The term "Internet bubble" was very commonly used during the bubble. And the term "irrational exuberance" ganied fame in 1996, prior to the greatest craziness.
It was a lot more obvious than the real estate bubble. The real estate bubble was only visible to most people as a chart in the NY times that showed the gains in prices were historically unprecedented and clearly unsustainable. Most people didn't know that the ratings agencies were earnestly relying on models that pretended that real estate could never go down, and assumed that baskets of mortgages are uncorrelated risks. Both of those are obviously silly assumptions, but the population in general didn't know about it.
On the other hand, it was obvious to most people I knew that Internet valuations were unreasonable during the first bubble, but a majority of them werent willing to call a top at any particular point.
It was a lot more obvious than the real estate bubble. The real estate bubble was only visible to most people as a chart in the NY times that showed the gains in prices were historically unprecedented and clearly unsustainable. Most people didn't know that the ratings agencies were earnestly relying on models that pretended that real estate could never go down, and assumed that baskets of mortgages are uncorrelated risks. Both of those are obviously silly assumptions, but the population in general didn't know about it.
On the other hand, it was obvious to most people I knew that Internet valuations were unreasonable during the first bubble, but a majority of them werent willing to call a top at any particular point.