As Siegel notes, investors clamor for speculative stocks, despite well-known dangers. There's a tremendous amount of stock envy. It's the nature of the beast. But qualifications may be irrelevant. While the boom proceeds, almost everyone tolerates its excesses, including moral lapses.
Winners outnumber losers.
Resentment is muted. But let the boom stumble, and the climate might alter. Disappointment and losses mount. Some seem to have profited at others' expense. The anger and outrage going down may be as exaggerated as the indifference going up.