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Go For Broke: Inside the Dot-Com Bubble

2020-10-17 | 🔗

Go For Broke is a new narrative series from Epic Magazine and the Vox Media Podcast Network exploring the 2000 dot-com bubble... and what happened when the bubble popped. Listen wherever you get your podcasts.

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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Here in the weeds. We try hard to focus on rational arguments and thoughtful nuanced point of view, but we all know that people are not always all that rational. Sometimes we will get excited about big, shiny ideas that don't really have much substance, and sometimes those ideas get so big that they eventually implode and that's what a new podcast series from the VOX media podcast network is all about. It's called go for broke it's a podcast series about historic bubbles, the irrational enthusiasm that creates them and what happens when those financial bubbles pop the first season, which is out right, now explores the com bubble of the late nineteen nineties. That's one of my favorite episodes in sort of economic and social history. This is a great show, so the season digs into the true story of the venture capital, the aggressive marketing and the irrational hype that led to the big as of two thousand and how the bad decisions of the early years of the
internet still impact us today, as they were going to share the first episode of Gopher broke with you right now, given to listen and then go subscribe. Where we get your podcast support for this episode comes from, look up. We lose an average of three hours every day, switching between all our work apps, but you can get them back with clear up a flexible platform. The brings all your essential tools in one place we can prioritized Let's collaborate on Docs chat with your team and track goals, so companies like uber and web flow use click up. Is their mission control Center, replacing every other app that we're using before click up even guarantee, is to help you save one day a week and get more done. It's completely customizable. It's free forever, so try click up today at click up dot, com, slash the weeds.
We're coming to you for one crazy dog park. Now that you can get whatever you want at pens com, it's like Mary grow. If there's one voice, you may recognize from the early days of the internet. It might be this one. For me, it's like the voice of a very beloved and distant relative from the past. Wow he's got a stuff thing. I love stuff thing, that is, the pets, dot, com, sock, puppet, this homemade sock puppet with button eyes and a microphone became the voice of a company that sold pet products online like way before. That was a thing and like magic eye posters and beanie babies. The sock puppet was everywhere on magazine covers parade floats morning. Tv talk shows you name it, and then
almost as quickly as it appeared. Pets are com, went under along with a whole lot of other dot com companies in the dot com crash of two thousand and the soft puppet wound up in the trash can of history, a punch line for everything that was wrong about those early internet days, but has you'll learn, and there was a lot more going on with the pets that comes out of it than you would expect in a lot of ways. The public is an emblem of why we're here and an excellent place to start hello and welcome to go for broke. I'm Julia Fraeulein go for broke is a series that examines historical moments when everybody went a little bit overboard, financially, culturally never say that real big and then it didn't Go so well,
I invite you to lay up your doc martens and tell your mom to gas the phone, so you can log on because we're talking about the dot com bubble of two thousand a time when the promise and excitement of the internet led to some really wild investments that eventually cost the stock market. Almost too. Million dollar. It's a story about idealism and money that is also the foundation of the internet and the tech industry. We know today and we're starting the series with pets dot com, because, if you're going to be a super flat like a total and complete failure, you got to get real big first, and that is what pets dot com did it's one thousand nine hundred and ninety nine and the internet is poised to change how people shop, how they plan their travel, how they socialized everything feels like it's about
and all of this means new jobs and a whole new economy used to be you either had a blue collar job or a white collar job, but nowadays some of the highest paying jobs don't require a collar at all. The it revolution will create over one million new jobs in the next year and tech skills can help you get with everything. Suddenly, every single industry is like. Oh shit, you mean, instead of just selling stuff to the people. We've always been selling to we can access anyone with an internet connection Buddha editorial, though they may have, in fact actually said Buddha. Millions of dollars were pouring into Silicon Valley companies that we're trying to strike gold on the internet and that many hundreds of thousands of people were moving west to work and attack. Thinking on the promise of the dot com boom. People like Oscar you on who was a couple
