What's So New About the

I don't know about you, but I'm a bit uncomfortable with the idea that the very engines of our economy are now "virtual" companies, run by twelve year olds, that produce nothing, employ almost no one, and have nothing in the way of assets except a name that begins with "e-" or ends with ".com." Anyone who reads the papers these days can be forgiven for thinking that that is the case. According to legions …

…in 1996, you'd now own shares in dozens of complete flops. Your stocks in eToys and PlanetRx.com and InsWeb Corp. would all be worth about 7 percent of what you paid for them. In total, your complete portfolio would be down about 8 percent. You'd have been better off hiding your cash under your bed. And this is the most successful firm going. New economy? The greed and inequality look pretty familiar -- like good ol' capitalism