Archived Blog Post: February 2, 2005
Why we need bubbles: "It was irrational exuberance which provided the capital for the huge overbuild of Internet infrastructure. The overbuild of infrastructure led to plummeting costs. The plummeting costs for access and for hosting as well as even more capital encouraged the development of a wealth of content. Users helped by investing in their own modems and more graphic computers as well as shopping, gingerly at first, on the Internet and creating a wealth of content they value greatly – email."