It's Not Their Fault

Face it. Greed and speculation--not overly bullish Internet analysts--led to the tech bubble

Wall Street analysts have a credibility problem. No question. But this silliness about tech analysts' causing the stock market to inflate and then burst has got to stop. It's way too convenient. The lesson here isn't that the analysts are shills. It's that greed and speculation come disguised, and if you don't accept your own failure to unmask those wealth raiders, you're bound to fall victim next time around too.

In the post-bubble witch hunt, two Internet analysts are getting most of the blame--Henry Blodget at Merrill Lynch and Mary Meeker at Morgan Stanley Dean Witter. They're natural targets. Both work...

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