*\] The most successful entrepreneurs, such as [Mark Cuban](https://en.wikipedia.org/wiki/Mark_Cuban "Mark Cuban"), sold their shares or entered into [hedges](https://en.wikipedia.org/wiki/Hedge_$finance$ "Hedge (finance)") to protect their gains. [Sir John Templeton](https://en.wikipedia.org/wiki/Sir_John_Templeton "Sir John Templeton") successfully [shorted](https://en.wikipedia.org/wiki/Short_$finance$ "Short (finance)") many dot-com stocks at the peak of the bubble during what he called "temporary insanity" and a "once-in-a-lifetime opportunity". He shorted stocks just before the expiration of lockup periods ending six months after initial public offerings, correctly anticipating many dot-com company executives would sell shares as soon as possible, and that large-scale selling would force down share prices.[\[16\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-16)[\[17\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-17) ### Spending tendencies of dot-com companies \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=4 "Edit section: Spending tendencies of dot-com companies")\] [![](https://upload.wikimedia.org/wikipedia/commons/thumb/c/c6/Modo_Promo_CD.png/250px-Modo_Promo_CD.png)](https://en.wikipedia.org/wiki/File:Modo_Promo_CD.png) [![](https://upload.wikimedia.org/wikipedia/commons/thumb/7/75/Pets.com_sockpuppet.jpg/120px-Pets.com_sockpuppet.jpg)](https://en.wikipedia.org/wiki/File:Pets.com_sockpuppet.jpg) Dot-com companies spent most of their investments in marketing efforts. Left: A promotional music CD for the [Modo](https://en.wikipedia.org/wiki/Modo_$wireless_device$ "Modo (wireless device)") pager. Right: The [Pets.com](https://en.wikipedia.org/wiki/Pets.com "Pets.com") sock puppet who turned into a [celebrity](https://en.wikipedia.org/wiki/Celebrity "Celebrity") and symbol of the dot-com bubble Most dot-com companies incurred [net operating losses](https://en.wikipedia.org/wiki/Net_operating_loss "Net operating loss") as they spent heavily on advertising and promotions to harness [network effects](https://en.wikipedia.org/wiki/Network_effect "Network effect") to build [market share](https://en.wikipedia.org/wiki/Market_share "Market share") or [mind share](https://en.wikipedia.org/wiki/Mind_share "Mind share") as fast as possible, using the mottos "get big fast" and "get large or get lost". These companies offered their services or products for free or at a discount with the expectation that they could build enough [brand awareness](https://en.wikipedia.org/wiki/Brand_awareness "Brand awareness") to charge profitable rates for their services in the future.[\[18\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-lessons-18)[\[19\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-19) The "growth over profits" mentality and the aura of "[new economy](https://en.wikipedia.org/wiki/New_economy "New economy")" invincibility led some companies to engage in lavish spending on elaborate business facilities and luxury vacations for employees. Upon the launch of a new product or website, a company would organize an expensive event called a [dot-com party](https://en.wikipedia.org/wiki/Dot-com_party "Dot-com party").[\[20\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-20)[\[21\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-21) ### Bubble in telecom \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=5 "Edit section: Bubble in telecom")\] In the five years after the American [Telecommunications Act of 1996](https://en.wikipedia.org/wiki/Telecommunications_Act_of_1996 "Telecommunications Act of 1996") went into effect, [telecommunications equipment](https://en.wikipedia.org/wiki/Telecommunications_equipment "Telecommunications equipment") companies invested more than \$500 billion, mostly financed with debt, into laying fiber optic cable, adding new switches, and building wireless networks.[\[10\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-now-10) In many areas, such as the [Dulles Technology Corridor](https://en.wikipedia.org/wiki/Dulles_Technology_Corridor "Dulles Technology Corridor") in Virginia, governments funded technology infrastructure and created favorable business and tax law to encourage companies to expand.[\[22\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-22) The growth in capacity vastly outstripped the growth in demand.[\[10\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-now-10) [Spectrum auctions](https://en.wikipedia.org/wiki/Spectrum_auction "Spectrum auction") for [3G](https://en.wikipedia.org/wiki/3G "3G") in the United Kingdom in April 2000, led by [Chancellor of the Exchequer](https://en.wikipedia.org/wiki/Chancellor_of_the_Exchequer "Chancellor of the Exchequer") [Gordon Brown](https://en.wikipedia.org/wiki/Gordon_Brown "Gordon Brown"), raised £22.5 billion.[\[23\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-23) In Germany, in August 2000, the auctions raised £30 billion.[\[24\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-24)[\[25\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-25) A 3G [spectrum auction](https://en.wikipedia.org/wiki/Spectrum_auction "Spectrum auction") in the United States in 1999 had to be re-run when the winners defaulted on their bids of \$4 billion. The re-auction netted 10% of the original sales prices.[\[26\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-26)[\[27\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-27) When financing became difficult to obtain as the bubble burst, high [debt ratios](https://en.wikipedia.org/wiki/Debt_ratio "Debt ratio") of some companies led to a number of [bankruptcies](https://en.wikipedia.org/wiki/Bankruptcy "Bankruptcy").[\[28\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-28) Bond investors recovered just over 20% of their investments.[\[29\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-29) However, several telecom executives sold stock before the crash including [Philip Anschutz](https://en.wikipedia.org/wiki/Philip_Anschutz "Philip Anschutz"), who reaped \$1.9 billion, [Joseph Nacchio](https://en.wikipedia.org/wiki/Joseph_Nacchio "Joseph Nacchio"), who reaped \$248 million, and [Gary Winnick](https://en.wikipedia.org/wiki/Gary_Winnick "Gary Winnick"), who sold \$748 million worth of shares.[\[30\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-30) ## Bursting the bubble \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=6 "Edit section: Bursting the bubble")\] See also: [Early 2000s recession](https://en.wikipedia.org/wiki/Early_2000s_recession "Early 2000s recession") [![](https://upload.wikimedia.org/wikipedia/commons/thumb/8/8d/U.S._Treasuries.svg/500px-U.S._Treasuries.svg.png)](https://en.wikipedia.org/wiki/File:U.S._Treasuries.svg) Historical government interest rates in the United States Nearing the turn of the 2000s, spending on technology was volatile as companies prepared for the [Year 2000 problem](https://en.wikipedia.org/wiki/Year_2000_problem "Year 2000 problem"). There were concerns that computer systems would have trouble changing their clock and calendar systems from 1999 to 2000 which might trigger wider social or economic problems, but there was virtually no impact or disruption due to adequate preparation.[\[31\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-31) Spending on marketing also reached new heights for the sector: Two dot-com companies purchased ad spots for [Super Bowl XXXIII](https://en.wikipedia.org/wiki/Super_Bowl_XXXIII "Super Bowl XXXIII"), and 17 dot-com companies bought ad spots the following year for [Super Bowl XXXIV](https://en.wikipedia.org/wiki/Super_Bowl_XXXIV "Super Bowl XXXIV").[\[32\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-32) On January 10, 2000, [America Online](https://en.wikipedia.org/wiki/America_Online "America Online"), led by [Steve Case](https://en.wikipedia.org/wiki/Steve_Case "Steve Case") and [Ted Leonsis](https://en.wikipedia.org/wiki/Ted_Leonsis "Ted Leonsis"), announced a [merger](https://en.wikipedia.org/wiki/Mergers_and_acquisitions "Mergers and acquisitions") with [Time Warner](https://en.wikipedia.org/wiki/Time_Warner "Time Warner"), led by [Gerald M. Levin](https://en.wikipedia.org/wiki/Gerald_M._Levin "Gerald M. Levin"). The merger was the largest to date and was questioned by many analysts.[\[33\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-33) Then, on January 30, 2000, 12 ads of the 61 ads for [Super Bowl XXXIV](https://en.wikipedia.org/wiki/Super_Bowl_XXXIV "Super Bowl XXXIV") were purchased by dot-coms (sources state ranges from 12 up to 19 companies depending on the definition of *dot-com company*). At that time, the cost for a 30-second commercial was between \$1.9 million and \$2.2 million.[\[34\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-34)[\[35\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-35) Meanwhile, [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan"), then [Chair of the Federal Reserve](https://en.wikipedia.org/wiki/Chair_of_the_Federal_Reserve "Chair of the Federal Reserve"), raised interest rates several times; these actions were believed by many\[*[weasel words](https://en.wikipedia.org/wiki/Wikipedia:Avoid_weasel_words "Wikipedia:Avoid weasel words")*\] to have caused the bursting of the dot-com bubble. According to [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman"), however, "he didn't raise interest rates to curb the market's enthusiasm; he didn't even seek to impose margin requirements on stock market investors. Instead, \[it is alleged\] he waited until the bubble burst, as it did in 2000, then tried to clean up the mess afterward".[\[36\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-36) Finance author and commentator [E. Ray Canterbery](https://en.wikipedia.org/w/index.php?title=E._Ray_Canterbery&action=edit&redlink=1 "E. Ray Canterbery (page does not exist)") agreed with Krugman's criticism.[\[37\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-37) On Friday March 10, 2000, the NASDAQ Composite stock market index peaked at 5,048.62.[\[38\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-38) However, on March 13, 2000, news that [Japan](https://en.wikipedia.org/wiki/Economy_of_Japan "Economy of Japan") had once again entered a [recession](https://en.wikipedia.org/wiki/Lost_Decades "Lost Decades") triggered a global sell off that disproportionately affected technology stocks.[\[39\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-39) Soon after, [Yahoo\!](https://en.wikipedia.org/wiki/Yahoo! "Yahoo!") and [eBay](https://en.wikipedia.org/wiki/EBay "EBay") ended merger talks and the Nasdaq fell 2.6%, but the [S\&P 500](https://en.wikipedia.org/wiki/S%26P_500 "S&P 500") rose 2.4% as investors shifted from strong performing technology stocks to poor performing established stocks.[\[40\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-40) On March 20, 2000, *[Barron's](https://en.wikipedia.org/wiki/Barron%27s_$newspaper$ "Barron's (newspaper)")* featured a cover article titled "Burning Up; Warning: Internet companies are running out of cash—fast", which predicted the imminent bankruptcy of many Internet companies.[\[41\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-41) This led many people to rethink their investments. That same day, [MicroStrategy](https://en.wikipedia.org/wiki/MicroStrategy "MicroStrategy") announced a revenue restatement due to aggressive accounting practices. Its stock price, which had risen from \$7 per share to as high as \$333 per share in a year, fell to \$140 per share, or 62%, in a day.[\[42\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-micro-42) The next day, the Federal Reserve raised interest rates, leading to an [inverted yield curve](https://en.wikipedia.org/wiki/Inverted_yield_curve "Inverted yield curve"), although stocks rallied temporarily.[\[43\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-43) Tangentially to all of speculation, Judge [Thomas Penfield Jackson](https://en.wikipedia.org/wiki/Thomas_Penfield_Jackson "Thomas Penfield Jackson") issued his conclusions of law in the case of [*United States v. Microsoft Corp.* (2001)](https://en.wikipedia.org/wiki/United_States_v._Microsoft_Corp._$2001$ "United States v. Microsoft Corp. (2001)") and ruled that Microsoft was guilty of [monopolization](https://en.wikipedia.org/wiki/Monopolization "Monopolization") and [tying](https://en.wikipedia.org/wiki/Tying_$commerce$ "Tying (commerce)") in violation of the [Sherman Antitrust Act](https://en.wikipedia.org/wiki/Sherman_Antitrust_Act "Sherman Antitrust Act"). This led to a one-day 15% decline in the value of shares in Microsoft and a 350-point, or 8%, drop in the value of the Nasdaq. Many people saw the legal actions as bad for technology in general.[\[44\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-44) That same day, [Bloomberg News](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News") published a widely read article that stated: "It's time, at last, to pay attention to the numbers".[\[45\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-45) On Friday, April 14, 2000, the Nasdaq Composite index fell 9%, ending a week in which it fell 25%. Investors were forced to sell stocks ahead of [Tax Day](https://en.wikipedia.org/wiki/Tax_Day_$United_States$ "Tax Day (United States)"), the due date to pay taxes on gains realized in the previous year.[\[46\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-46) By June 2000, dot-com companies were forced to reevaluate their spending on advertising campaigns.[\[47\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-47) On November 9, 2000, [Pets.com](https://en.wikipedia.org/wiki/Pets.com "Pets.com"), a much-hyped company that had backing from Amazon.com, went out of business only nine months after completing its IPO.[\[48\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-pets-48)[\[49\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-49) By that time, most Internet stocks had declined in value by 75% from their highs, wiping out \$1.755 trillion in value.[\[50\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-50) In January 2001, just three dot-com companies bought advertising spots during [Super Bowl XXXV](https://en.wikipedia.org/wiki/Super_Bowl_XXXV "Super Bowl XXXV").[\[51\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-51) The [September 11 attacks](https://en.wikipedia.org/wiki/September_11_attacks "September 11 attacks") accelerated the stock-market drop.[\[52\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-52) Investor confidence was further eroded by several [accounting scandals](https://en.wikipedia.org/wiki/Accounting_scandal "Accounting scandal") and the resulting bankruptcies, including the [Enron scandal](https://en.wikipedia.org/wiki/Enron_scandal "Enron scandal") in October 2001, the [WorldCom scandal](https://en.wikipedia.org/wiki/WorldCom_scandal "WorldCom scandal") in June 2002,[\[53\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-53) and the [Adelphia Communications Corporation](https://en.wikipedia.org/wiki/Adelphia_Communications_Corporation "Adelphia Communications Corporation") scandal in July 2002.[\[54\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-54) By the end of the [stock market downturn of 2002](https://en.wikipedia.org/wiki/Stock_market_downturn_of_2002 "Stock market downturn of 2002"), stocks had lost \$5 trillion in [market capitalization](https://en.wikipedia.org/wiki/Market_capitalization "Market capitalization") since the peak.[\[55\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-55) At its trough on October 9, 2002, the NASDAQ-100 had dropped to 1,114, down 78% from its peak.[\[56\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-56)[\[57\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-57) ## Aftermath \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=7 "Edit section: Aftermath")\] See also: [List of companies affected by the dot-com bubble](https://en.wikipedia.org/wiki/List_of_companies_affected_by_the_dot-com_bubble "List of companies affected by the dot-com bubble") After venture capital was no longer available, the operational mentality of executives and investors completely changed. A dot-com company's lifespan was measured by its [burn rate](https://en.wikipedia.org/wiki/Burn_rate "Burn rate"), the rate at which it spent its existing capital. Many dot-com companies ran out of capital and went through [liquidation](https://en.wikipedia.org/wiki/Liquidation "Liquidation"). Supporting industries, such as advertising and shipping, scaled back their operations as demand for services fell. However, many companies were able to endure the crash; 48% of dot-com companies survived through 2004, albeit at lower valuations.[\[18\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-lessons-18) Several companies and their executives, including [Bernard Ebbers](https://en.wikipedia.org/wiki/Bernard_Ebbers "Bernard Ebbers"), [Jeffrey Skilling](https://en.wikipedia.org/wiki/Jeffrey_Skilling "Jeffrey Skilling"), and [Kenneth Lay](https://en.wikipedia.org/wiki/Kenneth_Lay "Kenneth Lay"), were accused or convicted of [fraud](https://en.wikipedia.org/wiki/Fraud "Fraud") for misusing shareholders' money, and the [U.S. Securities and Exchange Commission](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") levied large fines against investment firms including [Citigroup](https://en.wikipedia.org/wiki/Citigroup "Citigroup") and [Merrill Lynch](https://en.wikipedia.org/wiki/Merrill_Lynch "Merrill Lynch") for misleading investors.[\[58\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-58) After suffering losses, retail investors transitioned their investment portfolios to more cautious positions.[\[59\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-59) Popular [Internet forums](https://en.wikipedia.org/wiki/Internet_forum "Internet forum") that focused on [high tech](https://en.wikipedia.org/wiki/High_tech "High tech") stocks, such as [Silicon Investor](https://en.wikipedia.org/wiki/Silicon_Investor "Silicon Investor"), [Yahoo! Finance](https://en.wikipedia.org/wiki/Yahoo!_Finance "Yahoo! Finance"), and [The Motley Fool](https://en.wikipedia.org/wiki/The_Motley_Fool "The Motley Fool") declined in use significantly.[\[60\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-60) ### Job market and office equipment glut \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=8 "Edit section: Job market and office equipment glut")\] Layoffs of [programmers](https://en.wikipedia.org/wiki/Programmer "Programmer") resulted in a [general glut](https://en.wikipedia.org/wiki/General_glut "General glut") in the job market. University enrollment for computer-related degrees dropped noticeably.[\[61\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-61)[\[62\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-62) [Aeron chairs](https://en.wikipedia.org/wiki/Aeron_chair "Aeron chair"), which retailed for \$1,100 each, were liquidated en masse.[\[63\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-63) ### Legacy \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=9 "Edit section: Legacy")\] As growth in the technology sector stabilized, companies consolidated; some, such as [Amazon.com](https://en.wikipedia.org/wiki/Amazon.com "Amazon.com"), [eBay](https://en.wikipedia.org/wiki/EBay "EBay"), [Nvidia](https://en.wikipedia.org/wiki/Nvidia "Nvidia") and [Google](https://en.wikipedia.org/wiki/Google "Google"), gained market share and came to dominate their respective fields. The most valuable public companies are now generally in the technology sector.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] In a 2015 book, venture capitalist [Fred Wilson](https://en.wikipedia.org/wiki/Fred_Wilson_$financier$ "Fred Wilson (financier)"), who funded many dot-com companies and lost 90% of his net worth when the bubble burst, said about the dot-com bubble: > A friend of mine has a great line. He says "Nothing important has ever been built without [irrational exuberance](https://en.wikipedia.org/wiki/Irrational_exuberance "Irrational exuberance")." Meaning that you need some of this mania to cause investors to open up their pocketbooks and finance the building of the railroads or the automobile or aerospace industry or whatever. And in this case, much of the capital invested was lost, but also much of it was invested in a very high [throughput](https://en.wikipedia.org/wiki/Throughput "Throughput") backbone for the Internet, and lots of software that works, and databases and server structure. All that stuff has allowed what we have today, which has changed all our lives... that's what all this speculative mania built.