The carnage from the dot-com meltdown was far worse than anyone had imagined. Summing it up best was this News.com report on the ensuing blame game, whose participants were described as “day traders who gambled on obscure companies, midlevel engineers who cashed in stock options and retired at 29, Wall Street analysts who preached ‘eyeballs,’ ‘stickiness,’ and ‘price-to-sales ratios,’ forecasting companies that predicted exponential growth, and business publications that canonized the rich and gave others hope of striking similar fortunes.”
Code Red, Nimda worms bring major damage to computer networks, More than 58,000 computer viruses exist. The amount of damages caused by Code Red only exceeds $2.4 billion.
Meanwhile, Napster is ordered to stop distributing copyrighted music. A file-sharing boom ensues. Meanwhile US Court of Appeals overturns lower court order to break up Microsoft.
More than 17.000 dotcom employees are laid off. Most of them become real estate agents.
In other news:
- Instant messaging grows in popularity.
- The iPod music player.
- More than half of all Americans now use the Internet.
- as Twin Tower fall DJIA goes to suffer the worst five-day slide since the Great Depression
- New Economy poster child, Enron, files for bancrupcy