When oil hit $139.12 a barrel last week—a 697 percent increase since November 2001—the run-up in oil prices surpassed the 640 percent jump in the Nasdaq during the dot-com-boom. Since its peak in March 2000, the Nasdaq has shed 78 percent of its value. “There’s nothing different between this mania, the dot-com mania, the real estate mania, the Dow Jones mania of the 1920s, the South Sea bubble, and the Dutch tulip-bulb mania,” said Stephen Schork of Schork Group. (Bloomberg)
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The Bottom Line
June 13, 2008
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