[\[64\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-64) ## See also \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=10 "Edit section: See also")\] - [![icon](https://upload.wikimedia.org/wikipedia/commons/thumb/2/27/EC1835_C_cut.jpg/40px-EC1835_C_cut.jpg)](https://en.wikipedia.org/wiki/File:EC1835_C_cut.jpg)[1990s portal](https://en.wikipedia.org/wiki/Portal:1990s "Portal:1990s") - ![](https://upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Blue_iPod_Nano.jpg/20px-Blue_iPod_Nano.jpg)[2000s portal](https://en.wikipedia.org/wiki/Portal:2000s "Portal:2000s") - [![icon](https://upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/40px-Emblem-money.svg.png)](https://en.wikipedia.org/wiki/File:Emblem-money.svg)[Economics portal](https://en.wikipedia.org/wiki/Portal:Economics "Portal:Economics") - [![icon](https://upload.wikimedia.org/wikipedia/commons/thumb/f/f9/Crystal_Clear_app_linneighborhood.svg/40px-Crystal_Clear_app_linneighborhood.svg.png)](https://en.wikipedia.org/wiki/File:Crystal_Clear_app_linneighborhood.svg)[Internet portal](https://en.wikipedia.org/wiki/Portal:Internet "Portal:Internet") - [AI boom](https://en.wikipedia.org/wiki/AI_boom "AI boom") - [AI bubble](https://en.wikipedia.org/wiki/AI_bubble "AI bubble") - [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") - [List of stock market crashes and bear markets](https://en.wikipedia.org/wiki/List_of_stock_market_crashes_and_bear_markets "List of stock market crashes and bear markets") - [Stock market crash](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash") ## References \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=11 "Edit section: References")\] 1. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-1)** ["The greatest defunct Web sites and dotcom disasters"](https://www.cnet.com/news/the-greatest-defunct-web-sites-and-dotcom-disasters/). *[CNET](https://en.wikipedia.org/wiki/CNET "CNET")*. 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[Archived](https://web.archive.org/web/20200607165726/https://money.cnn.com/2000/08/17/europe/german_umts/index.htm) from the original on June 7, 2020. Retrieved June 7, 2020. 26. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-26)** Keegan, Victor (April 13, 2000). ["Dial-a-fortune"](https://www.theguardian.com/technology/2000/apr/13/mobilephones.victorkeegan). *[The Guardian](https://en.wikipedia.org/wiki/The_Guardian "The Guardian")*. [Archived](https://web.archive.org/web/20210205054229/https://www.theguardian.com/technology/2000/apr/13/mobilephones.victorkeegan) from the original on February 5, 2021. Retrieved June 7, 2020. 27. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-27)** Sukumar, R. (April 11, 2012). ["Policy lessons from the 3G failure"](https://www.livemint.com/Opinion/FRQGcvIClZDzCS6EK0Cq4I/Views--Policy-lessons-from-the-3G-failure.html). *[Mint](https://en.wikipedia.org/wiki/Mint_$newspaper$ "Mint (newspaper)")*. 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[Archived](https://web.archive.org/web/20200920203418/https://money.cnn.com/2001/09/11/europe/markets_europe/) from the original on September 20, 2020. Retrieved February 10, 2020. 53. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-53)** Beltran, Luisa (July 22, 2002). ["WorldCom files largest bankruptcy ever"](https://money.cnn.com/2002/07/19/news/worldcom_bankruptcy/). *[CNN](https://en.wikipedia.org/wiki/CNN "CNN")*. [Archived](https://web.archive.org/web/20181030111043/https://money.cnn.com/2002/07/19/news/worldcom_bankruptcy/) from the original on October 30, 2018. Retrieved October 29, 2018. 54. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-54)** ["SEC Charges Adelphia and Rigas Family With Massive Financial Fraud"](https://www.sec.gov/news/press/2002-110.htm). *www.sec.gov*. [Archived](https://web.archive.org/web/20101109160208/http://www.sec.gov/news/press/2002-110.htm) from the original on November 9, 2010. Retrieved April 18, 2021. 55. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-55)** Gaither, Chris; Chmielewski, Dawn C. (July 16, 2006). ["Fears of Dot-Com Crash, Version 2.0"](https://www.latimes.com/archives/la-xpm-2006-jul-16-fi-overheat16-story.html). *[Los Angeles Times](https://en.wikipedia.org/wiki/Los_Angeles_Times "Los Angeles Times")*. [Archived](https://web.archive.org/web/20191218173143/https://www.latimes.com/archives/la-xpm-2006-jul-16-fi-overheat16-story.html) from the original on December 18, 2019. Retrieved February 10, 2020. 56. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-56)** Glassman, James K. (February 11, 2015). ["3 Lessons for Investors From the Tech Bubble"](https://www.nasdaq.com/articles/3-lessons-investors-tech-bubble-2015-02-11). *[Kiplinger's Personal Finance](https://en.wikipedia.org/wiki/Kiplinger%27s_Personal_Finance "Kiplinger's Personal Finance")*. 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["After the Dot-Com Bubble: Silicon Valley High-Tech Employment And Wages in 2001 and 2008"](https://www.bls.gov/opub/regional_reports/200908_silicon_valley_high_tech.htm). *[Bureau of Labor Statistics](https://en.wikipedia.org/wiki/Bureau_of_Labor_Statistics "Bureau of Labor Statistics")*. [Archived](https://web.archive.org/web/20181116080237/https://www.bls.gov/opub/regional_reports/200908_silicon_valley_high_tech.htm) from the original on November 16, 2018. Retrieved April 14, 2017. 63. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-63)** Kennedy, Brian (September 15, 2006). ["Remembering the Dot-Com Throne"](https://nymag.com/news/intelligencer/21364/). *[New York](https://en.wikipedia.org/wiki/New_York_$magazine$ "New York (magazine)")*. [Archived](https://web.archive.org/web/20200606014117/https://nymag.com/news/intelligencer/21364/) from the original on June 6, 2020. Retrieved February 10, 2020. 64. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-64)** Donnelly, Jacob (February 14, 2016). ["Here's what the future of bitcoin looks like—and it's bright"](https://venturebeat.com/2016/02/14/heres-what-the-future-of-bitcoin-looks-like-and-its-bright/). *[VentureBeat](https://en.wikipedia.org/wiki/VentureBeat "VentureBeat")*. [Archived](https://web.archive.org/web/20170415200336/https://venturebeat.com/2016/02/14/heres-what-the-future-of-bitcoin-looks-like-and-its-bright/) from the original on April 15, 2017. Retrieved April 14, 2017. ## Further reading \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=12 "Edit section: Further reading")\] - Abramson, Bruce (2005). [*Digital Phoenix; Why the Information Economy Collapsed and How it Will Rise Again*](https://archive.org/details/digitalphoenixwh00abra). [MIT Press](https://en.wikipedia.org/wiki/MIT_Press "MIT Press"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0-262-51196-4](https://en.wikipedia.org/wiki/Special:BookSources/978-0-262-51196-4 "Special:BookSources/978-0-262-51196-4") . - Aharon, David Y.; Gavious, Ilanit; Yosef, Rami (2010). "Stock market bubble effects on mergers and acquisitions". *The Quarterly Review of Economics and Finance*. **50** (4): 456–70\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/j.qref.2010.05.002](https://doi.org/10.1016%2Fj.qref.2010.05.002). - Cassidy, John (2009). [*Dot.con: How America Lost Its Mind and Its Money in the Internet Era*](https://books.google.com/books?id=jsuZnrzT6YsC). [HarperCollins](https://en.wikipedia.org/wiki/HarperCollins "HarperCollins"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [9780061841781](https://en.wikipedia.org/wiki/Special:BookSources/9780061841781 "Special:BookSources/9780061841781") . - Cellan-Jones, Rory (2001). *Dot.Bomb: The Rise and Fall of Dot.com Britain*. Aurum. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1854107909](https://en.wikipedia.org/wiki/Special:BookSources/978-1854107909 "Special:BookSources/978-1854107909") . - Daisey, Mike (2014). [*Twenty-one Dog Years: Doing Time at Amazon.com*](https://books.google.com/books?id=QhKhAgAAQBAJ). [Free Press](https://en.wikipedia.org/wiki/Free_Press_$publisher$ "Free Press (publisher)"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0-7432-2580-9](https://en.wikipedia.org/wiki/Special:BookSources/978-0-7432-2580-9 "Special:BookSources/978-0-7432-2580-9") . - Goldfarb, Brent D.; Kirsch, David; Miller, David A. (April 24, 2006). "Was There Too Little Entry During the Dot Com Era?". *Robert H. Smith School Research Paper* (RHS 06-029). [SSRN](https://en.wikipedia.org/wiki/SSRN_$identifier$ "SSRN (identifier)") [899100](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=899100). - Kindleberger, Charles P. (2005). [*Manias, Panics, and Crashes: A History of Financial Crises*](https://books.google.com/books?id=nBb-xYi9O-sC). [John Wiley & Sons](https://en.wikipedia.org/wiki/John_Wiley_%26_Sons "John Wiley & Sons"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [9780230365353](https://en.wikipedia.org/wiki/Special:BookSources/9780230365353 "Special:BookSources/9780230365353") . \[*[permanent dead link](https://en.wikipedia.org/wiki/Wikipedia:Link_rot "Wikipedia:Link rot")*\] - [Kuo, David](https://en.wikipedia.org/wiki/David_Kuo_$author$ "David Kuo (author)") (2001). [*dot.bomb: My Days and Nights at an Internet Goliath*](https://books.google.com/books?id=SPeYMBXVFGoC). Little, Brown. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0-316-60005-7](https://en.wikipedia.org/wiki/Special:BookSources/978-0-316-60005-7 "Special:BookSources/978-0-316-60005-7") . - [Lowenstein, Roger](https://en.wikipedia.org/wiki/Roger_Lowenstein "Roger Lowenstein") (2004). [*Origins of the Crash: The Great Bubble and Its Undoing*](https://archive.org/details/originsofcrashgr00roge). [Penguin Books](https://en.wikipedia.org/wiki/Penguin_Books "Penguin Books"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-59420-003-8](https://en.wikipedia.org/wiki/Special:BookSources/978-1-59420-003-8 "Special:BookSources/978-1-59420-003-8") . - [Wolff, Michael](https://en.wikipedia.org/wiki/Michael_Wolff_$journalist$ "Michael Wolff (journalist)") (1999). [*Burn Rate: How I Survived the Gold Rush Years on the Internet*](https://en.wikipedia.org/wiki/Burn_Rate_$book$ "Burn Rate (book)"). [Orion Publishing Group](https://en.wikipedia.org/wiki/Orion_Publishing_Group "Orion Publishing Group"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [9780752826066](https://en.wikipedia.org/wiki/Special:BookSources/9780752826066 "Special:BookSources/9780752826066") . *[Burn Rate](https://books.google.com/books?id=urRaPwAACAAJ)* at [Google Books](https://en.wikipedia.org/wiki/Google_Books "Google Books"). | [v](https://en.wikipedia.org/wiki/Template:Dot-com_Bubble "Template:Dot-com Bubble") [t](https://en.wikipedia.org/wiki/Template_talk:Dot-com_Bubble "Template talk:Dot-com Bubble") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Dot-com_Bubble "Special:EditPage/Template:Dot-com Bubble")[Dot-com bubble]() | | |---|---| | People | [Daniel Aegerter](https://en.wikipedia.org/wiki/Daniel_Aegerter "Daniel Aegerter") [Marc Andreessen](https://en.wikipedia.org/wiki/Marc_Andreessen "Marc Andreessen") [Bob Bernard](https://en.wikipedia.org/wiki/Bob_Bernard "Bob Bernard") [Jeff Bezos](https://en.wikipedia.org/wiki/Jeff_Bezos "Jeff Bezos") [Henry Blodget](https://en.wikipedia.org/wiki/Henry_Blodget "Henry Blodget") [James H. Clark](https://en.wikipedia.org/wiki/James_H._Clark "James H. Clark") [Cynthia Cooper](https://en.wikipedia.org/wiki/Cynthia_Cooper_$accountant$ "Cynthia Cooper (accountant)") [Bob Davis](https://en.wikipedia.org/wiki/Bob_Davis_$businessman$ "Bob Davis (businessman)") [Bernard Ebbers](https://en.wikipedia.org/wiki/Bernard_Ebbers "Bernard Ebbers") [David Filo](https://en.wikipedia.org/wiki/David_Filo "David Filo") [Charlie Gasparino](https://en.wikipedia.org/wiki/Charlie_Gasparino "Charlie Gasparino") [Richard Grasso](https://en.wikipedia.org/wiki/Richard_Grasso "Richard Grasso") [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan") [Jack Grubman](https://en.wikipedia.org/wiki/Jack_Grubman "Jack Grubman") [Josh Harris](https://en.wikipedia.org/wiki/Josh_Harris_$entrepreneur$ "Josh Harris (entrepreneur)") [Jeff Hawkins](https://en.wikipedia.org/wiki/Jeff_Hawkins "Jeff Hawkins") [Howard Jonas](https://en.wikipedia.org/wiki/Howard_Jonas "Howard Jonas") [Gerry Kearby](https://en.wikipedia.org/wiki/Gerry_Kearby "Gerry Kearby") [Timothy Koogle](https://en.wikipedia.org/wiki/Timothy_Koogle "Timothy Koogle") [Kenneth Lay](https://en.wikipedia.org/wiki/Kenneth_Lay "Kenneth Lay") [Arthur Levitt](https://en.wikipedia.org/wiki/Arthur_Levitt "Arthur Levitt") [Mary Meeker](https://en.wikipedia.org/wiki/Mary_Meeker "Mary Meeker") [PayPal Mafia](https://en.wikipedia.org/wiki/PayPal_Mafia "PayPal Mafia") [Kevin O'Leary](https://en.wikipedia.org/wiki/Kevin_O%27Leary "Kevin O'Leary") [Jason Olim](https://en.wikipedia.org/wiki/Jason_Olim "Jason Olim") [Stephan Paternot](https://en.wikipedia.org/wiki/Stephan_Paternot "Stephan Paternot") [Jim Rutt](https://en.wikipedia.org/wiki/Jim_Rutt "Jim Rutt") [Michael J. Saylor](https://en.wikipedia.org/wiki/Michael_J._Saylor "Michael J. Saylor") [Jeffrey Skilling](https://en.wikipedia.org/wiki/Jeffrey_Skilling "Jeffrey Skilling") [Eliot Spitzer](https://en.wikipedia.org/wiki/Eliot_Spitzer "Eliot Spitzer") [Scott D. Sullivan](https://en.wikipedia.org/wiki/Scott_D._Sullivan "Scott D. Sullivan") [Kaleil Isaza Tuzman](https://en.wikipedia.org/wiki/Kaleil_Isaza_Tuzman "Kaleil Isaza Tuzman") [Julie Wainwright](https://en.wikipedia.org/wiki/Julie_Wainwright "Julie Wainwright") [Jerry Yang](https://en.wikipedia.org/wiki/Jerry_Yang "Jerry Yang") | | Companies | [3Com](https://en.wikipedia.org/wiki/3Com "3Com") [360networks](https://en.wikipedia.org/wiki/360networks "360networks") [AboveNet](https://en.wikipedia.org/wiki/AboveNet "AboveNet") [Actua Corporation](https://en.wikipedia.org/wiki/Actua_Corporation "Actua Corporation") [Airspan Networks](https://en.wikipedia.org/wiki/Airspan_Networks "Airspan Networks") [Akamai Technologies](https://en.wikipedia.org/wiki/Akamai_Technologies "Akamai Technologies") [Alteon WebSystems](https://en.wikipedia.org/wiki/Alteon_WebSystems "Alteon WebSystems") [Amazon](https://en.wikipedia.org/wiki/Amazon_$company$ "Amazon (company)") [America Online](https://en.wikipedia.org/wiki/AOL "AOL") [Arthur Andersen](https://en.wikipedia.org/wiki/Arthur_Andersen "Arthur Andersen") [Ask Jeeves](https://en.wikipedia.org/wiki/Ask.com "Ask.com") [Blue Coat Systems](https://en.wikipedia.org/wiki/Blue_Coat_Systems "Blue Coat Systems") [Boo.com](https://en.wikipedia.org/wiki/Boo.com "Boo.com") [Books-A-Million](https://en.wikipedia.org/wiki/Books-A-Million "Books-A-Million") [Broadband Sports](https://en.wikipedia.org/wiki/Broadband_Sports "Broadband Sports") [Broadcast.com](https://en.wikipedia.org/wiki/Broadcast.com "Broadcast.com") [CDNow](https://en.wikipedia.org/wiki/CDNow "CDNow") [Chemdex](https://en.wikipedia.org/wiki/Chemdex "Chemdex") [CMGI Inc.](https://en.wikipedia.org/wiki/Steel_Connect "Steel Connect") [Cobalt Networks](https://en.wikipedia.org/wiki/Cobalt_Networks "Cobalt Networks") [Commerce One](https://en.wikipedia.org/wiki/Commerce_One "Commerce One") [Covad](https://en.wikipedia.org/wiki/Covad "Covad") [Cyberian Outpost](https://en.wikipedia.org/wiki/Cyberian_Outpost "Cyberian Outpost") [CyberRebate](https://en.wikipedia.org/wiki/CyberRebate "CyberRebate") [Digex](https://en.wikipedia.org/wiki/Digex "Digex") [Digital Convergence Corporation](https://en.wikipedia.org/wiki/CueCat "CueCat") [Digital Insight](https://en.wikipedia.org/wiki/Digital_Insight "Digital Insight") [Divine](https://en.wikipedia.org/wiki/Divine,_Inc. "Divine, Inc.") [DoubleClick](https://en.wikipedia.org/wiki/DoubleClick "DoubleClick") [eBay](https://en.wikipedia.org/wiki/EBay "EBay") [eGain](https://en.wikipedia.org/wiki/EGain "EGain") [Egghead Software](https://en.wikipedia.org/wiki/Egghead_Software "Egghead Software") [Enron](https://en.wikipedia.org/wiki/Enron "Enron") [Epidemic Marketing](https://en.wikipedia.org/wiki/Epidemic_Marketing "Epidemic Marketing") [Excite](https://en.wikipedia.org/wiki/Excite_$web_portal$ "Excite (web portal)") [Flooz.com](https://en.wikipedia.org/wiki/Flooz.com "Flooz.com") [Freei](https://en.wikipedia.org/wiki/Freei "Freei") [Gadzoox](https://en.wikipedia.org/wiki/Gadzoox "Gadzoox") [GeoCities](https://en.wikipedia.org/wiki/GeoCities "GeoCities") [Global Crossing](https://en.wikipedia.org/wiki/Global_Crossing "Global Crossing") [govWorks](https://en.wikipedia.org/wiki/GovWorks "GovWorks") [Handspring](https://en.wikipedia.org/wiki/Handspring,_Inc. "Handspring, Inc.") [Healtheon](https://en.wikipedia.org/wiki/Healtheon "Healtheon") [HomeGrocer](https://en.wikipedia.org/wiki/HomeGrocer "HomeGrocer") [HotBot](https://en.wikipedia.org/wiki/HotBot "HotBot") [Infoseek](https://en.wikipedia.org/wiki/Infoseek "Infoseek") [InfoSpace](https://en.wikipedia.org/wiki/InfoSpace "InfoSpace") [Inktomi](https://en.wikipedia.org/wiki/Inktomi "Inktomi") [Interactive Intelligence](https://en.wikipedia.org/wiki/Interactive_Intelligence "Interactive Intelligence") [Internet America](https://en.wikipedia.org/wiki/Internet_America "Internet America") [iVillage](https://en.wikipedia.org/wiki/IVillage "IVillage") [iWon](https://en.wikipedia.org/wiki/IWon "IWon") [Kozmo.com](https://en.wikipedia.org/wiki/Kozmo.com "Kozmo.com") [lastminute.com](https://en.wikipedia.org/wiki/Lastminute.com "Lastminute.com") [The Learning Company](https://en.wikipedia.org/wiki/The_Learning_Company "The Learning Company") [Liquid Audio](https://en.wikipedia.org/wiki/Liquid_Audio "Liquid Audio") [LookSmart](https://en.wikipedia.org/wiki/LookSmart "LookSmart") [Lycos](https://en.wikipedia.org/wiki/Lycos "Lycos") [Angelfire](https://en.wikipedia.org/wiki/Angelfire "Angelfire") [Tripod](https://en.wikipedia.org/wiki/Tripod_$web_hosting$ "Tripod (web hosting)") [MarchFirst](https://en.wikipedia.org/wiki/MarchFirst "MarchFirst") [Merrill Lynch](https://en.wikipedia.org/wiki/Merrill_$company$ "Merrill (company)") [MicroStrategy](https://en.wikipedia.org/wiki/MicroStrategy "MicroStrategy") [Net2Phone](https://en.wikipedia.org/wiki/Net2Phone "Net2Phone") [NetBank](https://en.wikipedia.org/wiki/NetBank "NetBank") [Netscape](https://en.wikipedia.org/wiki/Netscape "Netscape") [Network Solutions](https://en.wikipedia.org/wiki/Network_Solutions "Network Solutions") [NorthPoint Communications](https://en.wikipedia.org/wiki/NorthPoint_Communications "NorthPoint Communications") [OmniSky](https://en.wikipedia.org/wiki/OmniSky "OmniSky") [Palm, Inc.](https://en.wikipedia.org/wiki/Palm,_Inc. "Palm, Inc.") [PayPal](https://en.wikipedia.org/wiki/PayPal "PayPal") [Pets.com](https://en.wikipedia.org/wiki/Pets.com "Pets.com") [PFSweb](https://en.wikipedia.org/wiki/PFSweb "PFSweb") [Pixelon](https://en.wikipedia.org/wiki/Pixelon "Pixelon") [PLX Technology](https://en.wikipedia.org/wiki/PLX_Technology "PLX Technology") [Prodigy](https://en.wikipedia.org/wiki/Prodigy_$online_service$ "Prodigy (online service)") [Pseudo.com](https://en.wikipedia.org/wiki/Pseudo.com "Pseudo.com") [Radvision](https://en.wikipedia.org/wiki/Radvision "Radvision") [Razorfish](https://en.wikipedia.org/wiki/Razorfish_$company$ "Razorfish (company)") [Redback Networks](https://en.wikipedia.org/wiki/Redback_Networks "Redback Networks") [Register.com](https://en.wikipedia.org/wiki/Register.com "Register.com") [Ritmoteca.com](https://en.wikipedia.org/wiki/Ritmoteca.com "Ritmoteca.com") [Savvis](https://en.wikipedia.org/wiki/Savvis "Savvis") [Scout Electromedia](https://en.wikipedia.org/wiki/Scout_Electromedia "Scout Electromedia") [modo](https://en.wikipedia.org/wiki/Modo_$wireless_device$ "Modo (wireless device)") [Terra](https://en.wikipedia.org/wiki/Terra_$company$ "Terra (company)") [theGlobe.com](https://en.wikipedia.org/wiki/TheGlobe.com "TheGlobe.com") [Think Tools](https://en.wikipedia.org/wiki/Think_Tools "Think Tools") [TIBCO Software](https://en.wikipedia.org/wiki/TIBCO_Software "TIBCO Software") [Tradex Technologies](https://en.wikipedia.org/wiki/Tradex_Technologies "Tradex Technologies") [Transmeta](https://en.wikipedia.org/wiki/Transmeta "Transmeta") [uBid](https://en.wikipedia.org/wiki/UBid "UBid") [United Online](https://en.wikipedia.org/wiki/United_Online "United Online") [USinternetworking](https://en.wikipedia.org/wiki/USinternetworking "USinternetworking") [UUNET](https://en.wikipedia.org/wiki/UUNET "UUNET") [VA Linux Systems](https://en.wikipedia.org/wiki/Geeknet "Geeknet") [Verio](https://en.wikipedia.org/wiki/Verio "Verio") [VerticalNet](https://en.wikipedia.org/wiki/VerticalNet "VerticalNet") [Vignette Corporation](https://en.wikipedia.org/wiki/Vignette_Corporation "Vignette Corporation") [WebChat Broadcasting System](https://en.wikipedia.org/wiki/WebChat_Broadcasting_System "WebChat Broadcasting System") [Websense](https://en.wikipedia.org/wiki/Forcepoint "Forcepoint") [Webvan](https://en.wikipedia.org/wiki/Webvan "Webvan") [WorldCom](https://en.wikipedia.org/wiki/MCI_Inc. "MCI Inc.") [World Online](https://en.wikipedia.org/wiki/World_Online "World Online") [Yahoo\!](https://en.wikipedia.org/wiki/Yahoo! "Yahoo!") | | History | [Enron scandal](https://en.wikipedia.org/wiki/Enron_scandal "Enron scandal") [Irrational exuberance](https://en.wikipedia.org/wiki/Irrational_exuberance "Irrational exuberance") [Sarbanes–Oxley Act](https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act "Sarbanes–Oxley Act") [Telecoms crash](https://en.wikipedia.org/wiki/Telecoms_crash "Telecoms crash") [Trial of Kenneth Lay and Jeffrey Skilling](https://en.wikipedia.org/wiki/Trial_of_Kenneth_Lay_and_Jeffrey_Skilling "Trial of Kenneth Lay and Jeffrey Skilling") [WorldCom scandal](https://en.wikipedia.org/wiki/WorldCom_scandal "WorldCom scandal") | | Publications | *[Blood on the Street](https://en.wikipedia.org/wiki/Blood_on_the_Street "Blood on the Street")* *[Conspiracy of Fools](https://en.wikipedia.org/wiki/Conspiracy_of_Fools "Conspiracy of Fools")* *[The Industry Standard](https://en.wikipedia.org/wiki/The_Industry_Standard "The Industry Standard")* *[The PayPal Wars](https://en.wikipedia.org/wiki/The_PayPal_Wars "The PayPal Wars")* | | Broadcast media | *[e-Dreams](https://en.wikipedia.org/wiki/E-Dreams "E-Dreams")* *[Enron: The Smartest Guys in the Room](https://en.wikipedia.org/wiki/Enron:_The_Smartest_Guys_in_the_Room "Enron: The Smartest Guys in the Room")* *[Startup.com](https://en.wikipedia.org/wiki/Startup.com "Startup.com")* *[Valley of the Boom](https://en.wikipedia.org/wiki/Valley_of_the_Boom "Valley of the Boom")* | | ![](https://upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/20px-Symbol_category_class.svg.png) [Category](https://en.wikipedia.org/wiki/Category:Dot-com_bubble "Category:Dot-com bubble") | | | [v](https://en.wikipedia.org/wiki/Template:Financial_bubbles "Template:Financial bubbles") [t](https://en.wikipedia.org/wiki/Template_talk:Financial_bubbles "Template talk:Financial bubbles") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Financial_bubbles "Special:EditPage/Template:Financial bubbles")[Financial bubbles](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") | | |---|---| | [Market trend](https://en.wikipedia.org/wiki/Market_trend "Market trend") [Credit cycle](https://en.wikipedia.org/wiki/Credit_cycle "Credit cycle") [Irrational exuberance](https://en.wikipedia.org/wiki/Irrational_exuberance "Irrational exuberance") [Social contagion](https://en.wikipedia.org/wiki/Social_contagion "Social contagion") [Real-estate bubble](https://en.wikipedia.org/wiki/Real-estate_bubble "Real-estate bubble") [Stock market bubble](https://en.wikipedia.org/wiki/Stock_market_bubble "Stock market bubble") | | | [Commercial revolution](https://en.wikipedia.org/wiki/Commercial_revolution "Commercial revolution") (1000–1760) | [Tulip mania](https://en.wikipedia.org/wiki/Tulip_mania "Tulip mania") (1634–1637) [Mississippi bubble](https://en.wikipedia.org/wiki/John_Law%27s_Company "John Law's Company") (1684–1720) [South Sea bubble](https://en.wikipedia.org/wiki/South_Sea_Company "South Sea Company") (1711–1720) [Bengal Bubble of 1769](https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769 "Bengal Bubble of 1769") (1757–1769) | | [1st Industrial Revolution](https://en.wikipedia.org/wiki/Industrial_Revolution "Industrial Revolution") (1760–1840) | [Canal Mania](https://en.wikipedia.org/wiki/Canal_Mania "Canal Mania") (c. 1790–c. 1810) [Carolina gold rush](https://en.wikipedia.org/wiki/Carolina_gold_rush "Carolina gold rush") (1802–1825) [1810s Alabama real estate bubble](https://en.wikipedia.org/wiki/Alabama_real_estate_bubble_of_the_1810s "Alabama real estate bubble of the 1810s") [Georgia Gold Rush](https://en.wikipedia.org/wiki/Georgia_Gold_Rush "Georgia Gold Rush") (1828–c. 1840) [1830s Chicago real estate bubble](https://en.wikipedia.org/wiki/Chicago_real_estate_bubble_of_the_1830s "Chicago real estate bubble of the 1830s") [Chilean silver rush](https://en.wikipedia.org/wiki/Chilean_silver_rush "Chilean silver rush") (1832–1850) | | 1840–1870 | [Railway Mania](https://en.wikipedia.org/wiki/Railway_Mania "Railway Mania") (c. 1840–c. 1850) [California gold rush](https://en.wikipedia.org/wiki/California_gold_rush "California gold rush") (1848–1855) [Queen Charlottes Gold Rush](https://en.wikipedia.org/wiki/Queen_Charlottes_Gold_Rush "Queen Charlottes Gold Rush") (1851) [Victorian gold rush](https://en.wikipedia.org/wiki/Victorian_gold_rush "Victorian gold rush") (1851–c. 1870) [New South Wales gold rush](https://en.wikipedia.org/wiki/New_South_Wales_gold_rush "New South Wales gold rush") (1851–1880) [Australian gold rushes](https://en.wikipedia.org/wiki/Australian_gold_rushes "Australian gold rushes") (1851–1914) [Fraser Canyon Gold Rush](https://en.wikipedia.org/wiki/Fraser_Canyon_Gold_Rush "Fraser Canyon Gold Rush") (1858) [Pike's Peak gold rush](https://en.wikipedia.org/wiki/Pike%27s_Peak_gold_rush "Pike's Peak gold rush") (1858–1861) [Rock Creek Gold Rush](https://en.wikipedia.org/wiki/Rock_Creek_Gold_Rush "Rock Creek Gold Rush") (1859) [Pennsylvania oil rush](https://en.wikipedia.org/wiki/Pennsylvania_oil_rush "Pennsylvania oil rush") (1859–1891) [Similkameen Gold Rush](https://en.wikipedia.org/wiki/Similkameen_Gold_Rush "Similkameen Gold Rush") (1860) [Stikine Gold Rush](https://en.wikipedia.org/wiki/Stikine_Gold_Rush "Stikine Gold Rush") (1861) [Colorado River mining boom](https://en.wikipedia.org/wiki/Steamboats_of_the_Colorado_River "Steamboats of the Colorado River") (1861–1864) [Otago gold rush](https://en.wikipedia.org/wiki/Otago_gold_rush "Otago gold rush") (1861–1864) [Cariboo Gold Rush](https://en.wikipedia.org/wiki/Cariboo_Gold_Rush "Cariboo Gold Rush") (1861–1867) [First Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1861–1874) [West Coast gold rush](https://en.wikipedia.org/wiki/West_Coast_gold_rush "West Coast gold rush") (1864–1867) [Big Bend Gold Rush](https://en.wikipedia.org/wiki/Big_Bend_Gold_Rush "Big Bend Gold Rush") (c. 1865) [Vermilion Lake gold rush](https://en.wikipedia.org/wiki/Vermilion_Lake_gold_rush "Vermilion Lake gold rush") (1865–1867) [Kildonan Gold Rush](https://en.wikipedia.org/wiki/Kildonan_Gold_Rush "Kildonan Gold Rush") (1869) [Omineca Gold Rush](https://en.wikipedia.org/wiki/Omineca_Gold_Rush "Omineca Gold Rush") (1869) | | [2nd Industrial Revolution](https://en.wikipedia.org/wiki/Second_Industrial_Revolution "Second Industrial Revolution") (1870–1914) | [1870s Lapland gold rush](https://en.wikipedia.org/wiki/Lapland_gold_rush "Lapland gold rush") [Coromandel Gold Rushes](https://en.wikipedia.org/wiki/Coromandel_Gold_Rushes "Coromandel Gold Rushes") (c. 1870–c. 1890) [Cassiar Gold Rush](https://en.wikipedia.org/wiki/Cassiar_Country "Cassiar Country") (c. 1870–c. 1890) [Black Hills gold rush](https://en.wikipedia.org/wiki/Black_Hills_gold_rush "Black Hills gold rush") (1874–1880) [Colorado Silver Boom](https://en.wikipedia.org/wiki/Colorado_Silver_Boom "Colorado Silver Boom") (1879–1893) [Western Australian gold rushes](https://en.wikipedia.org/wiki/Western_Australian_gold_rushes "Western Australian gold rushes") (c. 1880–c. 1900) [Indiana gas boom](https://en.wikipedia.org/wiki/Indiana_gas_boom "Indiana gas boom") (c. 1880–1903) [Ohio oil rush](https://en.wikipedia.org/wiki/Petroleum_industry_in_Ohio "Petroleum industry in Ohio") (c. 1880–c. 1930) [Tierra del Fuego gold rush](https://en.wikipedia.org/wiki/Tierra_del_Fuego_gold_rush "Tierra del Fuego gold rush") (1883–1906) [Cayoosh Gold Rush](https://en.wikipedia.org/wiki/Cayoosh_Gold_Rush "Cayoosh Gold Rush") (1884) [Witwatersrand Gold Rush](https://en.wikipedia.org/wiki/Witwatersrand_Gold_Rush "Witwatersrand Gold Rush") (1886) [Encilhamento](https://en.wikipedia.org/wiki/Encilhamento "Encilhamento") (1886–1890) [Cripple Creek Gold Rush](https://en.wikipedia.org/wiki/Cripple_Creek_Gold_Rush "Cripple Creek Gold Rush") (c. 1890–c. 1910) [Klondike Gold Rush](https://en.wikipedia.org/wiki/Klondike_Gold_Rush "Klondike Gold Rush") (1896–1899) [Second Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1896–1903) [Kobuk River Stampede](https://en.wikipedia.org/wiki/Kobuk_River_Stampede "Kobuk River Stampede") (1897–1899) [Mount Baker gold rush](https://en.wikipedia.org/wiki/Mount_Baker_gold_rush "Mount Baker gold rush") (1897–c. 1925) [Nome Gold Rush](https://en.wikipedia.org/wiki/Nome_Gold_Rush "Nome Gold Rush") (1899–1909) [Fairbanks Gold Rush](https://en.wikipedia.org/wiki/Fairbanks_Gold_Rush "Fairbanks Gold Rush") (c. 1900–1918) [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1901–1918) [Cobalt silver rush](https://en.wikipedia.org/wiki/Cobalt_silver_rush "Cobalt silver rush") (1903–1918) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1909–1918) | | [Interwar period](https://en.wikipedia.org/wiki/Interwar_period "Interwar period") (1918–1939) | [1920s Florida land boom](https://en.wikipedia.org/wiki/1920s_Florida_land_boom "1920s Florida land boom") (c. 1920–1925) [Fairbanks Gold Rush](https://en.wikipedia.org/wiki/Fairbanks_Gold_Rush "Fairbanks Gold Rush") (1918–c. 1930) [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1918–1945) [Cobalt silver rush](https://en.wikipedia.org/wiki/Cobalt_silver_rush "Cobalt silver rush") (1918–c. 1930) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1918–1945) [1930s Kakamega gold rush](https://en.wikipedia.org/wiki/Kakamega_gold_rush "Kakamega gold rush") [Third Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1932–1942) | | [Post–WWII expansion](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_II_economic_expansion "Post–World War II economic expansion") (1945–1973) | [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1945–c. 1950) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1945–c. 1960) [Poseidon bubble](https://en.wikipedia.org/wiki/Poseidon_bubble "Poseidon bubble") (1969–1970) | | [The Great Inflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") (1973–1982) | [1970s commodities boom](https://en.wikipedia.org/wiki/1970s_commodities_boom "1970s commodities boom") [Mexican oil boom](https://en.wikipedia.org/wiki/Mexican_oil_boom "Mexican oil boom") (1977–1981) [Silver Thursday](https://en.wikipedia.org/wiki/Silver_Thursday "Silver Thursday") (1980) [New Zealand property bubble](https://en.wikipedia.org/wiki/New_Zealand_property_bubble "New Zealand property bubble") (c. 1980–1982) | | [Great Moderation](https://en.wikipedia.org/wiki/Great_Moderation "Great Moderation")/ Great Regression (1982–2007) | [1980s oil glut](https://en.wikipedia.org/wiki/1980s_oil_glut "1980s oil glut") [New Zealand property bubble](https://en.wikipedia.org/wiki/New_Zealand_property_bubble "New Zealand property bubble") (1982–) [Spanish property bubble](https://en.wikipedia.org/wiki/Spanish_property_bubble "Spanish property bubble") (1985–2008) [Japanese asset price bubble](https://en.wikipedia.org/wiki/Japanese_asset_price_bubble "Japanese asset price bubble") (1986–1990) [Dot-com bubble]() (1995–2000) [Baltic states housing bubble](https://en.wikipedia.org/wiki/Baltic_states_housing_bubble "Baltic states housing bubble") (2000–2006) [Irish property bubble](https://en.wikipedia.org/wiki/Irish_property_bubble "Irish property bubble") (c. 2000–2007) [2000s commodities boom](https://en.wikipedia.org/wiki/2000s_commodities_boom "2000s commodities boom") (2000–2008) [2000s Danish property bubble](https://en.wikipedia.org/wiki/Danish_property_bubble_of_2000s "Danish property bubble of 2000s") (2001–2006) [United States housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") (2002–2006) [Romanian property bubble](https://en.wikipedia.org/wiki/Romanian_property_bubble "Romanian property bubble") (2002–2007) [Polish property bubble](https://en.wikipedia.org/wiki/Polish_property_bubble "Polish property bubble") (2002–2008) [Canadian property bubble](https://en.wikipedia.org/wiki/Canadian_property_bubble "Canadian property bubble") (2002–) [Chinese property bubble](https://en.wikipedia.org/wiki/Chinese_property_bubble_$2005%E2%80%932011$ "Chinese property bubble (2005–2011)") (2005–2011) [Lebanese housing bubble](https://en.wikipedia.org/wiki/Lebanese_housing_bubble "Lebanese housing bubble") (2005–2008) [Chinese stock bubble of 2007](https://en.wikipedia.org/wiki/Chinese_stock_bubble_of_2007 "Chinese stock bubble of 2007") [Uranium bubble of 2007](https://en.wikipedia.org/wiki/Uranium_bubble_of_2007 "Uranium bubble of 2007") | | [Information Age](https://en.wikipedia.org/wiki/Information_Age "Information Age") (2007–present) | [2000s commodities boom](https://en.wikipedia.org/wiki/2000s_commodities_boom "2000s commodities boom") (2008–2014) [Lebanese housing bubble](https://en.wikipedia.org/wiki/Lebanese_housing_bubble "Lebanese housing bubble") (2008–) [Corporate debt bubble](https://en.wikipedia.org/wiki/Corporate_debt_bubble "Corporate debt bubble") (2008–) [Australian property bubble](https://en.wikipedia.org/wiki/Australian_property_bubble "Australian property bubble") (2010–) [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") (2011–) [Everything bubble](https://en.wikipedia.org/wiki/Everything_bubble "Everything bubble") (2020–21) [AI bubble](https://en.wikipedia.org/wiki/AI_bubble "AI bubble") (2022–) | | [Carbon bubble](https://en.wikipedia.org/wiki/Carbon_bubble "Carbon bubble") [Green bubble](https://en.wikipedia.org/wiki/Green_bubble "Green bubble") [Social media stock bubble](https://en.wikipedia.org/wiki/Social_media_stock_bubble "Social media stock bubble") [Unicorn bubble](https://en.wikipedia.org/wiki/Unicorn_bubble "Unicorn bubble") [U.S. higher education bubble](https://en.wikipedia.org/wiki/Higher_education_bubble_in_the_United_States "Higher education bubble in the United States") | | | [v](https://en.wikipedia.org/wiki/Template:Financial_crises "Template:Financial crises") [t](https://en.wikipedia.org/wiki/Template_talk:Financial_crises "Template talk:Financial crises") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Financial_crises "Special:EditPage/Template:Financial crises")[Financial crises](https://en.wikipedia.org/wiki/Financial_crisis "Financial crisis") | | |---|---| | [Bank run](https://en.wikipedia.org/wiki/Bank_run "Bank run") [Commodity price shocks](https://en.wikipedia.org/wiki/Commodity_price_shocks "Commodity price shocks") [Credit crunch](https://en.wikipedia.org/wiki/Credit_crunch "Credit crunch") [Credit cycle](https://en.wikipedia.org/wiki/Credit_cycle "Credit cycle") [Currency crisis](https://en.wikipedia.org/wiki/Currency_crisis "Currency crisis") [Debt crisis](https://en.wikipedia.org/wiki/Debt_crisis "Debt crisis") [Energy crisis](https://en.wikipedia.org/wiki/Energy_crisis "Energy crisis") [Financial contagion](https://en.wikipedia.org/wiki/Financial_contagion "Financial contagion") [Social contagion](https://en.wikipedia.org/wiki/Social_contagion "Social contagion") [Flash crash](https://en.wikipedia.org/wiki/Flash_crash "Flash crash") [Hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation "Hyperinflation") [Liquidity crisis](https://en.wikipedia.org/wiki/Liquidity_crisis "Liquidity crisis") [Accounting](https://en.wikipedia.org/wiki/Accounting_liquidity "Accounting liquidity") [Capital](https://en.wikipedia.org/wiki/Liquid_capital "Liquid capital") [Funding](https://en.wikipedia.org/wiki/Funding_liquidity "Funding liquidity") [Market](https://en.wikipedia.org/wiki/Market_liquidity "Market liquidity") [Minsky moment](https://en.wikipedia.org/wiki/Minsky_moment "Minsky moment") [Social crisis](https://en.wikipedia.org/wiki/Social_crisis "Social crisis") [Stock market crash](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash") | | | Pre-[1000](https://en.wikipedia.org/wiki/Commercial_revolution "Commercial revolution") | [Financial crisis of 33 CE](https://en.wikipedia.org/wiki/Financial_crisis_of_33 "Financial crisis of 33") [Crisis of the Third Century](https://en.wikipedia.org/wiki/Crisis_of_the_Third_Century "Crisis of the Third Century") (235–284 CE) | | [Commercial revolution](https://en.wikipedia.org/wiki/Commercial_revolution "Commercial revolution") (1000–1760) | [Great Bullion Famine](https://en.wikipedia.org/wiki/Great_Bullion_Famine "Great Bullion Famine") (c. 1400–c. 1500) [The Great Debasement](https://en.wikipedia.org/wiki/The_Great_Debasement "The Great Debasement") (1544–1551) [Spanish Price Revolution](https://en.wikipedia.org/wiki/Price_revolution "Price revolution") (c. 1550–c. 1650) [Dutch Republic stock market crashes](https://en.wikipedia.org/wiki/Financial_history_of_the_Dutch_Republic "Financial history of the Dutch Republic") (c. 1600–1760) *[Kipper und Wipper](https://en.wikipedia.org/wiki/Kipper_und_Wipper "Kipper und Wipper")* (1621–1623) [Tulip mania](https://en.wikipedia.org/wiki/Tulip_mania "Tulip mania") (1637) [South Sea bubble](https://en.wikipedia.org/wiki/South_Sea_Company "South Sea Company") (1720) [Mississippi bubble](https://en.wikipedia.org/wiki/John_Law%27s_Company "John Law's Company") (1720) | | [1st Industrial Revolution](https://en.wikipedia.org/wiki/Industrial_Revolution "Industrial Revolution") (1760–1840) | [Amsterdam banking crisis of 1763](https://en.wikipedia.org/wiki/Amsterdam_banking_crisis_of_1763 "Amsterdam banking crisis of 1763") [Bengal Bubble of 1769](https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769 "Bengal Bubble of 1769") (1769–1784) [British credit crisis of 1772–1773](https://en.wikipedia.org/wiki/British_credit_crisis_of_1772%E2%80%931773 "British credit crisis of 1772–1773") [Dutch Republic financial collapse](https://en.wikipedia.org/wiki/Financial_history_of_the_Dutch_Republic "Financial history of the Dutch Republic") (c. 1780–1795) [Copper Panic of 1789](https://en.wikipedia.org/wiki/Copper_Panic_of_1789 "Copper Panic of 1789") [Panic of 1792](https://en.wikipedia.org/wiki/Panic_of_1792 "Panic of 1792") [Panic of 1796–1797](https://en.wikipedia.org/wiki/Panic_of_1796%E2%80%931797 "Panic of 1796–1797") [Danish state bankruptcy of 1813](https://en.wikipedia.org/wiki/Danish_state_bankruptcy_of_1813 "Danish state bankruptcy of 1813") [Post-Napoleonic Irish grain price and land use shocks](https://en.wikipedia.org/wiki/Commodity_price_shocks "Commodity price shocks") (1815–1816) [Panic of 1819](https://en.wikipedia.org/wiki/Panic_of_1819 "Panic of 1819") [Panic of 1825](https://en.wikipedia.org/wiki/Panic_of_1825 "Panic of 1825") [Panic of 1837](https://en.wikipedia.org/wiki/Panic_of_1837 "Panic of 1837") | | 1840–1870 | [European potato failure](https://en.wikipedia.org/wiki/European_potato_failure "European potato failure") (1845–1856) [Great Irish Famine](https://en.wikipedia.org/wiki/Great_Famine_$Ireland$ "Great Famine (Ireland)") [Highland Potato Famine](https://en.wikipedia.org/wiki/Highland_Potato_Famine "Highland Potato Famine") [Panic of 1847](https://en.wikipedia.org/wiki/Panic_of_1847 "Panic of 1847") [Panic of 1857](https://en.wikipedia.org/wiki/Panic_of_1857 "Panic of 1857") [Panic of 1866](https://en.wikipedia.org/wiki/Panic_of_1866 "Panic of 1866") [Black Friday](https://en.wikipedia.org/wiki/Black_Friday_$1869$ "Black Friday (1869)") (1869) | | [2nd Industrial Revolution](https://en.wikipedia.org/wiki/Second_Industrial_Revolution "Second Industrial Revolution") (1870–1914) | [Panic of 1873](https://en.wikipedia.org/wiki/Panic_of_1873 "Panic of 1873") [Paris Bourse crash of 1882](https://en.wikipedia.org/wiki/Paris_Bourse_crash_of_1882 "Paris Bourse crash of 1882") [Panic