how to stand firm and excited to work at a fast pace, start up back in noting that night in two thousand I wasn't assisted marketing manager at Stockholm, so I was in the first twenty thirty employees, and we were there till the very very end. Oscar and the marketing team were at the beating heart of pets com because When you have a new company and you only exist on line. The first step is letting people know you actually exist. So this was attacked where the way that you built your business was by advertising and by building brand awareness by creating as much buzz and excitement about your business as you could Deborah Aho Williamson was one of the founding editors of a man
called the industry standard. It was based in the Bay area and it was designed to be the news magazine of what was being called the internet economy. The most important thing again for all of these dot com businesses was to build their brand name. The belief back, then, was that if you had a strong brand name, strong brand recognition, if people knew about your product or your service or your website, then eventually the revenue would come, but you had to build that brand awareness first and the more brand awareness you had. The more investors were interested in possibly investing in your company, whether as venture business or in the public markets, and so the cycle began, but it all really started with the marketing and the public awareness of the company using marketing was one of the ways that
companies. We're gonna beat out the competition and we knew we were defining and industry. As E commerce became a thing. None of us knew where exactly was headed, but there was a real powerful energy that kind of drew me to it, but the energy that drew Oscar to pets com was also drawing a lot of other people to the online pet business. By the I'm Oscar joined. There were already, at least for other online pet stores. Try to be the main place where people bought their cat food and their dog sweaters. Why are there so many companies trying to sell us pet food on mine if there's one thing that was true and ninety ninety nine and is still true. Today, people love their pets, we're talking iguanas food and cat birthday cards and hamster obstacle courses and snake furniture. The? U S, market for the poor
Industry was twenty three billion dollars and ninety ninety nine, the pet market, was bigger than books, bigger than toys, and on top of all that, this was also the point when it started being more common for people to have a computer at home in ninety ninety, it was actually pretty rare, like fifteen, and of households, but by the end of the decade there was a computer in more than a third of U S: homes, given the massive pat market and the potential for people to change the way they shopped. Why wouldn't you get him on the ground so pets, dot, com wasn't alone. I think we all that the market couldn't support three had websites what We want understood the pets dot com office was that the company needed to be a category killer, the one brand that dominates the market and that I he drove the company's strategy. So the objective was to be the last man standing right, and so
The last man standing is the one that has the most traffic the most revenue, the most unique visitors like that all of these metrics that you had to kind of push towards. I think, which is what drove kind of all. The ambition that we have asked? Her was hired pats at a key point in the companies. It had started as a sort of diy endeavor by an early internet entrepreneur named Greg more who had the usual foresight to buy the url headstart com, but in order to grow
to a big time, business, pets, dot, com needed big time money enter Julie, Wainwright? I was top of my class in high school. I graduated high up at Purdue. I got the job I wanted. I did this. I had we, it was sort of one freaky success after another. This is from a talk she gave in twenty twelve at the University of California, at Merced and by the time I got to pets. I'd made millions, and pets. I did because I thought okay, one more. This will be a blast. Julie was kind of a celebrity ceo and hiring her meant that investors would be interested in taking pets from Greg's home in Pasadena into the big leaks, so Greg stepped back from the data and focused on being a board. Member and Julie ran the shell within her first month, CEO Julie secured a very import
investment from a low company, you may know called Amazon and another from a venture capital firm to the tune of ten million dollars. Julie wanted pets to be the. Household name for pet supplies in the same way that Amazon was the go to for books at that time? This is what she told Bloomberg NEWS in twenty eleven, Lastly, if there wouldn't have been an Amazon there would have been in the e commerce companies. So we to me they were the proof point that impact consumers would trance. Acts are really they were the ground. Breakers Julie knew that one of the best bet she could make to beat the competition was with a marketing campaign that made sure people knew about pets outcome. So pets went for the big and at a firm called Tb W a shy at day today was a much in demand agency in the.
