We haven't had that kind of spirit here since, 1999.

And watch out. It lies like cocaine.

How else do you explain Google supposedly heading to $600/share? How else do you explain a company with $500,000 in revenues over its entire lifetime thinking it can go public at $270 million? How else do you explain rumors of Google replacing the phone company with WiFi or bringing out its own PC? Where else do you get rumors of Microsoft offering $80 billion for Yahoo, and Yahoo (worth under $60 billion currently) saying no?

Now Google is not to blame for this, and Google has a responsibility to shareholders to use its virtual wealth and create long-term value, something it is trying hard to do. Bubbles are not born in Silicon Valley. They are born on Wall Street. They are born by salesmen, stock salesmen, people pretending that "this time will be different," as they've done since the 19th century.

People are always taken in by the claims. Short term profits are always generated. Sometimes long term value is left behind.

But bubbles are bubbles, and bubbles pop. I think Larry Page and Sergey Brin know that. I think Steve Case knew it, too, which is why he grabbed Time while the grabbing was good.

Do you? What will happen to you when the bubble pops? Do you know who will be left holding the bag?

Not your broker.