of 1884](https://en.wikipedia.org/wiki/Panic_of_1884 "Panic of 1884") [Arendal crash](https://en.wikipedia.org/wiki/Arendal_crash "Arendal crash") (1886) [Baring crisis](https://en.wikipedia.org/wiki/Baring_crisis "Baring crisis") (1890) [Encilhamento](https://en.wikipedia.org/wiki/Encilhamento "Encilhamento") (1890–1893) [Panic of 1893](https://en.wikipedia.org/wiki/Panic_of_1893 "Panic of 1893") [Australian banking crisis of 1893](https://en.wikipedia.org/wiki/Australian_banking_crisis_of_1893 "Australian banking crisis of 1893") [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_$1894$ "Black Monday (1894)") (1894) [Panic of 1896](https://en.wikipedia.org/wiki/Panic_of_1896 "Panic of 1896") [Panic of 1901](https://en.wikipedia.org/wiki/Panic_of_1901 "Panic of 1901") [Panic of 1907](https://en.wikipedia.org/wiki/Panic_of_1907 "Panic of 1907") [Shanghai rubber stock market crisis](https://en.wikipedia.org/wiki/Shanghai_rubber_stock_market_crisis "Shanghai rubber stock market crisis") (1910) [Panic of 1910–11](https://en.wikipedia.org/wiki/Panic_of_1910%E2%80%9311 "Panic of 1910–11") [Financial crisis of 1914](https://en.wikipedia.org/wiki/Financial_crisis_of_1914 "Financial crisis of 1914") | | [Interwar period](https://en.wikipedia.org/wiki/Interwar_period "Interwar period") (1918–1939) | [Early Soviet hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation_in_early_Soviet_Russia "Hyperinflation in early Soviet Russia") (1917–1924) [Weimar Republic hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_Republic "Hyperinflation in the Weimar Republic") (1921–1923) [Shōwa financial crisis](https://en.wikipedia.org/wiki/Sh%C5%8Dwa_financial_crisis "Shōwa financial crisis") (1927) [Wall Street crash of 1929](https://en.wikipedia.org/wiki/Wall_Street_crash_of_1929 "Wall Street crash of 1929") [Panic of 1930](https://en.wikipedia.org/wiki/Panic_of_1930 "Panic of 1930") [Chinese hyperinflation](https://en.wikipedia.org/wiki/Chinese_hyperinflation "Chinese hyperinflation") (1937–1950) | | [Wartime period](https://en.wikipedia.org/wiki/World_War_II "World War II") (1939–1945) | [Greek hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation_in_Greece "Hyperinflation in Greece") (1941–1946) [Chinese hyperinflation](https://en.wikipedia.org/wiki/Chinese_hyperinflation "Chinese hyperinflation") (1937–1950) | | [Post–WWII expansion](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_II_economic_expansion "Post–World War II economic expansion") (1945–1973) | [Hungarian pengő hyperinflation](https://en.wikipedia.org/wiki/Hungarian_peng%C5%91#Hyperinflation "Hungarian pengő") (1945–1946) [Kennedy Slide of 1962](https://en.wikipedia.org/wiki/Kennedy_Slide_of_1962 "Kennedy Slide of 1962") [1963–1965 Indonesian hyperinflation](https://en.wikipedia.org/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1 "1963–1965 Indonesian hyperinflation (page does not exist)") [Chinese hyperinflation](https://en.wikipedia.org/wiki/Chinese_hyperinflation "Chinese hyperinflation") (1937–1950) | | [Great Inflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") (1973–1982) | [1970s energy crisis](https://en.wikipedia.org/wiki/1970s_energy_crisis "1970s energy crisis") (1973–1980) [1973 oil crisis](https://en.wikipedia.org/wiki/1973_oil_crisis "1973 oil crisis") [1973–1974 stock market crash](https://en.wikipedia.org/wiki/1973%E2%80%931974_stock_market_crash "1973–1974 stock market crash") [Secondary banking crisis of 1973–1975](https://en.wikipedia.org/wiki/Secondary_banking_crisis_of_1973%E2%80%931975 "Secondary banking crisis of 1973–1975") [Steel crisis](https://en.wikipedia.org/wiki/Steel_crisis "Steel crisis") (1973–1982) [Latin American debt crisis](https://en.wikipedia.org/wiki/Latin_American_debt_crisis "Latin American debt crisis") (1975–1982) [1976 sterling crisis](https://en.wikipedia.org/wiki/1976_sterling_crisis "1976 sterling crisis") [1979 oil crisis](https://en.wikipedia.org/wiki/1979_oil_crisis "1979 oil crisis") [Brazilian hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation_in_Brazil "Hyperinflation in Brazil") (1980–1982) | | [Great Moderation](https://en.wikipedia.org/wiki/Great_Moderation "Great Moderation")/ Great Regression (1982–2007) | [Brazilian hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation_in_Brazil "Hyperinflation in Brazil") (1982–1994) [Souk Al-Manakh stock market crash](https://en.wikipedia.org/wiki/Souk_Al-Manakh_stock_market_crash "Souk Al-Manakh stock market crash") (1982) [Chilean crisis of 1982](https://en.wikipedia.org/wiki/Crisis_of_1982 "Crisis of 1982") [1983 Israel bank stock crisis](https://en.wikipedia.org/wiki/1983_Israel_bank_stock_crisis "1983 Israel bank stock crisis") [Black Saturday (1983)](https://en.wikipedia.org/wiki/Black_Saturday_$1983$ "Black Saturday (1983)") [Savings and loan crisis](https://en.wikipedia.org/wiki/Savings_and_loan_crisis "Savings and loan crisis") (1986–1995) [Cameroonian economic crisis](https://en.wikipedia.org/wiki/Cameroonian_economic_crisis "Cameroonian economic crisis") (1987–2000s) [Black Monday (1987)](https://en.wikipedia.org/wiki/Black_Monday_$1987$ "Black Monday (1987)") [1988–1992 Norwegian banking crisis](https://en.wikipedia.org/wiki/1988%E2%80%931992_Norwegian_banking_crisis "1988–1992 Norwegian banking crisis") [Japanese asset price bubble crash](https://en.wikipedia.org/wiki/Japanese_asset_price_bubble "Japanese asset price bubble") (1990–1992) [Rhode Island banking crisis](https://en.wikipedia.org/wiki/Rhode_Island_banking_crisis "Rhode Island banking crisis") (1990–1992) [1991 Indian economic crisis](https://en.wikipedia.org/wiki/1991_Indian_economic_crisis "1991 Indian economic crisis") [1990–1994 Swedish financial crisis](https://en.wikipedia.org/wiki/1990%E2%80%931994_Swedish_financial_crisis "1990–1994 Swedish financial crisis") [1990s Finnish banking crisis](https://en.wikipedia.org/wiki/1990s_Finnish_banking_crisis "1990s Finnish banking crisis") [1990s Armenian energy crisis](https://en.wikipedia.org/wiki/1990s_Armenian_energy_crisis "1990s Armenian energy crisis") [Cuban Special Period](https://en.wikipedia.org/wiki/Special_Period "Special Period") (1991–2000) [Black Wednesday (1992 Sterling crisis)](https://en.wikipedia.org/wiki/Black_Wednesday "Black Wednesday") [Hyperinflation in Serbia and Montenegro](https://en.wikipedia.org/wiki/Hyperinflation_in_Serbia_and_Montenegro "Hyperinflation in Serbia and Montenegro") (1992–1994) [1994 bond market crisis](https://en.wikipedia.org/wiki/1994_bond_market_crisis "1994 bond market crisis") [Venezuelan banking crisis of 1994](https://en.wikipedia.org/wiki/Venezuelan_banking_crisis_of_1994 "Venezuelan banking crisis of 1994") [1994 Papua New Guinea financial crisis](https://en.wikipedia.org/wiki/1994_Papua_New_Guinea_financial_crisis "1994 Papua New Guinea financial crisis") [Mexican peso crisis](https://en.wikipedia.org/wiki/Mexican_peso_crisis "Mexican peso crisis") (1994–1996) [1997 Asian financial crisis](https://en.wikipedia.org/wiki/1997_Asian_financial_crisis "1997 Asian financial crisis") [October 27, 1997, mini-crash](https://en.wikipedia.org/wiki/October_27,_1997,_mini-crash "October 27, 1997, mini-crash") [1998 Russian financial crisis](https://en.wikipedia.org/wiki/1998_Russian_financial_crisis "1998 Russian financial crisis") [1998–1999 Ecuador economic crisis](https://en.wikipedia.org/wiki/1998%E2%80%931999_Ecuador_economic_crisis "1998–1999 Ecuador economic crisis") [1998–2002 Argentine great depression](https://en.wikipedia.org/wiki/1998%E2%80%932002_Argentine_great_depression "1998–2002 Argentine great depression") [Samba effect](https://en.wikipedia.org/wiki/Samba_effect "Samba effect") (1999) [Dot-com bubble]() (2000–2004) [9/11 stock market crash](https://en.wikipedia.org/wiki/Economic_effects_of_the_September_11_attacks "Economic effects of the September 11 attacks") (2001) [2001 Turkish economic crisis](https://en.wikipedia.org/wiki/2001_Turkish_economic_crisis "2001 Turkish economic crisis") [South American economic crisis of 2002](https://en.wikipedia.org/wiki/South_American_economic_crisis_of_2002 "South American economic crisis of 2002") [Stock market downturn of 2002](https://en.wikipedia.org/wiki/Stock_market_downturn_of_2002 "Stock market downturn of 2002") [2002 Uruguay banking crisis](https://en.wikipedia.org/wiki/2002_Uruguay_banking_crisis "2002 Uruguay banking crisis") [2003 Myanmar banking crisis](https://en.wikipedia.org/wiki/2003_Myanmar_banking_crisis "2003 Myanmar banking crisis") [2000s energy crisis](https://en.wikipedia.org/wiki/2000s_energy_crisis "2000s energy crisis") (2003–2008) [2004 Argentine energy crisis](https://en.wikipedia.org/wiki/2004_Argentine_energy_crisis "2004 Argentine energy crisis") [Chinese stock bubble of 2007](https://en.wikipedia.org/wiki/Chinese_stock_bubble_of_2007 "Chinese stock bubble of 2007") [Hyperinflation in Zimbabwe](https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe "Hyperinflation in Zimbabwe") (2007–present) | | [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") (2007–2009) | [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") [September 2008](https://en.wikipedia.org/wiki/Global_financial_crisis_in_September_2008 "Global financial crisis in September 2008") [October 2008](https://en.wikipedia.org/wiki/Global_financial_crisis_in_October_2008 "Global financial crisis in October 2008") [November 2008](https://en.wikipedia.org/wiki/Global_financial_crisis_in_November_2008 "Global financial crisis in November 2008") [December 2008](https://en.wikipedia.org/wiki/Global_financial_crisis_in_December_2008 "Global financial crisis in December 2008") [2009](https://en.wikipedia.org/wiki/Global_financial_crisis_in_2009 "Global financial crisis in 2009") [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") [2000s U.S. housing market correction](https://en.wikipedia.org/wiki/2000s_United_States_housing_market_correction "2000s United States housing market correction") [U.S. bear market of 2007–2009](https://en.wikipedia.org/wiki/United_States_bear_market_of_2007%E2%80%932009 "United States bear market of 2007–2009") [2008 Latvian financial crisis](https://en.wikipedia.org/wiki/2008_Latvian_financial_crisis "2008 Latvian financial crisis") [2008–2009 Belgian financial crisis](https://en.wikipedia.org/wiki/2008%E2%80%932009_Belgian_financial_crisis "2008–2009 Belgian financial crisis") [Great Recession in Russia](https://en.wikipedia.org/wiki/Great_Recession_in_Russia "Great Recession in Russia") [2008–2009 Ukrainian financial crisis](https://en.wikipedia.org/wiki/2008%E2%80%932009_Ukrainian_financial_crisis "2008–2009 Ukrainian financial crisis") [2008–2011 Icelandic financial crisis](https://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis "2008–2011 Icelandic financial crisis") [Post-2008 Irish banking crisis](https://en.wikipedia.org/wiki/Post-2008_Irish_banking_crisis "Post-2008 Irish banking crisis") [2008–2014 Spanish financial crisis](https://en.wikipedia.org/wiki/2008%E2%80%932014_Spanish_financial_crisis "2008–2014 Spanish financial crisis") [Blue Monday Crash 2009](https://en.wikipedia.org/wiki/Blue_Monday_Crash_2009 "Blue Monday Crash 2009") [Euro area crisis](https://en.wikipedia.org/wiki/Euro_area_crisis "Euro area crisis") [Greek government-debt crisis](https://en.wikipedia.org/wiki/Greek_government-debt_crisis "Greek government-debt crisis") | | [Information Age](https://en.wikipedia.org/wiki/Information_Age "Information Age") (2009–present) | [2009 Dubai debt standstill](https://en.wikipedia.org/wiki/Dubai_World "Dubai World") [Venezuelan banking crisis of 2009–2010](https://en.wikipedia.org/wiki/Venezuelan_banking_crisis_of_2009%E2%80%932010 "Venezuelan banking crisis of 2009–2010") [2010–2014 Portuguese financial crisis](https://en.wikipedia.org/wiki/2010%E2%80%932014_Portuguese_financial_crisis "2010–2014 Portuguese financial crisis") [Energy crisis in Venezuela](https://en.wikipedia.org/wiki/Energy_crisis_in_Venezuela "Energy crisis in Venezuela") (2010–present) [Syrian economic crisis](https://en.wikipedia.org/wiki/Economy_of_Syria "Economy of Syria") (2011–present) [August 2011 stock markets fall](https://en.wikipedia.org/wiki/August_2011_stock_markets_fall "August 2011 stock markets fall") [2011 Bangladesh share market scam](https://en.wikipedia.org/wiki/2011_Bangladesh_share_market_scam "2011 Bangladesh share market scam") [2012–2013 Cypriot financial crisis](https://en.wikipedia.org/wiki/2012%E2%80%932013_Cypriot_financial_crisis "2012–2013 Cypriot financial crisis") [Chinese Banking Liquidity Crisis of 2013](https://en.wikipedia.org/wiki/Chinese_Banking_Liquidity_Crisis_of_2013 "Chinese Banking Liquidity Crisis of 2013") [Venezuela economic crisis](https://en.wikipedia.org/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela "2013–present economic crisis in Venezuela") (2013–present) [2014 Brazilian economic crisis](https://en.wikipedia.org/wiki/2014_Brazilian_economic_crisis "2014 Brazilian economic crisis") [Puerto Rican government-debt crisis](https://en.wikipedia.org/wiki/Puerto_Rican_government-debt_crisis "Puerto Rican government-debt crisis") (2014–2022) [Russian financial crisis (2014–2016)](https://en.wikipedia.org/wiki/Russian_financial_crisis_$2014%E2%80%932016$ "Russian financial crisis (2014–2016)") [2015–16 Nepal blockade](https://en.wikipedia.org/wiki/2015%E2%80%9316_Nepal_blockade "2015–16 Nepal blockade") [2015–2016 Chinese stock market turbulence](https://en.wikipedia.org/wiki/2015%E2%80%932016_Chinese_stock_market_turbulence "2015–2016 Chinese stock market turbulence") [2015–2016 stock market selloff](https://en.wikipedia.org/wiki/2015%E2%80%932016_stock_market_selloff "2015–2016 stock market selloff") [Brexit stock market crash](https://en.wikipedia.org/wiki/Economic_effects_of_Brexit "Economic effects of Brexit") (2016) [Hyperinflation in Venezuela](https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela "Hyperinflation in Venezuela") (2016–2022) [2017 Sri Lankan fuel crisis](https://en.wikipedia.org/wiki/2017_Sri_Lankan_fuel_crisis "2017 Sri Lankan fuel crisis") [Ghana banking crisis](https://en.wikipedia.org/wiki/Ghana_banking_crisis "Ghana banking crisis") (2017–2018) [Turkish economic crisis (2018–current)](https://en.wikipedia.org/wiki/Turkish_economic_crisis_$2018%E2%80%93current$ "Turkish economic crisis (2018–current)") [Lebanese liquidity crisis](https://en.wikipedia.org/wiki/Lebanese_liquidity_crisis "Lebanese liquidity crisis") (2019–present) [Sri Lankan economic crisis (2019–2024)](https://en.wikipedia.org/wiki/Sri_Lankan_economic_crisis_$2019%E2%80%932024$ "Sri Lankan economic crisis (2019–2024)") [COVID-19 pandemic](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic "Economic impact of the COVID-19 pandemic") [Financial market impact](https://en.wikipedia.org/wiki/Financial_market_impact_of_the_COVID-19_pandemic "Financial market impact of the COVID-19 pandemic") [2020 stock market crash](https://en.wikipedia.org/wiki/2020_stock_market_crash "2020 stock market crash") [Recession](https://en.wikipedia.org/wiki/COVID-19_recession "COVID-19 recession") [Chinese property sector crisis (2020–present)](https://en.wikipedia.org/wiki/Chinese_property_sector_crisis_$2020%E2%80%93present$ "Chinese property sector crisis (2020–present)") [2021–2023 inflation surge](https://en.wikipedia.org/wiki/2021%E2%80%932023_inflation_surge "2021–2023 inflation surge") [2022 Russian financial crisis](https://en.wikipedia.org/wiki/Economic_impact_of_the_Russo-Ukrainian_war_$2022%E2%80%93present$ "Economic impact of the Russo-Ukrainian war (2022–present)") [Pakistani economic crisis (2021–2024)](https://en.wikipedia.org/wiki/Pakistani_economic_crisis_$2021%E2%80%932024$ "Pakistani economic crisis (2021–2024)") [2022 stock market decline](https://en.wikipedia.org/wiki/2022_stock_market_decline "2022 stock market decline") [German economic crisis (2022–present)](https://en.wikipedia.org/wiki/German_economic_crisis_$2022%E2%80%93present$ "German economic crisis (2022–present)") [2023 United States banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis") [2023–2024 Egyptian financial crisis](https://en.wikipedia.org/wiki/2023%E2%80%932024_Egyptian_financial_crisis "2023–2024 Egyptian financial crisis") [2025 stock market crash](https://en.wikipedia.org/wiki/2025_stock_market_crash "2025 stock market crash") | | [List of banking crises](https://en.wikipedia.org/wiki/List_of_banking_crises "List of banking crises") [List of economic crises](https://en.wikipedia.org/wiki/List_of_economic_crises "List of economic crises") [List of sovereign debt crises](https://en.wikipedia.org/wiki/List_of_sovereign_debt_crises "List of sovereign debt crises") [List of stock market crashes and bear markets](https://en.wikipedia.org/wiki/List_of_stock_market_crashes_and_bear_markets "List of stock market crashes and bear markets") | | | [v](https://en.wikipedia.org/wiki/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Template:United States – Commonwealth of Nations recessions") [t](https://en.wikipedia.org/wiki/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Template talk:United States – Commonwealth of Nations recessions") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Special:EditPage/Template:United States – Commonwealth of Nations recessions")[Economic history of the United States](https://en.wikipedia.org/wiki/Economic_history_of_the_United_States "Economic history of the United States") and Commonwealth of Nations countries | | |---|---| | [Commercial revolution](https://en.wikipedia.org/wiki/Commercial_revolution "Commercial revolution") (1000–1760) | [Great Bullion Famine](https://en.wikipedia.org/wiki/Great_Bullion_Famine "Great Bullion Famine") (c. 1400–c. 1500) [Great Slump](https://en.wikipedia.org/wiki/Great_Slump_$15th_century$ "Great Slump (15th century)") (1430–1490) [The Great Debasement](https://en.wikipedia.org/wiki/The_Great_Debasement "The Great Debasement") (1544–1551) [Financial Revolution](https://en.wikipedia.org/wiki/Financial_Revolution "Financial Revolution") (1690–1800) [Slump of 1706](https://en.wikipedia.org/wiki/War_of_the_Spanish_Succession "War of the Spanish Succession") [Great Frost of 1709](https://en.wikipedia.org/wiki/Great_Frost_of_1709 "Great Frost of 1709") [South Sea bubble](https://en.wikipedia.org/wiki/South_Sea_Company "South Sea Company") (1713–1720) [Mississippi bubble](https://en.wikipedia.org/wiki/John_Law%27s_Company "John Law's Company") (1717–1720) [Economic impact of the Seven Years' War](https://en.wikipedia.org/wiki/Financial_costs_of_the_Seven_Years%27_War "Financial costs of the Seven Years' War") (1754–1763) | | [1st Industrial Revolution](https://en.wikipedia.org/wiki/Industrial_Revolution "Industrial Revolution")/ [Market Revolution](https://en.wikipedia.org/wiki/Market_Revolution "Market Revolution") (1760–1870) | Industrial Revolution [Scotland](https://en.wikipedia.org/wiki/Industrial_Revolution_in_Scotland "Industrial Revolution in Scotland") [United States](https://en.wikipedia.org/wiki/Industrial_Revolution_in_the_United_States "Industrial Revolution in the United States") [Wales](https://en.wikipedia.org/wiki/Industrial_Revolution_in_Wales "Industrial Revolution in Wales") [Bengal Bubble of 1769](https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769 "Bengal Bubble of 1769") (1769–1784) [British credit crisis of 1772–1773](https://en.wikipedia.org/wiki/British_credit_crisis_of_1772%E2%80%931773 "British credit crisis of 1772–1773") [American Revolutionary War inflation](https://en.wikipedia.org/wiki/Financial_costs_of_the_American_Revolutionary_War "Financial costs of the American Revolutionary War") (1775–1783) [Panic of 1785](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") (1785–1788) [Copper Panic of 1789](https://en.wikipedia.org/wiki/Copper_Panic_of_1789 "Copper Panic of 1789")/[Panic of 1792](https://en.wikipedia.org/wiki/Panic_of_1792 "Panic of 1792") (1789–1793) [Canal Mania](https://en.wikipedia.org/wiki/Canal_Mania "Canal Mania") (c. 1790–c. 1810) [Panic of 1796–1797](https://en.wikipedia.org/wiki/Panic_of_1796%E2%80%931797 "Panic of 1796–1797") (1796–1799) [1802–1804 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Carolina gold rush](https://en.wikipedia.org/wiki/Carolina_gold_rush "Carolina gold rush") (1802–1825) [Depression of 