It is in ninety and had done a lot of break through work from apple to talk of bell to a lot of different things. Yet they were responsible for the very famous apple nineteen, eighty four ad and the acute, but pretty racist talk about show our in ninety. Ninety nine Rob Smiley was one of their creative directors and right away. Rob could tell the pets dot com folks were in a bit of a hurry. What was unusual about pets dot com is, they immediately awarded us the business. Normally it might take a week and a company will review a bunch of different proposals we walked in. We made a presentation. They asks us to sit in the room for fifteen minutes. They went out and came back in an hour sorry assignment instantly. Hats needed to move really fast in this environment, which is why they made the sherbet and gave their money too shy a day so quickly, because pets wasn't the old
company betting on marketing and ninety. Ninety nine Rob said that lots of dark coms were bang and down shy days door with some pretty wild ideas of how to make sure that are visible in that rush. To try to do outpace pace other competitors, many companies wanting to bees outrageous as they possibly could be to get the attention and the eyeballs of the consumers. So that was a very that was a big difference from previous generations, who were more calculated, more strategic, more measured in their approaches to advertising and marketing, and this kid's is how the sap puppet came to life. Rob and his colleagues were banking on a simple but revolutionary idea that went against the instincts of basically all of pet advertising that came before it. We developed it. I think that we started to create a world where we showed that past outcome understood the pets have lives they have, they have. They think they loved their things that make them SAM
the pets dot com marketing campaign was going to tap into that part of pet ownership where you break into a weird voice, or you make up an elaborate fiction around your pet, like I for one, I'm pretty. That one of my cats is running a radio station out of our bathtub and that the other cat was her intern before before she was cruelly. I I don't know, maybe it's just me a day and hats. Weren't gonna do a commercial with some prissy cat eating from a goblet, or some asked looking dog running around pets was going to let the sock puppet, be this imperfect individual with, wants and needs That became this very homemade puppet with homemade with a wristwatch for a dog collar Button for an eye with a goofy Microphone made out of cardboard with pets, dot com, locusts, stuck on the side slapdash in a manner.
The agency also wanted to steer clear of the super scripted way that commercials usually sounded so they hired Michael in Black, a member of the comedy troop the states to basically do improv as the puppet, or we shot the first thing, the first commercial. I remain in executive, saying something along the lines of this has to be a home run then I also remember like the ad guys, Scott and Rob having a look of projecting confidence. And emoting terror. Like I didn't know, like the whole thing, was like hanging in the balance about whether like I could make a good joke about a frisbee. Like I didn't know, Thank God I didn't know I wouldn't I would have blown it so on the set of their first commercial executives from pets, dot com and from Shia Day actually stood around to see. What was
happen. They were taking a moon, shot with a wildly different concept and they were paying a lot of money for it. Rob the creative director remembers that day, really clearly so the first shot we did was the soft puppet with delivery driver, I'm overseeing some deliveries for pets, com purely in an advisory role, Rob and the other exec we're supposed to watch Michael and the delivery driver from a video feed and unfortunately, the video tap broke. So we couldn't watch what it was. What was happening in real time they just drove away and for thirty five minutes we sat their clients creative director. Waiting for them to come back wondering what was happening. What we must come down spin. And the press dot com exacts were nervous because remember, remember their whole plan for getting customers to visit their website instead of petopia dot com or the local supermarket.
It was a comedian riding around in a van doing loose improv with a sock puppet. If this very first shoot was a bust and they didn't like what they saw, the suits were ready to pull the plug on the whole thing they came back laughing got out of the Van said. It's great. Eight they parted. What was then a tape into a tape player for us to see that the takes? and we saw just them, tal areas improvisational takes between the driver and the soft puppet we knew at that moment. This was absolutely gonna, be brilliant. I like your short Gilligan, so they have their first commercial Oscar who was on the marketing team, was thrilled, yes or no I mean the first coolest thing is when you're just watching tv at home, and then the ad comes on right and you're sitting there and you're like That's the company. I work for and wait a minute. I've seen a priest, of this ad and wait a minute the people who are doing that right and they think it's
not something that happens very often. The first tv ads with the sock puppet hit the airwaves in September, nineteen, ninety nine and they quickly get some buzz. Ads are funny and memorably weird, but there's a catch here. The whole motivation behind this ad campaign was not simply to get people to log on and buy their dog. A new caller it was to demolish the competition and by the time the first ad aired, the field of competitors was getting bigger, Petopia COM's comes website had just launched and they had the backing of the brick and mortar company Petco, but it seems like the pets, dot com ad campaign, which would eventually cost twenty million dollars, is keeping them ahead of the competition annually. Wainwright autobiography she writes about how valuable the sap up it was. Could the other companies seldom colors yeah sure, but did they have the cutest little rascal in all of puppeteers sitting on the end of Michael in Blacks arm? They did not Julie, writes that she realized how much of an acid test.
