The Dot-Com Chancers Who Burst The Bubble

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The Internet Money Machine (1999): The young and adventurous have never had it so good, thanks to the soaring value of the late 90s tech industry - so why are some people predicting a downturn?

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In a small New York office, casually dressed twenty-somethings gamble thousands with the click of a mouse. On average these day traders keep their volatile shares for just 4½ minutes. It’s a world away from the sweaty hollering of Wall Streets’ New York Stock Exchange. In just one year, 25 year-old Nick Birbas has gone from waiter to laptop legend riding the bull market and earning $10,000 a week. So will the bubble burst? Like many other internet firms Globe.com have yet to turn a profit. In the clubs of Wall Street many believe stocks like theirs have been wildly over-valued. “Old timers like us wait for the day of reckoning,” smirks one analyst. But for now there really seems to be no end to this boom.

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ABC Australia - Ref 0627

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