1807](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") (1807–1810) [1810s Alabama real estate bubble](https://en.wikipedia.org/wiki/Alabama_real_estate_bubble_of_the_1810s "Alabama real estate bubble of the 1810s") [Alabama Fever](https://en.wikipedia.org/wiki/Alabama_Fever "Alabama Fever") [1812 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Post-Napoleonic Depression](https://en.wikipedia.org/wiki/Post-Napoleonic_Depression "Post-Napoleonic Depression") (1815–1821) [1822–23 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Panic of 1825](https://en.wikipedia.org/wiki/Panic_of_1825 "Panic of 1825") [Panic of 1826](https://en.wikipedia.org/wiki/Panic_of_1826 "Panic of 1826") [1828–29 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Georgia Gold Rush](https://en.wikipedia.org/wiki/Georgia_Gold_Rush "Georgia Gold Rush") (1828–c. 1840) [1830s Chicago real estate bubble](https://en.wikipedia.org/wiki/Chicago_real_estate_bubble_of_the_1830s "Chicago real estate bubble of the 1830s") [1833–34 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Panic of 1837](https://en.wikipedia.org/wiki/Panic_of_1837 "Panic of 1837") (1836–1838 and 1839–1843) [U.S. state defaults in the 1840s](https://en.wikipedia.org/wiki/U.S._state_defaults_in_the_1840s "U.S. state defaults in the 1840s") [Railway Mania](https://en.wikipedia.org/wiki/Railway_Mania "Railway Mania") (c. 1840–c. 1850) [Plank Road Boom](https://en.wikipedia.org/wiki/Plank_Road_Boom "Plank Road Boom") (1844–c. 1855) [1845–46 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Panic of 1847](https://en.wikipedia.org/wiki/Panic_of_1847 "Panic of 1847") (1847–1848) [California gold rush](https://en.wikipedia.org/wiki/California_gold_rush "California gold rush") (1848–1855) [British Columbia gold rushes](https://en.wikipedia.org/wiki/British_Columbia_gold_rushes "British Columbia gold rushes") [Queen Charlottes Gold Rush](https://en.wikipedia.org/wiki/Queen_Charlottes_Gold_Rush "Queen Charlottes Gold Rush"), 1851 [Fraser Canyon Gold Rush](https://en.wikipedia.org/wiki/Fraser_Canyon_Gold_Rush "Fraser Canyon Gold Rush"), 1858 [Rock Creek Gold Rush](https://en.wikipedia.org/wiki/Rock_Creek_Gold_Rush "Rock Creek Gold Rush"), 1859 [Similkameen Gold Rush](https://en.wikipedia.org/wiki/Similkameen_Gold_Rush "Similkameen Gold Rush"), 1860 [Stikine Gold Rush](https://en.wikipedia.org/wiki/Stikine_Gold_Rush "Stikine Gold Rush"), 1861 [Cariboo Gold Rush](https://en.wikipedia.org/wiki/Cariboo_Gold_Rush "Cariboo Gold Rush"), 1861–1867 [Wild Horse Creek Gold Rush](https://en.wikipedia.org/wiki/Fisherville,_British_Columbia "Fisherville, British Columbia"), 1863–1870 [Leechtown Gold Rush](https://en.wikipedia.org/wiki/Leechtown,_British_Columbia "Leechtown, British Columbia"), 1864–1865 [Big Bend Gold Rush](https://en.wikipedia.org/wiki/Big_Bend_Gold_Rush "Big Bend Gold Rush"), c. 1865 [Omineca Gold Rush](https://en.wikipedia.org/wiki/Omineca_Gold_Rush "Omineca Gold Rush"), 1869 [Victorian gold rush](https://en.wikipedia.org/wiki/Victorian_gold_rush "Victorian gold rush") (1851–c. 1870) [New South Wales gold rush](https://en.wikipedia.org/wiki/New_South_Wales_gold_rush "New South Wales gold rush") (1851–1880) [Australian gold rushes](https://en.wikipedia.org/wiki/Australian_gold_rushes "Australian gold rushes") (1851–1914) [1853–54 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Panic of 1857](https://en.wikipedia.org/wiki/Panic_of_1857 "Panic of 1857") (1857–1858) [Pike's Peak gold rush](https://en.wikipedia.org/wiki/Pike%27s_Peak_gold_rush "Pike's Peak gold rush") (1858–1861) [Pennsylvania oil rush](https://en.wikipedia.org/wiki/Pennsylvania_oil_rush "Pennsylvania oil rush") (1859–1891) [1860–61 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Colorado River mining boom](https://en.wikipedia.org/wiki/Steamboats_of_the_Colorado_River "Steamboats of the Colorado River") (1861–1864) [Otago gold rush](https://en.wikipedia.org/wiki/Otago_gold_rush "Otago gold rush") (1861–1864) [U.S. Civil War economy](https://en.wikipedia.org/wiki/Economic_history_of_the_American_Civil_War "Economic history of the American Civil War") (1861–1865) [First Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1861–1874) [West Coast gold rush](https://en.wikipedia.org/wiki/West_Coast_gold_rush "West Coast gold rush") (1864–1867) [Panic of 1866](https://en.wikipedia.org/wiki/Panic_of_1866 "Panic of 1866") (1865–1867) [Vermilion Lake gold rush](https://en.wikipedia.org/wiki/Vermilion_Lake_gold_rush "Vermilion Lake gold rush") (1865–1867) [Kildonan Gold Rush](https://en.wikipedia.org/wiki/Kildonan_Gold_Rush "Kildonan Gold Rush") (1869) [Black Friday](https://en.wikipedia.org/wiki/Black_Friday_$1869$ "Black Friday (1869)") (1869–1870) | | [Gilded Age](https://en.wikipedia.org/wiki/Gilded_Age "Gilded Age")/ [2nd Industrial Revolution](https://en.wikipedia.org/wiki/Second_Industrial_Revolution "Second Industrial Revolution") (1870–1914) | [Coromandel Gold Rushes](https://en.wikipedia.org/wiki/Coromandel_Gold_Rushes "Coromandel Gold Rushes") (c. 1870–c. 1890) [Cassiar Gold Rush](https://en.wikipedia.org/wiki/Cassiar_Country "Cassiar Country") (c. 1870–c. 1890) [Long Depression](https://en.wikipedia.org/wiki/Long_Depression "Long Depression") 1873–1879; [Panic of 1873](https://en.wikipedia.org/wiki/Panic_of_1873 "Panic of 1873") [Black Hills gold rush](https://en.wikipedia.org/wiki/Black_Hills_gold_rush "Black Hills gold rush") (1874–1880) [Colorado Silver Boom](https://en.wikipedia.org/wiki/Colorado_Silver_Boom "Colorado Silver Boom") (1879–1893) [Western Australian gold rushes](https://en.wikipedia.org/wiki/Western_Australian_gold_rushes "Western Australian gold rushes") (c. 1880–c. 1900) [Indiana gas boom](https://en.wikipedia.org/wiki/Indiana_gas_boom "Indiana gas boom") (c. 1880–1903) [Ohio oil rush](https://en.wikipedia.org/wiki/Petroleum_industry_in_Ohio "Petroleum industry in Ohio") (c. 1880–c. 1930) [Depression of 1882–1885](https://en.wikipedia.org/wiki/Depression_of_1882%E2%80%931885 "Depression of 1882–1885") [Panic of 1884](https://en.wikipedia.org/wiki/Panic_of_1884 "Panic of 1884") [Cayoosh Gold Rush](https://en.wikipedia.org/wiki/Cayoosh_Gold_Rush "Cayoosh Gold Rush") (1884) [Witwatersrand Gold Rush](https://en.wikipedia.org/wiki/Witwatersrand_Gold_Rush "Witwatersrand Gold Rush") (1886) [1887–88 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Baring crisis](https://en.wikipedia.org/wiki/Baring_crisis "Baring crisis") (1890–1891) [Cripple Creek Gold Rush](https://en.wikipedia.org/wiki/Cripple_Creek_Gold_Rush "Cripple Creek Gold Rush") (c. 1890–c. 1910) [Panic of 1893](https://en.wikipedia.org/wiki/Panic_of_1893 "Panic of 1893") (1893–1897) [Australian banking crisis of 1893](https://en.wikipedia.org/wiki/Australian_banking_crisis_of_1893 "Australian banking crisis of 1893") [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_$1894$ "Black Monday (1894)") (1894) [Panic of 1896](https://en.wikipedia.org/wiki/Panic_of_1896 "Panic of 1896") [Klondike Gold Rush](https://en.wikipedia.org/wiki/Klondike_Gold_Rush "Klondike Gold Rush") (1896–1899) [Second Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1896–1903) [Kobuk River Stampede](https://en.wikipedia.org/wiki/Kobuk_River_Stampede "Kobuk River Stampede") (1897–1899) [Mount Baker gold rush](https://en.wikipedia.org/wiki/Mount_Baker_gold_rush "Mount Baker gold rush") (1897–c. 1925) [1899–1900 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Nome Gold Rush](https://en.wikipedia.org/wiki/Nome_Gold_Rush "Nome Gold Rush") (1899–1909) [Fairbanks Gold Rush](https://en.wikipedia.org/wiki/Fairbanks_Gold_Rush "Fairbanks Gold Rush") (c. 1900–c. 1930) [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1901–c. 1950) [Panic of 1901](https://en.wikipedia.org/wiki/Panic_of_1901 "Panic of 1901") (1902–1904) [Cobalt silver rush](https://en.wikipedia.org/wiki/Cobalt_silver_rush "Cobalt silver rush") (1903–c. 1930) [Panic of 1907](https://en.wikipedia.org/wiki/Panic_of_1907 "Panic of 1907") (1907–1908) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1909–c. 1960) [Panic of 1910–11](https://en.wikipedia.org/wiki/Panic_of_1910%E2%80%9311 "Panic of 1910–11") (1910–1912) [Financial crisis of 1914](https://en.wikipedia.org/wiki/Financial_crisis_of_1914 "Financial crisis of 1914") (1913–14) | | World War home fronts/ [Interwar period](https://en.wikipedia.org/wiki/Interwar_period "Interwar period") (1914–1945) | [World War I economy](https://en.wikipedia.org/wiki/Economic_history_of_World_War_I "Economic history of World War I") and [home fronts](https://en.wikipedia.org/wiki/Home_front_during_World_War_I "Home front during World War I") [Australia](https://en.wikipedia.org/wiki/Australia_in_World_War_I#Home_front "Australia in World War I") [Canada](https://en.wikipedia.org/wiki/Canada_in_World_War_I#Home_Front "Canada in World War I") [United Kingdom](https://en.wikipedia.org/wiki/History_of_the_United_Kingdom_during_the_First_World_War "History of the United Kingdom during the First World War") [United States](https://en.wikipedia.org/wiki/United_States_home_front_during_World_War_I "United States home front during World War I") [Post–World War I recession](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_I_recession "Post–World War I recession") (1918–1919) [Recession of 1920–1921](https://en.wikipedia.org/wiki/Recession_of_1920%E2%80%931921 "Recession of 1920–1921") [1920s Florida land boom](https://en.wikipedia.org/wiki/Florida_land_boom_of_the_1920s "Florida land boom of the 1920s") (c. 1920–1925) [Roaring Twenties](https://en.wikipedia.org/wiki/Roaring_Twenties "Roaring Twenties") [1923–1924 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [1926–1927 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression") 1929–1939; [Wall Street crash of 1929](https://en.wikipedia.org/wiki/Wall_Street_crash_of_1929 "Wall Street crash of 1929") [Panic of 1930](https://en.wikipedia.org/wiki/Panic_of_1930 "Panic of 1930") [Great Contraction](https://en.wikipedia.org/wiki/Great_Contraction "Great Contraction"), 1929–1933 [Recession of 1937–1938](https://en.wikipedia.org/wiki/Recession_of_1937%E2%80%931938 "Recession of 1937–1938") [Australia](https://en.wikipedia.org/wiki/Great_Depression_in_Australia "Great Depression in Australia") [Canada](https://en.wikipedia.org/wiki/Great_Depression_in_Canada "Great Depression in Canada") [India](https://en.wikipedia.org/wiki/Great_Depression_in_India "Great Depression in India") [South Africa](https://en.wikipedia.org/wiki/Great_Depression_in_South_Africa "Great Depression in South Africa") [United Kingdom](https://en.wikipedia.org/wiki/Great_Depression_in_the_United_Kingdom "Great Depression in the United Kingdom") [United States](https://en.wikipedia.org/wiki/Great_Depression_in_the_United_States "Great Depression in the United States") [1930s Kakamega gold rush](https://en.wikipedia.org/wiki/Kakamega_gold_rush "Kakamega gold rush") [Third Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1932–1942) [World War II home front](https://en.wikipedia.org/wiki/Home_front_during_World_War_II "Home front during World War II") [Australia](https://en.wikipedia.org/wiki/Australian_home_front_during_World_War_II "Australian home front during World War II") [Canada](https://en.wikipedia.org/wiki/Canada_in_World_War_II#Home_front "Canada in World War II") [United Kingdom](https://en.wikipedia.org/wiki/British_home_front_during_World_War_II "British home front during World War II") [United States](https://en.wikipedia.org/wiki/United_States_home_front_during_World_War_II "United States home front during World War II") | | [Post–WWII expansion](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_II_economic_expansion "Post–World War II economic expansion")/ [1970s stagflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") (1945–1982) | [Great Compression](https://en.wikipedia.org/wiki/Great_Compression "Great Compression") [1945 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Great_Depression_onward_$1929%E2%80%93present$ "List of recessions in the United States") [Recession of 1949](https://en.wikipedia.org/wiki/Recession_of_1949 "Recession of 1949") (1948–1949) [Hong Kong and Singapore Asian Tiger expansions](https://en.wikipedia.org/wiki/Four_Asian_Tigers "Four Asian Tigers") (1950–1990) [1951 Canada recession](https://en.wikipedia.org/wiki/List_of_recessions_in_Canada "List of recessions in Canada") [Recession of 1953](https://en.wikipedia.org/wiki/Recession_of_1953 "Recession of 1953") (1953–1954) [Recession of 1958](https://en.wikipedia.org/wiki/Recession_of_1958 "Recession of 1958") (1957–1958) [Recession of 1960–1961](https://en.wikipedia.org/wiki/Recession_of_1960%E2%80%931961 "Recession of 1960–1961") [Kennedy Slide of 1962](https://en.wikipedia.org/wiki/Kennedy_Slide_of_1962 "Kennedy Slide of 1962") [Poseidon bubble](https://en.wikipedia.org/wiki/Poseidon_bubble "Poseidon bubble") (1969–1970) [Recession of 1969–1970](https://en.wikipedia.org/wiki/Recession_of_1969%E2%80%931970 "Recession of 1969–1970") [1970s commodities boom](https://en.wikipedia.org/wiki/1970s_commodities_boom "1970s commodities boom") [1973–1975 recession](https://en.wikipedia.org/wiki/1973%E2%80%931975_recession "1973–1975 recession") [1973–1974 stock market crash](https://en.wikipedia.org/wiki/1973%E2%80%931974_stock_market_crash "1973–1974 stock market crash") [Secondary banking crisis of 1973–1975](https://en.wikipedia.org/wiki/Secondary_banking_crisis_of_1973%E2%80%931975 "Secondary banking crisis of 1973–1975") [1970s energy crisis](https://en.wikipedia.org/wiki/1970s_energy_crisis "1970s energy crisis") 1973–1980; [1973 oil crisis](https://en.wikipedia.org/wiki/1973_oil_crisis "1973 oil crisis") [1979 oil crisis](https://en.wikipedia.org/wiki/1979_oil_crisis "1979 oil crisis") [Steel crisis](https://en.wikipedia.org/wiki/Steel_crisis "Steel crisis") (1973–1982) [1976 sterling crisis](https://en.wikipedia.org/wiki/1976_sterling_crisis "1976 sterling crisis") [Silver Thursday](https://en.wikipedia.org/wiki/Silver_Thursday "Silver Thursday") (1980) [Early 1980s recession](https://en.wikipedia.org/wiki/Early_1980s_recession "Early 1980s recession") 1980–1982; [United States](https://en.wikipedia.org/wiki/Early_1980s_recession_in_the_United_States "Early 1980s recession in the United States") | | [Computer Age](https://en.wikipedia.org/wiki/Information_Age "Information Age")/ [Second Gilded Age](https://en.wikipedia.org/wiki/Second_Gilded_Age "Second Gilded Age") (1982–present) | [Great Moderation](https://en.wikipedia.org/wiki/Great_Moderation "Great Moderation") (1982–2007) [1980s oil glut](https://en.wikipedia.org/wiki/1980s_oil_glut "1980s oil glut") [Black Saturday](https://en.wikipedia.org/wiki/Black_Saturday_$1983$ "Black Saturday (1983)") (1983) [New Zealand property bubble](https://en.wikipedia.org/wiki/New_Zealand_property_bubble "New Zealand property bubble") (c. 1985–) [Savings and loan crisis](https://en.wikipedia.org/wiki/Savings_and_loan_crisis "Savings and loan crisis") (1986–1995) [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_$1987$ "Black Monday (1987)") (1987) [Friday the 13th mini-crash](https://en.wikipedia.org/wiki/Friday_the_13th_mini-crash "Friday the 13th mini-crash") (1989) [Early 1990s recession](https://en.wikipedia.org/wiki/Early_1990s_recession "Early 1990s recession") 1990–1991; [Australia](https://en.wikipedia.org/wiki/Early_1990s_recession_in_Australia "Early 1990s recession in Australia") [United States](https://en.wikipedia.org/wiki/Early_1990s_recession_in_the_United_States "Early 1990s recession in the United States") [1990 oil price shock](https://en.wikipedia.org/wiki/1990_oil_price_shock "1990 oil price shock") [Rhode Island banking crisis](https://en.wikipedia.org/wiki/Rhode_Island_banking_crisis "Rhode Island banking crisis") (1990–1992) [1991 Indian economic crisis](https://en.wikipedia.org/wiki/1991_Indian_economic_crisis "1991 Indian economic crisis") [1990s United States boom](https://en.wikipedia.org/wiki/1990s_United_States_boom "1990s United States boom") (1991–2001) [1990s India economic boom](https://en.wikipedia.org/wiki/Economic_liberalisation_in_India "Economic liberalisation in India") [Hyperinflation in Zimbabwe](https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe "Hyperinflation in Zimbabwe") (1991–present) [Black Wednesday](https://en.wikipedia.org/wiki/Black_Wednesday "Black Wednesday") (1992) [1994 bond market crisis](https://en.wikipedia.org/wiki/1994_bond_market_crisis "1994 bond market crisis") [1994 Papua New Guinea financial crisis](https://en.wikipedia.org/wiki/1994_Papua_New_Guinea_financial_crisis "1994 Papua New Guinea financial crisis") [Dot-com bubble]() 1995–2004; [Stock market downturn of 2002](https://en.wikipedia.org/wiki/Stock_market_downturn_of_2002 "Stock market downturn of 2002") [1997 Asian financial crisis](https://en.wikipedia.org/wiki/1997_Asian_financial_crisis "1997 Asian financial crisis") [October 27, 1997, mini-crash](https://en.wikipedia.org/wiki/October_27,_1997,_mini-crash "October 27, 1997, mini-crash") [Early 2000s recession](https://en.wikipedia.org/wiki/Early_2000s_recession "Early 2000s recession") 2001; [9/11 stock market crash](https://en.wikipedia.org/wiki/Economic_effects_of_the_September_11_attacks "Economic effects of the September 11 attacks") [2000s commodities boom](https://en.wikipedia.org/wiki/2000s_commodities_boom "2000s commodities boom") (2000–2014) [United States housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") (2002–2006) [Canadian property bubble](https://en.wikipedia.org/wiki/Canadian_property_bubble "Canadian property bubble") (2002–) [2003 Myanmar banking crisis](https://en.wikipedia.org/wiki/2003_Myanmar_banking_crisis "2003 Myanmar banking crisis") [2000s energy crisis](https://en.wikipedia.org/wiki/2000s_energy_crisis "2000s energy crisis") (2003–2008) [North Dakota oil boom](https://en.wikipedia.org/wiki/North_Dakota_oil_boom "North Dakota oil boom") (2006–2015) [Uranium bubble of 2007](https://en.wikipedia.org/wiki/Uranium_bubble_of_2007 "Uranium bubble of 2007") [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") 2007–2009; [Australia and New Zealand](https://en.wikipedia.org/wiki/Great_Recession_in_Oceania "Great Recession in Oceania") [Bangladesh, India, Malaysia, Pakistan, and Sri Lanka](https://en.wikipedia.org/wiki/Great_Recession_in_Asia "Great Recession in Asia") [British West Indies](https://en.wikipedia.org/wiki/Great_Recession_in_South_America "Great Recession in South America") [Canada](https://en.wikipedia.org/wiki/Great_Recession_in_the_Americas "Great Recession in the Americas") [South Africa](https://en.wikipedia.org/wiki/Great_Recession_in_Africa "Great Recession in Africa") [United Kingdom](https://en.wikipedia.org/wiki/Great_Recession_in_Europe#United_Kingdom "Great Recession in Europe") [United States](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States "Great Recession in the United States") [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") [September](https://en.wikipedia.org/wiki/Global_financial_crisis_in_September_2008 "Global financial crisis in September 2008") [October](https://en.wikipedia.org/wiki/Global_financial_crisis_in_October_2008 "Global financial crisis in October 2008") [November](https://en.wikipedia.org/wiki/Global_financial_crisis_in_November_2008 "Global financial crisis in November 2008") [December](https://en.wikipedia.org/wiki/Global_financial_crisis_in_December_2008 "Global financial crisis in December 2008") [2009](https://en.wikipedia.org/wiki/Global_financial_crisis_in_2009 "Global financial crisis in 2009") [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") [2000s U.S. housing market correction](https://en.wikipedia.org/wiki/2000s_United_States_housing_market_correction "2000s United States housing market correction") [U.S. bear market of 2007–2009](https://en.wikipedia.org/wiki/United_States_bear_market_of_2007%E2%80%932009 "United States bear market of 2007–2009") [2007–2010 U.S. bank failures](https://en.wikipedia.org/wiki/List_of_banks_acquired_or_bankrupted_in_the_United_States_during_the_2008_financial_crisis "List of banks acquired or bankrupted in the United States during the 2008 financial crisis") [Corporate debt bubble](https://en.wikipedia.org/wiki/Corporate_debt_bubble "Corporate debt bubble") (2008–) [Blue Monday Crash 