Puppet was when Macy's asked the soft puppet to be in their annual Thanksgiving day, parade free of charge, usually across something two hundred thousand dollars to be in the prayed, and now Alan Katie, here's one Poco is a vip, that's one very important pet. Now this is your favorite television, commercial, oh yeah, largest ones, furnished by pets com. You may have seen this sock puppet on television singing spinning wheel. You know what does a buzz com, and this booth goes off to the top of a four story: building and our men. Al Roker wasn't the only fan of the sock puppet, Deborah Aho Williams on the marketing journalist, who we heard from before says that this this kind of stuff was helping pets, dot com, pull away from the pack of online pet retailers and let me just be real with you, because I spent a lot of time watching old commercials. The competition wasn't doing anything riveting at this moment at best, the commercials for the competition look like stock footage
The sock puppet was so engaging and so unique and the way that it was incorporated not only into tv advertising but into an integrated marketing opportunities, is being up a balloon in the Macy's parade. I mean these were things that really made that brand stand out, among all the other brands that I can remember thinking about invite back in that day. Pet Ceo Julie Wayne Right didn't speak to us for this episode, but like let's just get in her head for a moment. Okay, what is the number one place you go if you want to be flashy and cool and advertising like what is one of the few moments of every year where people actually talk about where people actually look forward to the ads, the Tennessee Titans square off with a St Louis RAM in super bowl. Thirty four: what is the
one thing we can do to one up them right? It's like super bullet. We only TV on a cart with a vcr, and then they played the first few cuts of the commercial and we all love. There and then the next thing you know, as you see it, aren't you be in it We're all add so unkind. Two thousand the day of the game. Eighty eight point: five million people are glued to their tv and in between watching Kurt Warner, lead the rams to victory that massive audience sees this. The commercial opens with the dog looking really sad
owner drives away? Okay, no, I got to go to a lot of stories to get what you like so remember how the whole idea behind pets dot com was that pets have lives and feelings and everything the super bowl ad was all about that a spotlight comes on and the pets dot com, sock puppet appears singing. If you leave me now by the band Chicago, one of the folks, we spoke to from Shia Day told us that the band had never given permission for the song to be used. In a commercial before, but their lead, singer, Peters the terror, just love that damn puppy. May then please don't go! There's a crying turtle and angry looking tat, apparently and the goldfish I just want you to for Oscar and the employees of pets com. The super bowl was a huge public sign that their hard work was actually paying off. I started in May and and main
you know? It was just starting by November, we were in the Macy's Thanksgiving Day day per head by January, when the Superbowl, so just to be clear and under eight eight pets, dot com went from barely existing to one of the biggest stages in the world, and it just happened so quickly that it is. A little bit of a blur for pets and many other dot com companies. The super bowl was their big coronation assigned that they were ready to play in the big leagues. Seventeen different dot com took out ads in the super bowl that year and all that demand drove up the price for a commercial spot by thirty one percent super bowl. Thirty four is known as the dot com super bowl and for creative directors like rob Smiley. Well, it's everyone's dream to be about incredibly successful campaign, Superbowl ad and flowed in the Macy's day parade. You dream those things, but you don't know if they really have.
For most people it is. It is a once in a lifetime moment, so there is by all biomarkers, a huge success. The pets dot com website actually crashed because Many people went on it after the ad, but the thing is pets. Dot com is far from dominating the market. If what I wanted was to be a category killer, it's actually more like a category mosquito when we come back as the sock puppet prophesied. What goes up?
