> From what I know (and I am not a finance professional), the hot-airiest phase of the dot.com bubble sort of looked like this. You had a ton of startups selling each other things and advertising with each other. It was not planned, but unplanned "emergent" bubbles are the most effective since nobody really realizes what's going on until the bubble is far enough along to keep rising out of greed and inertia.

Yup. Seattle Times had a detailed story on one of those: http://blogs.seattletimes.com/opinionnw/2014/03/27/naveen-ja... http://seattletimes.com/news/business/infospace/