2009](https://en.wikipedia.org/wiki/Blue_Monday_Crash_2009 "Blue Monday Crash 2009") [2010 flash crash](https://en.wikipedia.org/wiki/2010_flash_crash "2010 flash crash") [Malaysia Tiger Cub expansion](https://en.wikipedia.org/wiki/Tiger_Cub_Economies "Tiger Cub Economies") (2010s) [Australian property bubble](https://en.wikipedia.org/wiki/Australian_property_bubble "Australian property bubble") (2010–) [August 2011 stock markets fall](https://en.wikipedia.org/wiki/August_2011_stock_markets_fall "August 2011 stock markets fall") [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_$2011$ "Black Monday (2011)") [2011 Bangladesh share market scam](https://en.wikipedia.org/wiki/2011_Bangladesh_share_market_scam "2011 Bangladesh share market scam") [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") (2011–) [Puerto Rican government-debt crisis](https://en.wikipedia.org/wiki/Puerto_Rican_government-debt_crisis "Puerto Rican government-debt crisis") (2014–2022) [2015–2016 stock market selloff](https://en.wikipedia.org/wiki/2015%E2%80%932016_stock_market_selloff "2015–2016 stock market selloff") [Brexit stock market crash](https://en.wikipedia.org/wiki/Economic_effects_of_Brexit "Economic effects of Brexit") (2016) [2017 Sri Lankan fuel crisis](https://en.wikipedia.org/wiki/2017_Sri_Lankan_fuel_crisis "2017 Sri Lankan fuel crisis") [Ghana banking crisis](https://en.wikipedia.org/wiki/Ghana_banking_crisis "Ghana banking crisis") (2017–2018) [Sri Lankan economic crisis](https://en.wikipedia.org/wiki/Sri_Lankan_economic_crisis_$2019%E2%80%932024$ "Sri Lankan economic crisis (2019–2024)") (2019–2024) [COVID-19 recession](https://en.wikipedia.org/wiki/COVID-19_recession "COVID-19 recession") 2020–2022; [2020 stock market crash](https://en.wikipedia.org/wiki/2020_stock_market_crash "2020 stock market crash") [financial market impact](https://en.wikipedia.org/wiki/Financial_market_impact_of_the_COVID-19_pandemic "Financial market impact of the COVID-19 pandemic") [sectoral impacts](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic "Economic impact of the COVID-19 pandemic") [shortages](https://en.wikipedia.org/wiki/Shortages_related_to_the_COVID-19_pandemic "Shortages related to the COVID-19 pandemic") [Canada](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Canada "Economic impact of the COVID-19 pandemic in Canada") [India](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India "Economic impact of the COVID-19 pandemic in India") [Malaysia](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia "Economic impact of the COVID-19 pandemic in Malaysia") [New Zealand](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand "Economic impact of the COVID-19 pandemic in New Zealand") [United Kingdom](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom "Economic impact of the COVID-19 pandemic in the United Kingdom") [United States](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States "Economic impact of the COVID-19 pandemic in the United States") [2020s commodities boom](https://en.wikipedia.org/wiki/2020s_commodities_boom "2020s commodities boom") [Global energy crisis](https://en.wikipedia.org/wiki/Global_energy_crisis_$2021%E2%80%932023$ "Global energy crisis (2021–2023)") 2021–2023; [2021 United Kingdom natural gas supplier crisis](https://en.wikipedia.org/wiki/2021_United_Kingdom_natural_gas_supplier_crisis "2021 United Kingdom natural gas supplier crisis") [regional effects](https://en.wikipedia.org/wiki/Regional_effects_of_the_2021%E2%80%932023_global_energy_crisis "Regional effects of the 2021–2023 global energy crisis") [2021–2023 global supply chain crisis](https://en.wikipedia.org/wiki/2021%E2%80%932023_global_supply_chain_crisis "2021–2023 global supply chain crisis") [2021–2023 inflation surge](https://en.wikipedia.org/wiki/2021%E2%80%932023_inflation_surge "2021–2023 inflation surge") [Pakistani economic crisis](https://en.wikipedia.org/wiki/Pakistani_economic_crisis_$2021%E2%80%932024$ "Pakistani economic crisis (2021–2024)") (2021–2024) [2022 stock market decline](https://en.wikipedia.org/wiki/2022_stock_market_decline "2022 stock market decline") [2022–2023 global food crises](https://en.wikipedia.org/wiki/2022%E2%80%932023_global_food_crises "2022–2023 global food crises") [2023 United Kingdom recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_Kingdom "List of recessions in the United Kingdom") [2023 United States banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis") [2025 stock market crash](https://en.wikipedia.org/wiki/2025_stock_market_crash "2025 stock market crash") | | Countries and sectors | [Australia](https://en.wikipedia.org/wiki/Economic_history_of_Australia "Economic history of Australia") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Australia "History of rail transport in Australia") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Australia "Slavery in Australia") [whaling](https://en.wikipedia.org/wiki/Whaling_in_Australia "Whaling in Australia")/[Western Australia](https://en.wikipedia.org/wiki/Whaling_in_Western_Australia "Whaling in Western Australia") [Canada](https://en.wikipedia.org/wiki/Economic_history_of_Canada "Economic history of Canada") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_Canada "History of agriculture in Canada") [currencies](https://en.wikipedia.org/wiki/History_of_Canadian_currencies "History of Canadian currencies") [early banking system](https://en.wikipedia.org/wiki/Early_Canadian_banking_system "Early Canadian banking system") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_Canada "List of recessions in Canada") [petroleum industry](https://en.wikipedia.org/wiki/History_of_the_petroleum_industry_in_Canada "History of the petroleum industry in Canada") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Canada "History of rail transport in Canada") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Canada "Slavery in Canada") [technological and industrial](https://en.wikipedia.org/wiki/Technological_and_industrial_history_of_Canada "Technological and industrial history of Canada") [whaling](https://en.wikipedia.org/wiki/Whaling_in_Canada "Whaling in Canada")/[Pacific Northwest](https://en.wikipedia.org/wiki/Whaling_on_the_Pacific_Northwest_Coast "Whaling on the Pacific Northwest Coast") [Ghana](https://en.wikipedia.org/wiki/Economic_history_of_Ghana "Economic history of Ghana") [India](https://en.wikipedia.org/wiki/Economic_history_of_India "Economic history of India") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_the_Indian_subcontinent "History of agriculture in the Indian subcontinent") [Company rule](https://en.wikipedia.org/wiki/Economy_of_India_under_Company_rule "Economy of India under Company rule") [maritime](https://en.wikipedia.org/wiki/Indian_maritime_history "Indian maritime history") [British Raj](https://en.wikipedia.org/wiki/Economy_of_India_under_the_British_Raj "Economy of India under the British Raj") [Deindustrialisation](https://en.wikipedia.org/wiki/De-industrialisation_of_India "De-industrialisation of India") [salt tax](https://en.wikipedia.org/wiki/History_of_the_salt_tax_in_British_India "History of the salt tax in British India") [slavery](https://en.wikipedia.org/wiki/Slavery_in_India "Slavery in India") [Malaysia](https://en.wikipedia.org/wiki/Economic_history_of_Malaysia "Economic history of Malaysia") [New Zealand](https://en.wikipedia.org/wiki/Economic_history_of_New_Zealand "Economic history of New Zealand") [whaling](https://en.wikipedia.org/wiki/Whaling_in_New_Zealand "Whaling in New Zealand") [Nigeria](https://en.wikipedia.org/wiki/Economic_history_of_Nigeria "Economic history of Nigeria") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Nigeria "Slavery in Nigeria") [Pakistan](https://en.wikipedia.org/wiki/Economic_history_of_Pakistan "Economic history of Pakistan") [maritime](https://en.wikipedia.org/wiki/Maritime_history_of_Pakistan "Maritime history of Pakistan") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Pakistan "History of rail transport in Pakistan") [South Africa](https://en.wikipedia.org/wiki/Economic_history_of_South_Africa "Economic history of South Africa") [slavery](https://en.wikipedia.org/wiki/Slavery_in_South_Africa "Slavery in South Africa") [whaling](https://en.wikipedia.org/wiki/Whaling_in_South_Africa "Whaling in South Africa") [Uganda](https://en.wikipedia.org/wiki/Economic_history_of_Uganda "Economic history of Uganda") [United Kingdom](https://en.wikipedia.org/wiki/Economic_history_of_the_United_Kingdom "Economic history of the United Kingdom") [Agricultural Revolution](https://en.wikipedia.org/wiki/British_Agricultural_Revolution "British Agricultural Revolution") [Atlantic slave trade](https://en.wikipedia.org/wiki/Atlantic_slave_trade "Atlantic slave trade") [banking](https://en.wikipedia.org/wiki/History_of_banking_in_the_United_Kingdom "History of banking in the United Kingdom") [British Empire](https://en.wikipedia.org/wiki/Economy_of_the_British_Empire "Economy of the British Empire") [English fiscal system](https://en.wikipedia.org/wiki/History_of_the_English_fiscal_system "History of the English fiscal system") [Interwar unemployment and poverty](https://en.wikipedia.org/wiki/Interwar_unemployment_and_poverty_in_the_United_Kingdom "Interwar unemployment and poverty in the United Kingdom") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_Kingdom "List of recessions in the United Kingdom") [maritime](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_Kingdom "Maritime history of the United Kingdom")/[England](https://en.wikipedia.org/wiki/Maritime_history_of_England "Maritime history of England")/[Scotland](https://en.wikipedia.org/wiki/Maritime_history_of_Scotland "Maritime history of Scotland") [Middle Ages England](https://en.wikipedia.org/wiki/Economy_of_England_in_the_Middle_Ages "Economy of England in the Middle Ages")/[agriculture](https://en.wikipedia.org/wiki/Economics_of_English_agriculture_in_the_Middle_Ages "Economics of English agriculture in the Middle Ages") [national debt](https://en.wikipedia.org/wiki/History_of_the_British_national_debt "History of the British national debt") [Scotland](https://en.wikipedia.org/wiki/Economic_history_of_Scotland "Economic history of Scotland")/[agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_Scotland "History of agriculture in Scotland")/[Middle Ages](https://en.wikipedia.org/wiki/Economy_of_Scotland_in_the_Middle_Ages "Economy of Scotland in the Middle Ages") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain "History of rail transport in Great Britain")/[pre–1830](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_to_1830 "History of rail transport in Great Britain to 1830")/[1830–1922](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1830%E2%80%931922 "History of rail transport in Great Britain 1830–1922")/[1923–1947](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1923%E2%80%931947 "History of rail transport in Great Britain 1923–1947")/[1948–1994](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1948%E2%80%931994 "History of rail transport in Great Britain 1948–1994")/[1995–present](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1995_to_date "History of rail transport in Great Britain 1995 to date") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Britain "Slavery in Britain") [trade unions](https://en.wikipedia.org/wiki/History_of_trade_unions_in_the_United_Kingdom "History of trade unions in the United Kingdom") [Victorian era](https://en.wikipedia.org/wiki/Economy,_industry,_and_trade_of_the_Victorian_era "Economy, industry, and trade of the Victorian era") [Wales](https://en.wikipedia.org/wiki/Economic_history_of_Wales "Economic history of Wales") [whaling](https://en.wikipedia.org/wiki/Whaling_in_the_United_Kingdom "Whaling in the United Kingdom")/[Scotland](https://en.wikipedia.org/wiki/Whaling_in_Scotland "Whaling in Scotland") [United States](https://en.wikipedia.org/wiki/Economic_history_of_the_United_States "Economic history of the United States") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_the_United_States "History of agriculture in the United States") [banking](https://en.wikipedia.org/wiki/History_of_banking_in_the_United_States "History of banking in the United States")/[colonial-era credit](https://en.wikipedia.org/wiki/Credit_in_the_Thirteen_Colonies "Credit in the Thirteen Colonies")/[cooperatives](https://en.wikipedia.org/wiki/History_of_cooperatives_in_the_United_States "History of cooperatives in the United States")/[investment banking](https://en.wikipedia.org/wiki/History_of_investment_banking_in_the_United_States "History of investment banking in the United States")/[wildcat banking](https://en.wikipedia.org/wiki/Wildcat_banking "Wildcat banking") [business](https://en.wikipedia.org/wiki/American_business_history "American business history") [central banking](https://en.wikipedia.org/wiki/History_of_central_banking_in_the_United_States "History of central banking in the United States") [coal mining](https://en.wikipedia.org/wiki/History_of_coal_mining_in_the_United_States "History of coal mining in the United States") [indentured servitude](https://en.wikipedia.org/wiki/Indentured_servitude_in_British_America "Indentured servitude in British America") [iron and steel industry](https://en.wikipedia.org/wiki/History_of_the_iron_and_steel_industry_in_the_United_States "History of the iron and steel industry in the United States") [labor](https://en.wikipedia.org/wiki/Labor_history_of_the_United_States "Labor history of the United States") [list of economic expansions](https://en.wikipedia.org/wiki/List_of_economic_expansions_in_the_United_States "List of economic expansions in the United States") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States "List of recessions in the United States") [lumber industry](https://en.wikipedia.org/wiki/History_of_the_lumber_industry_in_the_United_States "History of the lumber industry in the United States") [maritime](https://en.wikipedia.org/wiki/History_of_the_United_States_Merchant_Marine "History of the United States Merchant Marine")/[colonial-era](https://en.wikipedia.org/wiki/Maritime_history_of_Colonial_America "Maritime history of Colonial America")/[1776–1799](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$1776%E2%80%931799$ "Maritime history of the United States (1776–1799)")/[1800–1899](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$1800%E2%80%931899$ "Maritime 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From Wikipedia, the free encyclopedia [![](https://upload.wikimedia.org/wikipedia/commons/thumb/8/84/Nasdaq_Composite_dot-com_bubble.svg/330px-Nasdaq_Composite_dot-com_bubble.svg.png)](https://en.wikipedia.org/wiki/File:Nasdaq_Composite_dot-com_bubble.svg) The [NASDAQ Composite](https://en.wikipedia.org/wiki/NASDAQ_Composite "NASDAQ Composite") index spiked in 2000 and then fell sharply as a result of the dot-com bubble. [![](https://upload.wikimedia.org/wikipedia/commons/thumb/5/50/US_VC_funding.png/330px-US_VC_funding.png)](https://en.wikipedia.org/wiki/File:US_VC_funding.png) Quarterly U.S. venture capital investments, 1995–2017 The **dot-com bubble** (or **dot-com boom**) was a [stock market bubble](https://en.wikipedia.org/wiki/Stock_market_bubble "Stock market bubble") that developed during the late 1990s and peaked on March 10, 2000. This period of market growth coincided with the widespread adoption of the [World Wide Web](https://en.wikipedia.org/wiki/World_Wide_Web "World Wide Web") and the [Internet](https://en.wikipedia.org/wiki/Internet "Internet"), resulting in a dispensation of available [venture capital](https://en.wikipedia.org/wiki/Venture_capital "Venture capital") and the rapid growth of valuations in new dot-com [startups](https://en.wikipedia.org/wiki/Startup_company "Startup company"). Between 1995 and its peak in March 2000, investments in the [Nasdaq Composite](https://en.wikipedia.org/wiki/Nasdaq_Composite "Nasdaq Composite") stock market index rose by 600%,\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] only to fall 78% from its peak by October 2002, giving up all its gains during the bubble. It is also known retrospectively as the **tech–media–telecom (TMT) bubble**, since it boosted established companies in those sectors as well as Internet startups. During the **dot-com crash**, many [online shopping](https://en.wikipedia.org/wiki/Online_shopping "Online shopping") companies like [Pets.com](https://en.wikipedia.org/wiki/Pets.com "Pets.com"), [Webvan](https://en.wikipedia.org/wiki/Webvan "Webvan"), and [Boo.com](https://en.wikipedia.org/wiki/Boo.com "Boo.com"), as well as several communication companies, such as [WorldCom](https://en.wikipedia.org/wiki/WorldCom "WorldCom"), [NorthPoint Communications](https://en.wikipedia.org/wiki/NorthPoint_Communications "NorthPoint Communications"), and [Global Crossing](https://en.wikipedia.org/wiki/Global_Crossing "Global Crossing"), failed and shut down;[\[1\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-1)[\[2\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-valuation-2) WorldCom was renamed to MCI Inc. in 2003 and was acquired by [Verizon](https://en.wikipedia.org/wiki/Verizon "Verizon") in 2006. Others, like [Lastminute.com](https://en.wikipedia.org/wiki/Lastminute.com "Lastminute.com"), [MP3.com](https://en.wikipedia.org/wiki/MP3.com "MP3.com") and [PeopleSound](https://en.wikipedia.org/wiki/PeopleSound "PeopleSound") were bought out. Larger companies like [Amazon](https://en.wikipedia.org/wiki/Amazon_$company$ "Amazon (company)") and [Cisco Systems](https://en.wikipedia.org/wiki/Cisco_Systems "Cisco Systems") lost large portions of their market capitalization, with Cisco losing 80% of its stock value.[\[2\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-valuation-2)[\[3\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-3) Historically, the dot-com boom can be seen as similar to a number of other technology-inspired booms of the past, including [railroads](https://en.wikipedia.org/wiki/Railway_mania "Railway mania") in the 1840s, [automobiles](https://en.wikipedia.org/wiki/Automobile "Automobile") in the 1900s, [radio](https://en.wikipedia.org/wiki/Radio "Radio") in the 1920s, [television](https://en.wikipedia.org/wiki/Television "Television") in the 1940s, [transistor](https://en.wikipedia.org/wiki/Transistor "Transistor") electronics in the 1950s, computer time-sharing in the 1960s, and [home computers](https://en.wikipedia.org/wiki/Home_computer "Home computer") and [biotechnology](https://en.wikipedia.org/wiki/Biotechnology "Biotechnology") in the 1980s.[\[4\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-4)\[*[failed verification](https://en.wikipedia.org/wiki/Wikipedia:Verifiability "Wikipedia:Verifiability")*\] ## Prelude to the bubble \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=2 "Edit section: Prelude to the bubble")\] The 1993 release of [Mosaic](https://en.wikipedia.org/wiki/Mosaic_$web_browser$ "Mosaic (web browser)") and subsequent [web browsers](https://en.wikipedia.org/wiki/Web_browser "Web browser") during the following years gave computer users access to the [World Wide Web](https://en.wikipedia.org/wiki/World_Wide_Web "World Wide Web"), popularizing the use of the Internet.[\[5\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-5) Internet use increased as a result of the reduction of the "[digital divide](https://en.wikipedia.org/wiki/Digital_divide "Digital divide")" and advances in connectivity, uses of the Internet, and computer education. Between 1990 and 1997, the percentage of households in the United States owning computers increased from 15% to 35% as computer ownership progressed from a luxury to a necessity.[\[6\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-6) This marked the shift to the [Information Age](https://en.wikipedia.org/wiki/Information_Age "Information Age"), an economy based on [information technology](https://en.wikipedia.org/wiki/Information_technology "Information technology"), and many new startups were founded as a result of that growth. At the same time, a decline in interest rates increased the availability of capital.