Rather it was a palpable fear of a run on the banks in anticipation of a Y2K crisis. When New Year's Day came and went without a hitch, Greenspan essentially began taking this excess money out of circulation. What is happening is similar to the effects of a steep tax hike. When taxes rise, investors rethink the wisdom of investing. To invest is to risk losing one's investment.
People invest because they believe the potential reward is worth the risk.
But if government begins to tax away a growing percentage of the rewards, investing becomes a loser's game. And so it is with government's moving aggressively against Microsoft. While Microsoft seems to have engaged in predatory practices, the irony is that it probably would have controlled most of its market without doing so. Microsoft's success at creating wealth was based upon its people applying their ingenuity and creativity in bold new ways. It was also based upon millions of people being willing to risk their capital and bet on the company's future success.