Bubbleology
"Bubbleology" is a term coined by Kevin Hassett that describes the all-too-common stock market roller coaster ride. A ride that, for a while, seems destined to never end, only later to tumble miserably off the unfinished track. History is no stranger to bubbles. The earliest report of such phenomena, for instance, occurred in the early seventeenth century, at the height of the Dutch Tulip Mania. The popularity of tulips grew so much that people began abandoning their jobs and squandering their life savings to grow them. Eventually, they became such a marketable product that they were traded publicly, as investments, in what was known as the Dutch Tulip Bulb Exchange (Tarses). One Dutchman was even reported to have paid "two wagon loads of wheat, four loads of rye, four fat oxen, eight fat swine, twelve fat sheep, two hogsheads of wine, four barrels of beer, two barrels of butter, 1,000 pounds of cheese, a marriage bed with linens, and a sizable wagon to haul it away," for one tulip -- a transaction not unlike many others at the time (Tarses). Warnings ignored, the value of tulips began to inflate at a remarkable rate. Concerned, the Dutch government issued a decree on April 27, 1637, that declared tulips
in Moore)" WorldCom is scheduled to terminate 17,000 employees, or 20% of its work force in the coming months (Moore). The company was also fined $10 million by the SEC. Sigmore responded to the Securities and Exchange Commission (SEC) investigation with, "[We'll help] find the bad guys, punish the bad guys, [but] leave the company alone (qtd. A reduction in high marginal tax rates would boost long term economic growth, and reduce the attractiveness of tax shelters and other forms of tax avoidance (qtd. Analysts rating Enron's bond status at Junk Bond accuse the corporation of having a board too closely tied to the corporation ("Eyes on the Market"). 85 billion in losses as expenses (Moore). A 1996 Congressional Joint Economic Committee reported, "High marginal tax rates discourage work effort, savings, investment, and promote tax avoidance and tax evasion. Anti-business sentiment was particularly strong in philosophy departments, where many business ethicists start their careers (qtd. Ninety percent of stock funds have lost money ("Eyes on the Market"). While maintaining thousands of offshore corporations to hide losses, Ken Lay and Jeffrey Skilling, former executives of Enron, sold an aggregate of more than $168 million in stock options ("Enron Paid Managers"). and tulip bulbs products, not investments, and that they had to be bought and sold on that basis (Tarses). But as with all bubbles, the scandalous are brought to justice, further legislation is enacted, and the market once again regains it strength - only a little wiser. Jaedicke, graduate and dean of the prestigious Stanford Business School, calimed not to understand Enron's deceptive accounting practices when he testified before Congress, Eugene Heath, Associate Professor of Philosophy at the State University of New York at New Paltz responded when asked if there should be more business-ethics courses in universities said, "Given the way a lot of those are taught, my answer is probably not. Arthur Anderson, Enron's accounting firm, tasked with auditing the corporation, has been convicted by a jury of obstructing justice by shredding thousands of documents pertaining to the finagled accounting.
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