[\[7\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-7) The [Taxpayer Relief Act of 1997](https://en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997 "Taxpayer Relief Act of 1997"), which lowered the top marginal [capital gains tax in the United States](https://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States "Capital gains tax in the United States"), also made people more willing to make more speculative investments.[\[8\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-8) [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan"), then-[Chair of the Federal Reserve](https://en.wikipedia.org/wiki/Chair_of_the_Federal_Reserve "Chair of the Federal Reserve"), allegedly fueled investments in the stock market by putting a positive spin on stock valuations.[\[9\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-enigma-9) The [Telecommunications Act of 1996](https://en.wikipedia.org/wiki/Telecommunications_Act_of_1996 "Telecommunications Act of 1996") was expected to result in many new technologies from which many people wanted to profit.[\[10\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-now-10) As a result of these factors, many investors were eager to invest, at any valuation, in any [dot-com company](https://en.wikipedia.org/wiki/Dot-com_company "Dot-com company"), especially if it had one of the [Internet-related prefixes](https://en.wikipedia.org/wiki/Internet-related_prefixes "Internet-related prefixes") or a "[.com](https://en.wikipedia.org/wiki/.com ".com")" [suffix](https://en.wikipedia.org/wiki/Suffix "Suffix") in its name. [Venture capital](https://en.wikipedia.org/wiki/Venture_capital "Venture capital") was easy to raise. [Investment banks](https://en.wikipedia.org/wiki/Investment_bank "Investment bank"), which profited significantly from [initial public offerings](https://en.wikipedia.org/wiki/Initial_public_offering "Initial public offering") (IPO) (almost all of them were on Nasdaq), fueled speculation and encouraged investment in technology.[\[11\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-swindle-11) A combination of rapidly increasing stock prices in the [quaternary sector of the economy](https://en.wikipedia.org/wiki/Quaternary_sector_of_the_economy "Quaternary sector of the economy") and confidence that the companies would turn future profits created an environment in which many investors were willing to overlook traditional metrics, such as the [price–earnings ratio](https://en.wikipedia.org/wiki/Price%E2%80%93earnings_ratio "Price–earnings ratio"), and base confidence on technological advancements, leading to a [stock market bubble](https://en.wikipedia.org/wiki/Stock_market_bubble "Stock market bubble").[\[9\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-enigma-9) Between 1995 and 2000, the Nasdaq Composite stock market index rose 400%. It reached a price–earnings ratio of 200, dwarfing the peak price–earnings ratio of 80 for the Japanese [Nikkei 225](https://en.wikipedia.org/wiki/Nikkei_225 "Nikkei 225") during the [Japanese asset price bubble](https://en.wikipedia.org/wiki/Japanese_asset_price_bubble "Japanese asset price bubble") of 1991.[\[9\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-enigma-9) In 1999, shares of [Qualcomm](https://en.wikipedia.org/wiki/Qualcomm "Qualcomm") rose in value by 2,619%, 12 other large-cap stocks each rose over 1,000% in value, and seven additional large-cap stocks each rose over 900% in value. Even though the Nasdaq Composite rose 85.6% and the [S\&P 500](https://en.wikipedia.org/wiki/S%26P_500 "S&P 500") rose 19.5% in 1999, more stocks fell in value than rose in value as investors sold stocks in slower growing companies to invest in Internet stocks.[\[12\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-12) An unprecedented amount of personal investing occurred during the boom and stories of people quitting their jobs to trade on the financial market were common.[\[13\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-13) The [news media](https://en.wikipedia.org/wiki/News_media "News media") took advantage of the public's desire to invest in the stock market; an article in *[The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal")* suggested that investors "re-think" the "quaint idea" of profits,[\[14\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-14) and [CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC") reported on the stock market with the same level of suspense as many networks provided to the [broadcasting of sports events](https://en.wikipedia.org/wiki/Broadcasting_of_sports_events "Broadcasting of sports events").[\[9\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-enigma-9)[\[15\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-15) At the height of the boom, it was possible for a promising dot-com company to become a [public company](https://en.wikipedia.org/wiki/Public_company "Public company") via an IPO and raise a substantial amount of money even if it had never made a profit—or, in some cases, realized any material revenue or even have a finished product. People who received [employee stock options](https://en.wikipedia.org/wiki/Employee_stock_option "Employee stock option") became instant paper millionaires when their companies executed IPOs; however, most employees were barred from selling shares immediately due to [lock-up periods](https://en.wikipedia.org/wiki/Lock-up_period "Lock-up period").[\[11\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-swindle-11)\[*[page needed](https://en.wikipedia.org/wiki/Wikipedia:Citing_sources "Wikipedia:Citing sources")*\] The most successful entrepreneurs, such as [Mark Cuban](https://en.wikipedia.org/wiki/Mark_Cuban "Mark Cuban"), sold their shares or entered into [hedges](https://en.wikipedia.org/wiki/Hedge_$finance$ "Hedge (finance)") to protect their gains. [Sir John Templeton](https://en.wikipedia.org/wiki/Sir_John_Templeton "Sir John Templeton") successfully [shorted](https://en.wikipedia.org/wiki/Short_$finance$ "Short (finance)") many dot-com stocks at the peak of the bubble during what he called "temporary insanity" and a "once-in-a-lifetime opportunity". He shorted stocks just before the expiration of lockup periods ending six months after initial public offerings, correctly anticipating many dot-com company executives would sell shares as soon as possible, and that large-scale selling would force down share prices.[\[16\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-16)[\[17\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-17) ### Spending tendencies of dot-com companies \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=4 "Edit section: Spending tendencies of dot-com companies")\] [![](https://upload.wikimedia.org/wikipedia/commons/thumb/c/c6/Modo_Promo_CD.png/250px-Modo_Promo_CD.png)](https://en.wikipedia.org/wiki/File:Modo_Promo_CD.png) [![](https://upload.wikimedia.org/wikipedia/commons/thumb/7/75/Pets.com_sockpuppet.jpg/120px-Pets.com_sockpuppet.jpg)](https://en.wikipedia.org/wiki/File:Pets.com_sockpuppet.jpg) Dot-com companies spent most of their investments in marketing efforts. Left: A promotional music CD for the [Modo](https://en.wikipedia.org/wiki/Modo_$wireless_device$ "Modo (wireless device)") pager. Right: The [Pets.com](https://en.wikipedia.org/wiki/Pets.com "Pets.com") sock puppet who turned into a [celebrity](https://en.wikipedia.org/wiki/Celebrity "Celebrity") and symbol of the dot-com bubble Most dot-com companies incurred [net operating losses](https://en.wikipedia.org/wiki/Net_operating_loss "Net operating loss") as they spent heavily on advertising and promotions to harness [network effects](https://en.wikipedia.org/wiki/Network_effect "Network effect") to build [market share](https://en.wikipedia.org/wiki/Market_share "Market share") or [mind share](https://en.wikipedia.org/wiki/Mind_share "Mind share") as fast as possible, using the mottos "get big fast" and "get large or get lost". These companies offered their services or products for free or at a discount with the expectation that they could build enough [brand awareness](https://en.wikipedia.org/wiki/Brand_awareness "Brand awareness") to charge profitable rates for their services in the future.[\[18\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-lessons-18)[\[19\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-19) The "growth over profits" mentality and the aura of "[new economy](https://en.wikipedia.org/wiki/New_economy "New economy")" invincibility led some companies to engage in lavish spending on elaborate business facilities and luxury vacations for employees. Upon the launch of a new product or website, a company would organize an expensive event called a [dot-com party](https://en.wikipedia.org/wiki/Dot-com_party "Dot-com party").[\[20\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-20)[\[21\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-21) In the five years after the American [Telecommunications Act of 1996](https://en.wikipedia.org/wiki/Telecommunications_Act_of_1996 "Telecommunications Act of 1996") went into effect, [telecommunications equipment](https://en.wikipedia.org/wiki/Telecommunications_equipment "Telecommunications equipment") companies invested more than \$500 billion, mostly financed with debt, into laying fiber optic cable, adding new switches, and building wireless networks.[\[10\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-now-10) In many areas, such as the [Dulles Technology Corridor](https://en.wikipedia.org/wiki/Dulles_Technology_Corridor "Dulles Technology Corridor") in Virginia, governments funded technology infrastructure and created favorable business and tax law to encourage companies to expand.[\[22\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-22) The growth in capacity vastly outstripped the growth in demand.[\[10\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-now-10) [Spectrum auctions](https://en.wikipedia.org/wiki/Spectrum_auction "Spectrum auction") for [3G](https://en.wikipedia.org/wiki/3G "3G") in the United Kingdom in April 2000, led by [Chancellor of the Exchequer](https://en.wikipedia.org/wiki/Chancellor_of_the_Exchequer "Chancellor of the Exchequer") [Gordon Brown](https://en.wikipedia.org/wiki/Gordon_Brown "Gordon Brown"), raised £22.5 billion.[\[23\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-23) In Germany, in August 2000, the auctions raised £30 billion.[\[24\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-24)[\[25\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-25) A 3G [spectrum auction](https://en.wikipedia.org/wiki/Spectrum_auction "Spectrum auction") in the United States in 1999 had to be re-run when the winners defaulted on their bids of \$4 billion. The re-auction netted 10% of the original sales prices.[\[26\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-26)[\[27\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-27) When financing became difficult to obtain as the bubble burst, high [debt ratios](https://en.wikipedia.org/wiki/Debt_ratio "Debt ratio") of some companies led to a number of [bankruptcies](https://en.wikipedia.org/wiki/Bankruptcy "Bankruptcy").[\[28\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-28) Bond investors recovered just over 20% of their investments.[\[29\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-29) However, several telecom executives sold stock before the crash including [Philip Anschutz](https://en.wikipedia.org/wiki/Philip_Anschutz "Philip Anschutz"), who reaped \$1.9 billion, [Joseph Nacchio](https://en.wikipedia.org/wiki/Joseph_Nacchio "Joseph Nacchio"), who reaped \$248 million, and [Gary Winnick](https://en.wikipedia.org/wiki/Gary_Winnick "Gary Winnick"), who sold \$748 million worth of shares.[\[30\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-30) ## Bursting the bubble \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=6 "Edit section: Bursting the bubble")\] [![](https://upload.wikimedia.org/wikipedia/commons/thumb/8/8d/U.S._Treasuries.svg/500px-U.S._Treasuries.svg.png)](https://en.wikipedia.org/wiki/File:U.S._Treasuries.svg) Historical government interest rates in the United States Nearing the turn of the 2000s, spending on technology was volatile as companies prepared for the [Year 2000 problem](https://en.wikipedia.org/wiki/Year_2000_problem "Year 2000 problem"). There were concerns that computer systems would have trouble changing their clock and calendar systems from 1999 to 2000 which might trigger wider social or economic problems, but there was virtually no impact or disruption due to adequate preparation.[\[31\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-31) Spending on marketing also reached new heights for the sector: Two dot-com companies purchased ad spots for [Super Bowl XXXIII](https://en.wikipedia.org/wiki/Super_Bowl_XXXIII "Super Bowl XXXIII"), and 17 dot-com companies bought ad spots the following year for [Super Bowl XXXIV](https://en.wikipedia.org/wiki/Super_Bowl_XXXIV "Super Bowl XXXIV").[\[32\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-32) On January 10, 2000, [America Online](https://en.wikipedia.org/wiki/America_Online "America Online"), led by [Steve Case](https://en.wikipedia.org/wiki/Steve_Case "Steve Case") and [Ted Leonsis](https://en.wikipedia.org/wiki/Ted_Leonsis "Ted Leonsis"), announced a [merger](https://en.wikipedia.org/wiki/Mergers_and_acquisitions "Mergers and acquisitions") with [Time Warner](https://en.wikipedia.org/wiki/Time_Warner "Time Warner"), led by [Gerald M. Levin](https://en.wikipedia.org/wiki/Gerald_M._Levin "Gerald M. Levin"). The merger was the largest to date and was questioned by many analysts.[\[33\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-33) Then, on January 30, 2000, 12 ads of the 61 ads for [Super Bowl XXXIV](https://en.wikipedia.org/wiki/Super_Bowl_XXXIV "Super Bowl XXXIV") were purchased by dot-coms (sources state ranges from 12 up to 19 companies depending on the definition of *dot-com company*). At that time, the cost for a 30-second commercial was between \$1.9 million and \$2.2 million.[\[34\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-34)[\[35\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-35) Meanwhile, [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan"), then [Chair of the Federal Reserve](https://en.wikipedia.org/wiki/Chair_of_the_Federal_Reserve "Chair of the Federal Reserve"), raised interest rates several times; these actions were believed by many\[*[weasel words](https://en.wikipedia.org/wiki/Wikipedia:Avoid_weasel_words "Wikipedia:Avoid weasel words")*\] to have caused the bursting of the dot-com bubble. According to [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman"), however, "he didn't raise interest rates to curb the market's enthusiasm; he didn't even seek to impose margin requirements on stock market investors. Instead, \[it is alleged\] he waited until the bubble burst, as it did in 2000, then tried to clean up the mess afterward".[\[36\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-36) Finance author and commentator [E. Ray Canterbery](https://en.wikipedia.org/w/index.php?title=E._Ray_Canterbery&action=edit&redlink=1 "E. Ray Canterbery (page does not exist)") agreed with Krugman's criticism.[\[37\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-37) On Friday March 10, 2000, the NASDAQ Composite stock market index peaked at 5,048.62.[\[38\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-38) However, on March 13, 2000, news that [Japan](https://en.wikipedia.org/wiki/Economy_of_Japan "Economy of Japan") had once again entered a [recession](https://en.wikipedia.org/wiki/Lost_Decades "Lost Decades") triggered a global sell off that disproportionately affected technology stocks.[\[39\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-39) Soon after, [Yahoo\!](https://en.wikipedia.org/wiki/Yahoo! "Yahoo!") and [eBay](https://en.wikipedia.org/wiki/EBay "EBay") ended merger talks and the Nasdaq fell 2.6%, but the [S\&P 500](https://en.wikipedia.org/wiki/S%26P_500 "S&P 500") rose 2.4% as investors shifted from strong performing technology stocks to poor performing established stocks.[\[40\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-40) On March 20, 2000, *[Barron's](https://en.wikipedia.org/wiki/Barron%27s_$newspaper$ "Barron's (newspaper)")* featured a cover article titled "Burning Up; Warning: Internet companies are running out of cash—fast", which predicted the imminent bankruptcy of many Internet companies.[\[41\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-41) This led many people to rethink their investments. That same day, [MicroStrategy](https://en.wikipedia.org/wiki/MicroStrategy "MicroStrategy") announced a revenue restatement due to aggressive accounting practices. Its stock price, which had risen from \$7 per share to as high as \$333 per share in a year, fell to \$140 per share, or 62%, in a day.[\[42\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-micro-42) The next day, the Federal Reserve raised interest rates, leading to an [inverted yield curve](https://en.wikipedia.org/wiki/Inverted_yield_curve "Inverted yield curve"), although stocks rallied temporarily.[\[43\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-43) Tangentially to all of speculation, Judge [Thomas Penfield Jackson](https://en.wikipedia.org/wiki/Thomas_Penfield_Jackson "Thomas Penfield Jackson") issued his conclusions of law in the case of [*United States v. Microsoft Corp.* (2001)](https://en.wikipedia.org/wiki/United_States_v._Microsoft_Corp._$2001$ "United States v. Microsoft Corp. (2001)") and ruled that Microsoft was guilty of [monopolization](https://en.wikipedia.org/wiki/Monopolization "Monopolization") and [tying](https://en.wikipedia.org/wiki/Tying_$commerce$ "Tying (commerce)") in violation of the [Sherman Antitrust Act](https://en.wikipedia.org/wiki/Sherman_Antitrust_Act "Sherman Antitrust Act"). This led to a one-day 15% decline in the value of shares in Microsoft and a 350-point, or 8%, drop in the value of the Nasdaq. Many people saw the legal actions as bad for technology in general.[\[44\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-44) That same day, [Bloomberg News](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News") published a widely read article that stated: "It's time, at last, to pay attention to the numbers".[\[45\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-45) On Friday, April 14, 2000, the Nasdaq Composite index fell 9%, ending a week in which it fell 25%. Investors were forced to sell stocks ahead of [Tax Day](https://en.wikipedia.org/wiki/Tax_Day_$United_States$ "Tax Day (United States)"), the due date to pay taxes on gains realized in the previous year.[\[46\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-46) By June 2000, dot-com companies were forced to reevaluate their spending on advertising campaigns.[\[47\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-47) On November 9, 2000, [Pets.com](https://en.wikipedia.org/wiki/Pets.com "Pets.com"), a much-hyped company that had backing from Amazon.com, went out of business only nine months after completing its IPO.[\[48\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-pets-48)[\[49\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-49) By that time, most Internet stocks had declined in value by 75% from their highs, wiping out \$1.755 trillion in value.[\[50\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-50) In January 2001, just three dot-com companies bought advertising spots during [Super Bowl XXXV](https://en.wikipedia.org/wiki/Super_Bowl_XXXV "Super Bowl XXXV").[\[51\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-51) The [September 11 attacks](https://en.wikipedia.org/wiki/September_11_attacks "September 11 attacks") accelerated the stock-market drop.[\[52\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-52) Investor confidence was further eroded by several [accounting scandals](https://en.wikipedia.org/wiki/Accounting_scandal "Accounting scandal") and the resulting bankruptcies, including the [Enron scandal](https://en.wikipedia.org/wiki/Enron_scandal "Enron scandal") in October 2001, the [WorldCom scandal](https://en.wikipedia.org/wiki/WorldCom_scandal "WorldCom scandal") in June 2002,[\[53\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-53) and the [Adelphia Communications Corporation](https://en.wikipedia.org/wiki/Adelphia_Communications_Corporation "Adelphia Communications Corporation") scandal in July 2002.