Allan, thank you so much for your comments. I have been really curious why bubbles in various economies happen. Professor Moglen recently gave us opportunities to think about why the financial meltdown happened in 2008. I see similar patterns between 2001 Internet bubble burst and 2008 credit bubble collapse. Telecom Act of 1996 and relaxation of glass-steagall act (gramm-leach-bliley act) shares some characteristic in a way that US governemnt opened up a pandora's box. Also, Professor Moglen analysed that universal banking system, a one-stop shop for many of the financial services such as retail bank, credit card, insurance, and security brokerage, is just an illusion in the contemporary world where consumers have easier access to various financial information via the Internet. It is a challenge to interconnect the phonomena in Internet and Finance, however, they seem to be really linked in the world we live in.
-- AndoY - 01 Dec 2009 |