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hi, I'm Julia Ferlon and this is go for broke in this episode. We're telling the story of pets, com and it's battle to establish a successful e commerce company at a time when buying things online, still felt kind of like science fiction and the fate of pets, dot com sat squarely on the small stuffed shoulders of the sock puppet two weeks after the super bowl pets. Com is about to have its ipo, its initial public, offering on the NASDAQ Stock Exchange. It's a big moment for the pets team. Over the years they've seen, com after com go public with skyrocketing stock prices. Today, pets was up Oscar. You on remembers that morning fondly it was early because obviously the market opens in New York and we were in San Francisco
I remember it was a solitary was a positive booed. The top pets executives have found any art to be there for the opening bell, but Askern is his coworkers are holding down the fort, so it was almost a little bit like the parents away, the kids are gonna play and, and it was it was was celebrated. Like I said it was the first time I had tried dump her young it's kind of exciting, but as the trading they start the celebration doesnt last very long, and then I remember a kind of as the day wore on are stopped. I stuck I remember the number very while I was stuck in eleven dollars and I had friends were bankers. And I'm getting calls, we didn't have text messages at the time right thing you guys are still Levin. You know that means. That means the bank is buying up all the shares to keep you. I love it and I was quite sure what that
at the time, but I remember thinking that they had a little bit like, I told you so tone in their voice by the end of the day, pets is exactly where it started at eleven back. The share Oscar and his co workers are happy that the company, when public, but it's not the raging success, that they had been hoping for those kind of ok. Well, this is this: how it turned out. During the next day, he went back to work and kind of things move forward from there. This is the point in two thousand, when the stock market starts to lose momentum But you know what was still going strong. The soft puppet pets that come knows that they need him out there shilling for the company, he's their best hope of making money he's the star and, like any true celeb, he needs a hi, I'm Melissa Menta,
I was publicity at pets, dot com and it was great Melissa's Job- was to help get press coverage for the puppet and pets hired her because she was the perfect person for job. So I was in a job that I didn't really love. Somebody told me about had Hunter I sent my resume and the next day she called- and she said this pet food company. He wants to talk to you. That makes absolutely no sense. I have done public city for the markets, and she goes that's exactly what they talk to you about, I mean you might say: Melissa Menta was born to be a puppet publicist. In fact, she still wraps a white and black dog today, this time it's snoopy after the Super Bowl ad Melissa, Mentos phone was ringing off
the hook. I picked up the phone. It was like a week after the Superbowl and it was a producer from good morning America. She was like. We really want to have the puppet do an interview on good morning, America It sounds absolutely bizarre in retrospect, but the pets, com, sock puppet was so popular that, in March of two thousand, the puppet actually did Oscars coverage for good morning America how you doing? Oh, hey, Charlie Diane, I'm here at a big Oscar Party in Hollywood, California. Now I wasn't exactly invited and technically I'm not supposed to be here, but I'm going to try to interview as many celebrities about their favorite movies. Their favorite bag, and we were getting news coverage. Infer publicity person getting news coverage is like a high So you know I would get these really good heads and I would just go home and feel excited about
that I was succeeding at my job, the sock puppet is everywhere. People love that little buddy, so much they're dying to get their hands on a sock puppet of their own. Oscar remembers this time, An absolute frenzy the customer service was fielding inquiries all the time for like can I get a puppet? Can I get a puppet? What does not go on sale so they did it. They started turning out, sat puppets and selling them for twenty bucks, a path at honestly. They couldn't keep them in stock. They were so popular. Ten thousand puppets were sold in the first week that they were available, it's great right, so what thing that that we have built has become such a cultural, touchstone and driving so much interest that people are buying it. You know so fast off the shells. We can't even keep it stock, but lots of people were just buying the puppet and nothing else
so sales were up, but maybe not it exactly the way that the business plan meant them to be. I mean it's sort of like if people weren't really interested in big MAC, but they were hyped to buy a Ronald Mcdonald Doll. The question rose like are we no moving stuff away from what our core business should be with. You know we want to be the best pet product company out there, and so I think there was a tinge of that, but it was not a huge, at least from my perspective, wasn't a huge thing. It was kind of like okay. Well, we just have to move more pet food, so number check pets, com This point had spent twenty million dollars on the marketing campaign that created the soft puppet, but the problem is they weren't making enough money? You add that to their other operating expenses,
