The Internet and telecom bubble burst after five years of euphoria, from 1995 to 2000. The first signs of the bubble appeared in 1995, when the stock price of Netscape tripled on the first day of trading after the initial public offering. Investors went on to buy up new technology stocks indiscriminately, regardless of the company’s revenue or profits, which were often zero.

The subprime crisis
A real estate bubble succeeded the Internet bubble in 2000. A lot of investors, a lot of money to invest, easy credit (the now infamous subprime loans)… all the ingredients were there for soaring real estate prices in the United States during the first years of the century. The bubble deflated abruptly in 2007, triggering a global crisis.