NEW YORK ( TheStreet) -- Facebook's ( FB) rough start should be no surprise. For those (and there were many) who became caught up in the hype on the opening of trading Friday, you probably should thank the Nasdaq for its computer problems. If Nasdaq executed every buy order submitted, maybe the price would have gone higher before the inevitable crash.Facebook's IPO, with all the hype and interest by people who never before traded stocks, may be the closest event to tulip-mania I will see in my lifetime. Take a look at TheStreet's Facebook live blog. By my count, a peak of 12,000 people participated at once, and thousands more in total. Many never bought a stock before. These are the smart ones, too. How many more out there didn't know?
|The mania over Facebook's initial public offering shows mobs move markets -- and longer and further than recently conceivable.|