they were almost sixty two million macros in the whole. Omar Merlo is a professor of marketing at Imperial College, London, and he did a case study on the marketing strategy used by pets, dot com and other pet retail companies in nineteen. Ninety nine and two thousand know. They spent millions on Super bowl, ads tv, radio, magazines and it's expensive to create something like the sock, puppet and ingrain it, of every single American that cost a lot of money and, at one point I think we're spending four dollars on marketing expenses for every dollar they made in sales. So there's a massive investment and eventually the customer acquisition cost was about four hundred dollars per customer. So it takes you four hundred bucks to get your customer in look if you're selling helicopters or yards or fancy shit four hundred dollars to get your customer in the door is worth it. You'll make that back on your first sale, but when we're talking about about Chris
hats procure a gonna. It means that the company is spending a ton of money on you in the hopes that you'll spend even more over the long hop. I gotta say those numbers don't really add up, especially because pets, dot com wasn't necessarily connecting with customers. So one thing to be: no, it is to be aware to have custom. Is it aware of your brain that is familiar another essentially to connect in a meaningful way and in the way you do, that is first by building a value proposition that he's meaningful and then advertising comes later to reinforce what you done. But I think in this case, at the other, was it there was really a rush to grow very quickly in this rush to grow very,
quickly pets are come. Wasn't the only one spending millions on marketing without building the business muscle to back it up before the business really took off? You had companies like hot jobs, Thou com, computer dot com last minute travelled outcome that all but superbowl ads in two thousand. Everybody wanted to make a big splash. I mean we were told about this. One company that had a big marketing idea to build a smiley face him oji that you can see from Spain That's it. That was their entire idea. Omar remembers another dot com company with a marketing campaign that went too far. I think it was called outpost dot com and they had this terrible. Where the this guy shooting gerbils out of a cannon. Is the worst that end Everyone knew them and they became very popular because these are before all the wrong reasons. People remember the advertisement. Remember the brand possibly in a negative way because they add, was so file but never
even knew what what it is that there were selling what it is. They stood for almost as pets spent, so much money building up the puppet, but they weren't offering customers anything different. Even if you of the soft puppet. It didn't mean that you're gonna be a loyal customer. We spoke to so many people who actually owned a sack puppet, but never purchased anything regularly from paths that calm and what pets outcome was offering. Wasn't that enticing even to the sock puppet himself, mightily in black I didn't use, but stuck on you didn't I headed dog. I had a dog, I adored did I ever food dog food from for com for that dog nope it never even like entered my consciousness tat. I would do such a thing, even though you were selling the puppet, even though you were the central figure of the marketing campaign. I too consider it, but I didn't
anybody who use the service that we feeling where you're like yeah like this this this could all come crashing down fairly quickly. That was definitely the feeling that I was getting. People had absolutely heard a pet stockholm and people were absolutely not using pet stock. Turns out. Pets was fighting to be the number one pet website, but people were still buying pet supplies. The same that they always had at the store and this was one of the many big problems that pets could never solve. They spend a lot of money made people aware of the company, but they couldn't convince them to buy enough staff to be profitable and ninety. Ninety nine there just weren't enough people buying things online and p s. Shipping huge heavy bags of dog food across the country isn't exactly a high
margin proposition to do it. Well, you need a whole supply chain of trucks and planes and warehouses and workers that didn't really exist. Yeah, maybe pets outcome could have figured out their business bottle eventually But they ran out of money and they ran out of time in eighteen. Ninety nine pets are com loses sixty two million dollars and in the eight months after its super bowl ad, it loses an additional eighty, five million dollars for its investors. It wasn't clear that the company was ever going to be profitable, so they start jumping ship. In those eight months the share price falls to under a dollar. In November, two thousand pets outcome. Ceo truly Wainwright decides to pull the plug here, Is Tom broke out with the bad news? Other economic tonight there is a new victim of the following fortunes of the new economy, pets, dot, com,
which made its mark with a sock public is closing down on January. Sixteen Two thousand and one shareholders approve a plan to liquidate the company's asset for failing find a buyer Prescott will sell off the majority of its assets and why? two hundred and fifty five of its three hundred and twenty employees Oscar and Melissa and the other pets dot com employees walk in. On their last day of work, passed a bunch of news cameras, a big group of them just go.
