John Cassidy, one of the country's leading business journalists, has been a staff writer at the New Yorker for six years, covering economics and finance. Previously he was business editor of the Sunday Times (London) and deputy editor of the New York Post. He lives in New York.
Dot.con: How America Lost Its Mind and Money in the Internet Era
by John Cassidy
Paperback
(Reprint)
- ISBN-13: 9780060008819
- Publisher: HarperCollins Publishers
- Publication date: 05/13/2003
- Edition description: Reprint
- Pages: 416
- Product dimensions: 5.31(w) x 8.00(h) x 0.94(d)
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The Internet stock bubble wasn't just about goggle-eyed day traderstrying to get rich on the Nasdaq and goateed twenty-five-year-olds playing wannabe Bill Gates. It was also about an America that believed it had discovered the secret of eternal prosperity: it said something about all of us, and what we thought about ourselves, as the twenty-first century dawned. John Cassidy's Dot.con brings this tumultuous episode to life. Moving from the Cold War Pentagon to Silicon Valley to Wall Street and into the homes of millions of Americans, Cassidy tells the story of the great boom and bust in an authoritative and entertaining narrative. Featuring all the iconic figures of the Internet era Marc Andreessen, Jeff Bezos, Steve Case, Alan Greenspan, and many others and with a new Afterword on the aftermath of the bust, Dot.con is a panoramic and stirring account of human greed and gullibility.
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At the height of the Internet gold rush, business books that lavished praise on protean, overvalued, and largely unproven companies were all the rage; as the technology gold rush came to its inevitable close, memoirs written by disillusioned dot-com survivors were rushed into production by publishers who thought they might have the next Liar's Poker on their hands. Leave it to John Cassidy, a staff writer at The New Yorker known for his astute coverage of the financial world, to write the first book that puts the Internet era into its proper historical context as a postCold War phenomenon catapulted to extreme heights by self-proclaimed pundits, money-hungry entrepreneurs, and a media culture that thrives on its own recycled hot air. If you want the unvarnished truth about an age defined by hubris and hype, dot.con is most definitely a book you'll enjoy.
Cassidy begins his story with a look at some of the milestones that preceded the Internet boom: inventor Vannevar Bush's vision of a proto-computer called the "memex"; Tim Berners-Lee's creation of the World Wide Web; the birth of Netscape and Yahoo!; and, of course, the stock market's propensity toward speculative bubbles. After providing the reader with this necessary historical grounding, Cassidy goes on to discuss the emergence of the Internet as a commercial property and the ways in which the media helped sell the public on companies whose long-term prospects were about as tangible as smoke. I thought Cassidy's narrative was at its best during these chapters, his writing gaining increasing power as the self-important posturing and self-evident greed of everyone involved pushes the markets into the euphoric state that typically precedes collapse.
dot.con is an enjoyable, informative, revealing book that will help you finally put the dramatics highs and lows of the past few years into perspective. (Sunil Sharma)