No-one could buy, or more importantly sell, positions they already held. It created frustrations, anger, losses and without doubt law suits. The US authorities are now worried. The New York State Attorney General has launched an investigation into on-line investment problems. And the main regulator the Securities and Exchange Commission is only too aware that investors are about to get burned.
Nobody knows where it is going to end, who is going to be standing at the end of the day.
It was a point neatly made by the Chairman of the US Federal Reserve Alan Greenspan, who on Capitol Hill two weeks ago warned that some Internet stocks would clearly succeed and make money but 'most would fail, undoubtedly. For those involved in the 'day trades' this is all in the future. Today there is another stock that's being ramped and more money to be made. And even if the Internet stocks bubble does burst they're not worried.