“Yesterday at Styles” is a regular column that looks back at the styles of the stories that got people talking. This is one of them.
Original title: “dot-com dot-ended the episode with that” from November 2001.
Cloudy crystal ball: in terms of historical hot takes that missed the mark, there were some doozies. N 1946, movie executive Darryl F. Zanuck predicted that TV will not be able to continue in the market because “people will soon get tired of staring at a plywood box every night.” In 1955, the year before Elvis Presley recorded “Hound Dog” Variety has confirmed rock ‘n’ roll was a fad that would ‘be over by June.'”
So let’s go easy on this 2001 methods the article that announced, well, it’s not the end of the internet, specifically, but in the end to the idea that the internet was a cultural and cool. The dot-com crash of 2000, September. 11 attacks the following year, marked the “next step after the bursting of the dot com bubble economy,” wrote the article, John Schwartz.
Those twin cataclysms led to the “bursting the cultural bubble, the end of the nerd as the crossover hit of the I. P. O. filthy rich as a role model for college students.” It should be noted that Mark Zuckerberg to the registry at the University of Harvard in the following year. But let’s not get ahead of ourselves.
A little context: the idea that the internet may seem less central to the human presence of oxygen it may seem strange that a generation weaned on emojis and social media likes. But it was logical that those who witnessed the Gatsby like the boom and bust of the Internet 1.0 era.
A generation of young entrepreneurs who have ridden the “World Wide Web” overnight wealth and rock star status and saw the paper millions disappear overnight as the Nasdaq collapsed by 78 percent.
Lost a lot of money, Mr. Schwartz say. “Not much more than a year ago, boosters of the new economy and true believers in the press were claiming that changed all the rules.” Mr. Schwartz, citing a New York Magazine article by Michael Wolff “the same failure of the dot com executive” who had written “all it takes to make otherworldly riches is the Will and desire.”
Indeed, it was not enough for the wealthy to earn money; “to date,” Mr. Schwartz wrote. “They are now themselves of history”.
PhotoThis was the iMac.CreditGetty images
History written by the losers: after the incident, the author wasn’t the only one to engage in schadenfreude. For many who missed in the moment of fortune, it was easy to gloat: “Hey Icarus, how those wings of wax?”
Although veiled glee on their comeuppance several failed dot-com success tried to rise from the Ashes by writing about their experiences. There was a “points.Bomb” J. David Kuo,former executive at Web Start-Up called value America who went on to become in the Bush administration, and “public offering” by Stephan Paternot , founder of the early social networking site called Theglobe.com which has become the poster child of the boom after making an instant fortune of nearly $ 100 million while still in his mid-20s before going bust.
Henry Blodget the former technology industry analyst, “which became famous in the early prediction that Amazon.com will reach $ 400 a share” — wow!— Announced that he is “taking the acquisition and Merrill Lynch at the grand old age of 35” and is also writing a book, Mr. Schwartz. Ellen DeGeneres even attempt a sitcom about the failure of dot-com development, which has become another dot bomb.
“For the most part,” Mr. Schwartz wrote “the flood of dot-com failure stories being the National yawn”.
Greed? Not good: by the year 2001, it was hard to say if people were bored by tales of prosperity, or the bodice. In September. 11 attacks made the giddy exuberance of the dot com era, her passion for “otherworldly riches” seems irrelevant is obscene.
College students who have spent in the ’90s with “the visions of the Testarossas dancing in their heads” as they hoped to try the geek stars such as Marc Andreessen of Netscape they now say they want to “meet employment, not just ways to make money” according to University of Maryland professor quoted in the article.
This makes sense in economic terms to many skeptics assumed the days of easy money were gone forever….. As the writer Thomas Frank critic of the fierce new economy values the saying “the Dow will go to 36,000, the dot-coms will come again.”
ImageThis was the pocket PC.CreditJeff Christensen/Agence France-Presse—Getty
Didn’t end until the end: until now, history has proven Mr. Frank is half right. The Dow Jones index which had reached a peak of about 17,000 at the height of the ’90s boom, has just passed 26,000 not 36,000. But dot-coms, as you may have noticed, I didn’t exactly fade.
To Apple old Mr. Blodgett, D. D. S. eye, Amazon, which has recently become the second country a trillion dollars in the company , with the share price more than four times Mr. Blodget once-funny $ 400 price target. Mr. Blodgett himself went on to become a technology tycoon, the founder of online news site Business Insider (Mr. Wolf, at the same time, didn’t just disappear either: not explosive book “Fire and Fury: Inside the Trump White House” became a best seller earlier this year).
But with the wisdom of hindsight, it is clear that 2001 was not the end of internet culture, but the end of the beginning of the internet culture. Today’s young tech moguls like Facebook $ 60 million Mark Zuckerberg — not just among the richest people in the world, as it is Beyonce on the level of success in the eyes of starry-eyed graduate students who flock to the technological Promised Land, hope, like the characters in HBO’s “Silicon Valley” carve out a slice of the future.
Hindsight is 20/20: in the integrity of Mr. Swartz, he hinted that the technology has come back bigger than ever in 2001. “Dot marketing” wrote “seen today, the scam artist,” may be reborn “smarter and tougher, because it represents optimism itself.”
When I called last week about the story, he thanked me the opportunity to stay humble, but added: “the story predicted a new generation of companies has arisen and changed the world since that story ran: includes Facebook, Twitter, Uber Theranos.” He continued, “If there is a lesson in taking a new look at this old story, it should have never bet against the greed and never bet on a cultural shift that requires technology companies to grow a conscience.”