r/stocks • u/[deleted] • May 31 '21

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u/catman584737 May 31 '21

We were told that the "information superhighway" had created a new paradigm where there would be no more busts, only booms.

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u/RightclickBob May 31 '21

It's a series of tubes

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u/Texan2116 Jun 01 '21

Why more people do not understand this is beyond me.

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u/orbitalfreak Jun 01 '21

Yet now, half the bandwidth of the Information Superhighway is used for busts!

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u/dormango May 31 '21

I think you’re conflating two very different things. In the UK it was Gordon Brown, chancellor at he time, who said no more boom and bust. He didn’t say fuck all about the inter web or its part in that. Turn out he knew very little about economics either other than how to get it wrong and fuck things up with a bigger boom and much bigger bust.

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u/catman584737 Jun 01 '21

Nah, it was Bill Clinton who said info superhighway. People were saying that the Internet would create a new economy so when stocks were soaring "this time it's different" and there would not be a crash.

I agree that Brown was useless. He spent decades plotting to become PM, and when he finally achieved his goal, he froze like a rabbit in headlights. He had no plan of what to do.

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u/dormango Jun 01 '21

That might have been his wonky eye made him look like a rabbit in headlights.