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Bubbles—fromhotstocksinthe1920stohotstocksinthe1990s—aremuch-lamentedfeaturesofcontemporaryeconomiclife.Timeandagain,Americaninvestors,seducedbytheluresofquickmoney,newtechnologies,andexcessiveoptimism,haveshownatendencytogetcarriedaway.Timeandagain,theyhaveappearedfoolishwhenthebubbleburst.Thehistoryoffinanceisfilledwithtragictalesofshattereddreams,bankruptcies,andbitterrecriminations.ButwhatiftheI-told-you-solecturesaboutbubblestellonlyhalfthestory?Whatifbubblesaccomplishsomethingthatcanonlybeseeninretrospect?Whatifthefrenzyofirrationaleconomicenthusiasmlaysthegroundworkforsober-mindedopportunities,growth,andinnovation?Coulditbethatbubbleswindupbeingacompetitiveadvantageforthebubble-proneU.S.economy?Inthisentertainingandfast-pacedbook—you'lllaughasmuchasyoucry—DanielGrossconvincinglyarguesthateverybubblehasagoldenlining.Fromthe19th-centurymaniaforthetelegraphtothecurrentcrazeinalternativeenergy,fromrailroadstorealestate,Grosstakesusonawhirlwindtourofrecklessinvestorsandpie-in-the-skypromoters,detailingthemaniatheycreated—butalsothelastinggoodtheyleftbehind.Inoneofthegreatironiesofhistory,Grossshowshowthebubblesoncegenerallyseenasdisastroushaveactuallyhelpedbuildthecommercialinfrastructuresthathavejump-startedAmericangrowth.IfthereisasecrettotheperennialresilienceandexuberanceoftheAmericaneconomy,Grossmayjusthavefounditinourpeculiarcapacitytoblowfinancialbubbles—andsuccessfullycleanupthemess.