[\[54\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-54) By the end of the [stock market downturn of 2002](https://en.wikipedia.org/wiki/Stock_market_downturn_of_2002 "Stock market downturn of 2002"), stocks had lost \$5 trillion in [market capitalization](https://en.wikipedia.org/wiki/Market_capitalization "Market capitalization") since the peak.[\[55\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-55) At its trough on October 9, 2002, the NASDAQ-100 had dropped to 1,114, down 78% from its peak.[\[56\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-56)[\[57\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-57) After venture capital was no longer available, the operational mentality of executives and investors completely changed. A dot-com company's lifespan was measured by its [burn rate](https://en.wikipedia.org/wiki/Burn_rate "Burn rate"), the rate at which it spent its existing capital. Many dot-com companies ran out of capital and went through [liquidation](https://en.wikipedia.org/wiki/Liquidation "Liquidation"). Supporting industries, such as advertising and shipping, scaled back their operations as demand for services fell. However, many companies were able to endure the crash; 48% of dot-com companies survived through 2004, albeit at lower valuations.[\[18\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-lessons-18) Several companies and their executives, including [Bernard Ebbers](https://en.wikipedia.org/wiki/Bernard_Ebbers "Bernard Ebbers"), [Jeffrey Skilling](https://en.wikipedia.org/wiki/Jeffrey_Skilling "Jeffrey Skilling"), and [Kenneth Lay](https://en.wikipedia.org/wiki/Kenneth_Lay "Kenneth Lay"), were accused or convicted of [fraud](https://en.wikipedia.org/wiki/Fraud "Fraud") for misusing shareholders' money, and the [U.S. Securities and Exchange Commission](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") levied large fines against investment firms including [Citigroup](https://en.wikipedia.org/wiki/Citigroup "Citigroup") and [Merrill Lynch](https://en.wikipedia.org/wiki/Merrill_Lynch "Merrill Lynch") for misleading investors.[\[58\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-58) After suffering losses, retail investors transitioned their investment portfolios to more cautious positions.[\[59\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-59) Popular [Internet forums](https://en.wikipedia.org/wiki/Internet_forum "Internet forum") that focused on [high tech](https://en.wikipedia.org/wiki/High_tech "High tech") stocks, such as [Silicon Investor](https://en.wikipedia.org/wiki/Silicon_Investor "Silicon Investor"), [Yahoo! Finance](https://en.wikipedia.org/wiki/Yahoo!_Finance "Yahoo! Finance"), and [The Motley Fool](https://en.wikipedia.org/wiki/The_Motley_Fool "The Motley Fool") declined in use significantly.[\[60\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-60) ### Job market and office equipment glut \[[edit](https://en.wikipedia.org/w/index.php?title=Dot-com_bubble&action=edit&section=8 "Edit section: Job market and office equipment glut")\] Layoffs of [programmers](https://en.wikipedia.org/wiki/Programmer "Programmer") resulted in a [general glut](https://en.wikipedia.org/wiki/General_glut "General glut") in the job market. University enrollment for computer-related degrees dropped noticeably.[\[61\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-61)[\[62\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-62) [Aeron chairs](https://en.wikipedia.org/wiki/Aeron_chair "Aeron chair"), which retailed for \$1,100 each, were liquidated en masse.[\[63\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-63) As growth in the technology sector stabilized, companies consolidated; some, such as [Amazon.com](https://en.wikipedia.org/wiki/Amazon.com "Amazon.com"), [eBay](https://en.wikipedia.org/wiki/EBay "EBay"), [Nvidia](https://en.wikipedia.org/wiki/Nvidia "Nvidia") and [Google](https://en.wikipedia.org/wiki/Google "Google"), gained market share and came to dominate their respective fields. The most valuable public companies are now generally in the technology sector.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] In a 2015 book, venture capitalist [Fred Wilson](https://en.wikipedia.org/wiki/Fred_Wilson_$financier$ "Fred Wilson (financier)"), who funded many dot-com companies and lost 90% of his net worth when the bubble burst, said about the dot-com bubble: > A friend of mine has a great line. He says "Nothing important has ever been built without [irrational exuberance](https://en.wikipedia.org/wiki/Irrational_exuberance "Irrational exuberance")." Meaning that you need some of this mania to cause investors to open up their pocketbooks and finance the building of the railroads or the automobile or aerospace industry or whatever. And in this case, much of the capital invested was lost, but also much of it was invested in a very high [throughput](https://en.wikipedia.org/wiki/Throughput "Throughput") backbone for the Internet, and lots of software that works, and databases and server structure. All that stuff has allowed what we have today, which has changed all our lives... that's what all this speculative mania built.[\[64\]](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_note-64) - [AI boom](https://en.wikipedia.org/wiki/AI_boom "AI boom") - [AI bubble](https://en.wikipedia.org/wiki/AI_bubble "AI bubble") - [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") - [List of stock market crashes and bear markets](https://en.wikipedia.org/wiki/List_of_stock_market_crashes_and_bear_markets "List of stock market crashes and bear markets") - [Stock market crash](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash") 1. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-1)** ["The greatest defunct Web sites and dotcom disasters"](https://www.cnet.com/news/the-greatest-defunct-web-sites-and-dotcom-disasters/). *[CNET](https://en.wikipedia.org/wiki/CNET "CNET")*. June 5, 2008. 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Retrieved October 29, 2018. 43. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-43)** ["Wall St.: What rate hike?"](https://money.cnn.com/2000/03/21/markets/markets_newyork/). *[CNN](https://en.wikipedia.org/wiki/CNN "CNN")*. March 21, 2000. [Archived](https://web.archive.org/web/20181011162024/https://money.cnn.com/2000/03/21/markets/markets_newyork/) from the original on October 11, 2018. Retrieved October 29, 2018. 44. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-44)** ["Nasdaq sinks 350 points"](https://money.cnn.com/2000/04/03/markets/markets_newyork/). *[CNN](https://en.wikipedia.org/wiki/CNN "CNN")*. April 3, 2000. [Archived](https://web.archive.org/web/20180811164801/https://money.cnn.com/2000/04/03/markets/markets_newyork/) from the original on August 11, 2018. Retrieved October 29, 2018. 45. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-45)** Yang, Catherine (April 3, 2000). ["Commentary: Earth To Dot Com Accountants"](https://www.bloomberg.com/news/articles/2000-04-02/commentary-earth-to-dot-com-accountants). *[Bloomberg News](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News")*. [Archived](https://web.archive.org/web/20170525120209/https://www.bloomberg.com/news/articles/2000-04-02/commentary-earth-to-dot-com-accountants) from the original on May 25, 2017. Retrieved May 4, 2017. 46. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-46)** ["Bleak Friday on Wall Street"](https://money.cnn.com/2000/04/14/markets/markets_newyork/). *[CNN](https://en.wikipedia.org/wiki/CNN "CNN")*. April 14, 2000. [Archived](https://web.archive.org/web/20201127013703/https://money.cnn.com/2000/04/14/markets/markets_newyork/) from the original on November 27, 2020. Retrieved February 10, 2020. 47. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-47)** Owens, Jennifer (June 19, 2000). ["IQ News: Dot-Coms Re-Evaluate Ad Spending Habits"](https://www.adweek.com/brand-marketing/iq-news-dot-coms-re-evaluate-ad-spending-habits-38208/). *[AdWeek](https://en.wikipedia.org/wiki/AdWeek "AdWeek")*. [Archived](https://web.archive.org/web/20170525091820/http://www.adweek.com/brand-marketing/iq-news-dot-coms-re-evaluate-ad-spending-habits-38208/) from the original on May 25, 2017. 48. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-pets_48-0)** ["Pets.com at its tail end"](https://money.cnn.com/2000/11/07/technology/pets/). *[CNN](https://en.wikipedia.org/wiki/CNN "CNN")*. November 7, 2000. [Archived](https://web.archive.org/web/20180727024448/https://money.cnn.com/2000/11/07/technology/pets/) from the original on July 27, 2018. Retrieved October 29, 2018. 49. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-49)** ["The Pets.com Phenomenon"](https://www.msnbc.com/msnbc-originals/watch/the-pets-com-phenomenon-789155395746). *[MSNBC](https://en.wikipedia.org/wiki/MSNBC "MSNBC")*. October 19, 2016. [Archived](https://web.archive.org/web/20180612135928/https://www.msnbc.com/msnbc-originals/watch/the-pets-com-phenomenon-789155395746) from the original on June 12, 2018. Retrieved June 28, 2018. 50. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-50)** Kleinbard, David (November 9, 2000). ["The \$1.7 trillion dot.com lesson"](https://money.cnn.com/2000/11/09/technology/overview/). *[CNN](https://en.wikipedia.org/wiki/CNN "CNN")*. [Archived](https://web.archive.org/web/20181024163116/https://money.cnn.com/2000/11/09/technology/overview/) from the original on October 24, 2018. Retrieved October 29, 2018. 51. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-51)** Elliott, Stuart (January 8, 2001). ["In Super Commercial Bowl XXXV, the not-coms are beating the dot-coms"](https://www.nytimes.com/2001/01/08/business/media-business-advertising-super-commercial-bowl-xxxv-not-coms-are-beating-dot.html). *[The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times")*. [Archived](https://web.archive.org/web/20170831223012/http://www.nytimes.com/2001/01/08/business/media-business-advertising-super-commercial-bowl-xxxv-not-coms-are-beating-dot.html) from the original on August 31, 2017. Retrieved August 26, 2017. 52. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-52)** ["World markets shatter"](https://money.cnn.com/2001/09/11/europe/markets_europe/). *[CNN](https://en.wikipedia.org/wiki/CNN "CNN")*. September 11, 2001. [Archived](https://web.archive.org/web/20200920203418/https://money.cnn.com/2001/09/11/europe/markets_europe/) from the original on September 20, 2020. Retrieved February 10, 2020. 53. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-53)** Beltran, Luisa (July 22, 2002). ["WorldCom files largest bankruptcy ever"](https://money.cnn.com/2002/07/19/news/worldcom_bankruptcy/). *[CNN](https://en.wikipedia.org/wiki/CNN "CNN")*. [Archived](https://web.archive.org/web/20181030111043/https://money.cnn.com/2002/07/19/news/worldcom_bankruptcy/) from the original on October 30, 2018. Retrieved October 29, 2018. 54. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-54)** ["SEC Charges Adelphia and Rigas Family With Massive Financial Fraud"](https://www.sec.gov/news/press/2002-110.htm). *www.sec.gov*. [Archived](https://web.archive.org/web/20101109160208/http://www.sec.gov/news/press/2002-110.htm) from the original on November 9, 2010. Retrieved April 18, 2021. 55. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-55)** Gaither, Chris; Chmielewski, Dawn C. (July 16, 2006). ["Fears of Dot-Com Crash, Version 2.0"](https://www.latimes.com/archives/la-xpm-2006-jul-16-fi-overheat16-story.html). *[Los Angeles Times](https://en.wikipedia.org/wiki/Los_Angeles_Times "Los Angeles Times")*. [Archived](https://web.archive.org/web/20191218173143/https://www.latimes.com/archives/la-xpm-2006-jul-16-fi-overheat16-story.html) from the original on December 18, 2019. Retrieved February 10, 2020. 56. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-56)** Glassman, James K. (February 11, 2015). ["3 Lessons for Investors From the Tech Bubble"](https://www.nasdaq.com/articles/3-lessons-investors-tech-bubble-2015-02-11). *[Kiplinger's Personal Finance](https://en.wikipedia.org/wiki/Kiplinger%27s_Personal_Finance "Kiplinger's Personal Finance")*. [Archived](https://web.archive.org/web/20200404062028/https://www.nasdaq.com/articles/3-lessons-investors-tech-bubble-2015-02-11) from the original on April 4, 2020. Retrieved February 10, 2020. 57. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-57)** Alden, Chris (March 10, 2005). ["Looking back on the crash"](https://www.theguardian.com/technology/2005/mar/10/newmedia.media). *[The Guardian](https://en.wikipedia.org/wiki/The_Guardian "The Guardian")*. [Archived](https://web.archive.org/web/20180104013428/https://www.theguardian.com/technology/2005/mar/10/newmedia.media) from the original on January 4, 2018. Retrieved March 30, 2018. 58. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-58)** ["Ex-WorldCom CEO Ebbers found guilty on all counts – Mar. 15, 2005"](https://money.cnn.com/2005/03/15/news/newsmakers/ebbers/). *[CNN](https://en.wikipedia.org/wiki/CNN "CNN")*. [Archived](https://web.archive.org/web/20180703072335/http://money.cnn.com/2005/03/15/news/newsmakers/ebbers/) from the original on July 3, 2018. Retrieved June 20, 2021. 59. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-59)** Reuteman, Rob (August 9, 2010). ["Hard Times Investing: For Some, Cash Is Everything And Only Thing"](https://www.cnbc.com/2010/08/09/hard-times-investing-for-some-cash-is-everything-and-only-thing.html). *[CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC")*. [Archived](https://web.archive.org/web/20170525092042/http://www.cnbc.com/id/38308960) from the original on May 25, 2017. Retrieved September 9, 2017. 60. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-60)** Forster, Stacy (January 31, 2001). ["Raging Bull Goes for a Bargain As Interest in Stock Chat Wanes"](https://www.wsj.com/articles/SB980897351252699393). *[The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal")*. [Archived](https://web.archive.org/web/20181209213157/https://www.wsj.com/articles/SB980897351252699393) from the original on December 9, 2018. Retrieved December 9, 2018. 61. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-61)** desJardins, Marie (October 22, 2015). ["The real reason U.S. students lag behind in computer science"](https://fortune.com/2015/10/22/u-s-students-computer-science/). *[Fortune](https://en.wikipedia.org/wiki/Fortune_$magazine$ "Fortune (magazine)")*. [Archived](https://web.archive.org/web/20200307184124/https://fortune.com/2015/10/22/u-s-students-computer-science/) from the original on March 7, 2020. Retrieved February 10, 2020. 62. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-62)** Mann, Amar; Nunes, Tony (2009). ["After the Dot-Com Bubble: Silicon Valley High-Tech Employment And Wages in 2001 and 2008"](https://www.bls.gov/opub/regional_reports/200908_silicon_valley_high_tech.htm). *[Bureau of Labor Statistics](https://en.wikipedia.org/wiki/Bureau_of_Labor_Statistics "Bureau of Labor Statistics")*. [Archived](https://web.archive.org/web/20181116080237/https://www.bls.gov/opub/regional_reports/200908_silicon_valley_high_tech.htm) from the original on November 16, 2018. Retrieved April 14, 2017. 63. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-63)** Kennedy, Brian (September 15, 2006). ["Remembering the Dot-Com Throne"](https://nymag.com/news/intelligencer/21364/). *[New York](https://en.wikipedia.org/wiki/New_York_$magazine$ "New York (magazine)")*. [Archived](https://web.archive.org/web/20200606014117/https://nymag.com/news/intelligencer/21364/) from the original on June 6, 2020. Retrieved February 10, 2020. 64. **[^](https://en.wikipedia.org/wiki/Dot-com_bubble#cite_ref-64)** Donnelly, Jacob (February 14, 2016). ["Here's what the future of bitcoin looks like—and it's bright"](https://venturebeat.com/2016/02/14/heres-what-the-future-of-bitcoin-looks-like-and-its-bright/). *[VentureBeat](https://en.wikipedia.org/wiki/VentureBeat "VentureBeat")*. [Archived](https://web.archive.org/web/20170415200336/https://venturebeat.com/2016/02/14/heres-what-the-future-of-bitcoin-looks-like-and-its-bright/) from the original on April 15, 2017. Retrieved April 14, 2017. - Abramson, Bruce (2005). [*Digital Phoenix; Why the Information Economy Collapsed and How it Will Rise Again*](https://archive.org/details/digitalphoenixwh00abra). [MIT Press](https://en.wikipedia.org/wiki/MIT_Press "MIT Press"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0-262-51196-4](https://en.wikipedia.org/wiki/Special:BookSources/978-0-262-51196-4 "Special:BookSources/978-0-262-51196-4") . - Aharon, David Y.; Gavious, Ilanit; Yosef, Rami (2010). "Stock market bubble effects on mergers and acquisitions". *The Quarterly Review of Economics and Finance*. **50** (4): 456–70\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/j.qref.2010.05.002](https://doi.org/10.1016%2Fj.qref.2010.05.002). - Cassidy, John (2009). [*Dot.con: How America Lost Its Mind and Its Money in the Internet Era*](https://books.google.com/books?id=jsuZnrzT6YsC). [HarperCollins](https://en.wikipedia.org/wiki/HarperCollins "HarperCollins"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [9780061841781](https://en.wikipedia.org/wiki/Special:BookSources/9780061841781 "Special:BookSources/9780061841781") . - Cellan-Jones, Rory (2001). *Dot.Bomb: The Rise and Fall of Dot.com Britain*. Aurum. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1854107909](https://en.wikipedia.org/wiki/Special:BookSources/978-1854107909 "Special:BookSources/978-1854107909") . - Daisey, Mike (2014). [*Twenty-one Dog Years: Doing Time at Amazon.com*](https://books.google.com/books?id=QhKhAgAAQBAJ). [Free Press](https://en.wikipedia.org/wiki/Free_Press_$publisher$ "Free Press (publisher)"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0-7432-2580-9](https://en.wikipedia.org/wiki/Special:BookSources/978-0-7432-2580-9 "Special:BookSources/978-0-7432-2580-9") . - Goldfarb, Brent D.; Kirsch, David; Miller, David A. (April 24, 2006). "Was There Too Little Entry During the Dot Com Era?". *Robert H. Smith School Research Paper* (RHS 06-029). [SSRN](https://en.wikipedia.org/wiki/SSRN_$identifier$ "SSRN (identifier)") [899100](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=899100). - Kindleberger, Charles P. (2005). [*Manias, Panics, and Crashes: A History of Financial Crises*](https://books.google.com/books?id=nBb-xYi9O-sC). [John Wiley & Sons](https://en.wikipedia.org/wiki/John_Wiley_%26_Sons "John Wiley & Sons"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [9780230365353](https://en.wikipedia.org/wiki/Special:BookSources/9780230365353 "Special:BookSources/9780230365353") . \[*[permanent dead link](https://en.wikipedia.org/wiki/Wikipedia:Link_rot "Wikipedia:Link rot")*\] - [Kuo, David](https://en.wikipedia.org/wiki/David_Kuo_$author$ "David Kuo (author)") (2001). [*dot.bomb: My Days and Nights at an Internet Goliath*](https://books.google.com/books?id=SPeYMBXVFGoC). Little, Brown. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0-316-60005-7](https://en.wikipedia.org/wiki/Special:BookSources/978-0-316-60005-7 "Special:BookSources/978-0-316-60005-7") . - [Lowenstein, Roger](https://en.wikipedia.org/wiki/Roger_Lowenstein "Roger Lowenstein") (2004). [*Origins of the Crash: The Great Bubble and Its Undoing*](https://archive.org/details/originsofcrashgr00roge). [Penguin Books](https://en.wikipedia.org/wiki/Penguin_Books "Penguin Books"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-59420-003-8](https://en.wikipedia.org/wiki/Special:BookSources/978-1-59420-003-8 "Special:BookSources/978-1-59420-003-8") . - [Wolff, Michael](https://en.wikipedia.org/wiki/Michael_Wolff_$journalist$ "Michael Wolff (journalist)") (1999). [*Burn Rate: How I Survived the Gold Rush Years on the Internet*](https://en.wikipedia.org/wiki/Burn_Rate_$book$ "Burn Rate (book)"). [Orion Publishing Group](https://en.wikipedia.org/wiki/Orion_Publishing_Group "Orion Publishing Group"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [9780752826066](https://en.wikipedia.org/wiki/Special:BookSources/9780752826066 "Special:BookSources/9780752826066") . *[Burn Rate](https://books.google.com/books?id=urRaPwAACAAJ)* at [Google Books](https://en.wikipedia.org/wiki/Google_Books "Google Books").

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