By John Tamny of RealClearMarkets
Back in 2000 and 2001, the first stage of the Internet era ran aground in an ugly way. From Webvan to theGlobe.com to eToys, investors saw their stakes in these once high-flyers reduced to nothing.
What’s important is that the dying companies were allowed to fail. Internet firms had no real regulatory oversight to speak of, nor does Silicon Valley to this day, so when problems arose, investors and employees had to respectively accept their losses and move on. Their losses were their own.
