Remember the dotcom bust? That was all set up. There was a need to create the world wide net and no government was willing to fork up the funds for it. The market makers were tapped and the media became sort of one big finance channel. People's retirement funds were funneled into this market, financing every possible STUPID business idea you can think of, being cheerleaded along all the way as usual, and when time came the tab was passed along to the public, not the private enterprises. Who paid? The 401(k) plans.
No one, not even the government, released serious doubts about that much retirement money being funneled to such a small segment of the market. No one said shit. The Ron Insanas the Maria Bartiromos, no one. Eventually people's perception and realism caught up with the hype and the usual sorry-you-lose-now-I-play-stupid pattern from those in the know emerged. You can see it now everywhere you turn to: Bernanke, Cramer, etc. Now they ALL play stupid.
Do you think we'll learn? I don't think so.