Bill Fleckenstein is a drooling imbecile, and if he said the sun rose in the East, I'd check it first. A few years back, he trashed a stock I owned ("their business is just going to go away."). When the owners of the company wrote a letter to Barron's explaining why their business wasn't going to "go away" (they make excimer lasers for semiconductor manufacture and have a 90%+ market share), Fleckenstein wrote a reply that revealed he knew nothing whatsoever about what they made. He called it a "light bulb." What a moran.
Bottom line: people will always need a place to live. Conversely, people don't always NEED to buy internet stocks. So comparing the internet stock market bubble to a (speculative) housing bubble is apples/oranges.
If Fleckstein did his research, he'd see that naysayers like him were lamenting the "disasterous" housing bubbles of the 50's and 60's as well, saying stuff like: "the economy can't sustain the cost of a house going over $5,000."
MORAN-That's a REALLY idiot congressman,not a BS'ing financial anal-yst...LOL..