This is The Guardian.

Today, from tulips to take you back to 1637.

When a bunch of, let's call them floral enthusiasts, gathered in Harlem, a day's walk west of Amsterdam,

with their eyes on a very expensive prize. Chulip bulbs. Across the country, some of these bulbs were selling for well

over 700,000 pounds in today's money. So when the auctioneer stood up and began the bidding process,

he figured he was onto a pretty big payday.

But he was met with silence.

He lowers his prices.

Once, twice, still no buyers.

He lowers them again and again and again. Within days, tulip

bowl prices plummeted. The bubble had burst. The get-rich-quick greed that eclipsed common sense

had turned to panic and collapsed the market.

But did we learn the lesson?

In the 1840s, an explosion of interest in railways drove UK stocks to an all-time high.

Then that bubble burst.

2000. Hundreds of companies were fighting over dot-com domains.

Convinced the internet would make them a fortune. Nearly every day, another dot-com

fails. Online grocer web van will file for chapter of... The bubble burst. 2008, an abundance of

cheap debt had people borrowing at extreme levels. There could be a moment where the market says,

you know what, we don't like it this way.

And when those moments happen, if enough of that happens at one time, things start to break.

And yes, the bubble burst.

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