could pose a systemic risk. crypto was billed by some as a hedge against inflation. with prices are soaring, it should be thriving, but it turns out this digital gold is not as valuable as real gold, traditionally considered a safe place to put your money during turbulent times. american billionaire mark cuban about what is happening in crypto right now is to what happened in the internet bubble, the period in the early 1990s sent the value of internet so skyhigh before the crust back to earth in the early 2000. the prolific crypto investor said that as with the early internet, companies that are providing useful services will survive, even if many disappear and was now looks to be a widespread sell off. us treasury secretary janet yellen was facing questions from congress on thursday. she was asked about the possible risks to the financial system posed by crypto, particularly stablecoins supposedly backed by reserves of cash or bonds, which have become central to the crypto market. he
cases, at least on paper. but at the end of this brutal week on wall street, a lot of analysts think the internet bubble is ready to burst and by this time next year a huge number of those dot coms might be dot gone. in the spring of 2000 the stock market starts to decline slowly, and then it s a mass extinction event in silicon valley. some investors are licking their wounds today after a number of internet stocks took a hit on wall street. as reports of layoffs at dotcom companies and doubts about their ability to generate profits spread. they ll tell you one thing, everything will be fine, we re just going through transitions. the next week we re downsizing. the next week we re closing. once we started seeing a sell-off even companies that survived, ebay, amazon, they all suffered. amazon.com ceo jeff bezos. his company s stock price tumbling from $113 a share to less than 16 today. it s not the kind of stock that you can own and sleep well if you re a small investor.
accomplished, the highest and best use of his remaining years was to spend that money helping humanity. it was just a few months back, if your company ended in dot-com it was a good thing. but at the end of this brutal week on wall street, a lot of analysts think the internet bubble is ready to burst, and by this time next year, a huge number of those dot-coms might be dot gone. a year ago, investors were so eager to buy into the internet they were happily ignoring traditional measures of success. sales, profits and growth. but reality has now set in. these upstarts didn t have any income. they were saying, we are worth billions of dollars. where s your revenue? they didn t have any. when the venture capitalists stopped putting money in, you could time the bubble. you could say you know, if we all believe this fantasy, it works. if some of us stop believing, it s a prelude to its failure. most dot-com retail companies will be out of business by next
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