Bar nearby to drink their sorrows. Twelve days later, super bowl, thirty five rolls around it's. The Baltimore ravens against the New York Giants. This time only three dot com companies from the previous year are running ads and one of them is for e trade. It features their signature, chimpanzee, don't ask just go with me here and the chimp is riding a horse through what looks like an abandoned town. By this point, dot com had lost nearly two trillion dollars in value. Some people have their entire retirement savings wiped out. Many people lost their jobs. The chimps passes by an empty office, building for a tie, class dot com, pass the sports car with a license, plate commerce, and then something hits our little chimp friend in the foot. It is, as you may have imagined, a tattered dirty shell of the beloved sock puppet
tears run down little champion cheek as the commercial closes. Oh, how them mighty little cutie the sock puppet that represented so much promise and momentum it had fallen in just over a year, the company was being sold for parts. Actually, the soft puppet did have another life tanker car. Fine. I think they call one hundred bar none the puppet ended up. Shilling low budget car insurance without Michael in Black, though Melissa, Oscar and actually a lot of the employees that we spoke to from pets are calm, work freely, bummed out by that. If you need to find anything, even if you have bad credit, been divorced, you look legit knows Don't have no credit at all. You deserve a second chance to. It was so depressing to see that ad, like that's the physical stock, with the button microphone, I gotta, but it wasn't. It was enough
and I think that's what was really sad right. I don't think that was the whole energy people behind air and committing to building something, they were just using it without any of the many of their history behind it. Who said tat, TAT dried. I know it's bad to the extent that you can be heartbroken by us out puppet. I kind of an this season and go for broke. We're gonna, bring you some hard breaks and big wins. We're gonna make it so that the dark- humble isn't just this footnote in history examined, the forces that created the bubble and what caused it to pop and we're going to figure out how the early internet changed the world that we live in today. Right now, next episode or going back in time,
to ninety ninety five, the start of the dot com bubble. It's the moment when money transforms the nerdy idealistic early internet, it was why we're running that in and out of the fountain in front The old Netscape on Middlefield, road and drinking. Champagne out of bottles and there's balloons everywhere, we're going to see what convinced many people in the early nineties to chase their internet dreams only to lose it all. Thanks to Michael Kitano, Hideo Higashi Baba John Ketchum, Sarah Saison and Todd Whitney for their production support on this episode. Special thanks to epic Malise Tutare archival clips are from he's forts NBC Nightly NEWS and the Macy's Thanksgiving Day prayed slip of good morning. America, herds
the ABC News. This episode was researched. In fact, checked by Charlotte Silver Gopher broke is produced by Bridget. Armstrong Megan contain transact back Isaac. Kestenbaum is our editor anneal dashes our editor. EL consultant for the Series Galton Freakish, an engineer. This episode and composed are wonderful theme, song, art, Chung, Our showrunner, our executive producers, are Nishat, Kurwa, shot, Joshua and Joshua for Broke is a production of of and the the media media podcast network. If you like this episode, I really hope you dead. Please leave us a rating and review on Apple pie, cats and tell her friend is a popular to contest, and I would like to win an subscribe for free to the series of your favorite Pakistan, I'm Julia for line, and I guess my tagline is Buddha. Louis.
Transcript generated on 2021-05-14.