I am feeling nostalgic and remembering when Worldcom was trading at 6 cents per share and had a market cap of $30 million. Many of my co-workers were getting margin calls on mortgage loans (your house was your collateral) of 6 figures at 9 am to be payable in cash by 2 pm the same day. Of course, there was my favorite – AMT: you lost everything but still got a bill from Uncle Sam on your non-existent earnings. I do not remember a bailout, or lengthy discussions on the hill about how to save the hi-tech industry.
As an industry we took our lumps, learned our lessons, retrenched and came roaring back with companies/products like google, facebook, ipod and wordpress (disclosure: that’s where diaper money comes from.) (more…)