Financial Bubbles are a Good Thing?

The current issue of Wired magazine features a fascinating one-page article by Daniel Gross titled In Praise of Bubbles.  He talks about the irrational exuberance at the dawn of the telegraph and railroad eras.  Numerous companies crashed and burned during these phases, but they contributed to the build-out of both industries, which ultimately led to fewer players and, more importantly, lower costs.  Gross then goes on to explain how we're in the midst of the same phenomenon in the high-speed wiring of America.  Interesting perspective.