Hi everone! I posting after a very long time. Sorry about that. Anyway recently I have been following the Global Economic Crisis. I asked many people what is the reason for it. Most of them say its because of "fast bucks". So from where did this fast bucks come from and I got the answer "Dot Com Crisis". Again I started looking for more information on Dot Com Crisis. Unfortunately there was no single page which explained about the crisis. So I am posting it here from my findings. I have removed all the figures from this. Read it if you want the information and how it happened and not the figures.
- The Network Effect
- Investment Banks
- Y2K Problem
- Microsoft Case
- Free Trade and Globalization
After this people started to like the idea of pouring more money in a sector, giving false speculations, creating a bubble and when the stock prices rise high like anything they would pull out money. This was termed as "fast bucks". After the technology sector people started investing in the real estate sector with this newly found selfish method of earning money - "fast bucks" which lead to the present global economic meltdown.
- Any business that loses money over time destroys value and does not create it.
- A successful business and a huge haul of wealth cannot be created in a short time. It requires hardwork, honesty and planning.
- Every business should thrive on its own and not based on some other business or economy which may or may not be viable.
- Any business should be fueled by sound business principles such as planning, management, financial control etc and not by greed.