The argument this series makes, in 12 steps. It is the same spine every module is built on, and no module states more of it than its own share.
From the mid-1990s US share prices rose far faster than company profits, led by internet and technology firms.
Labour productivity grew faster after 1995, which raised hopes that profits would grow faster too.
Companies, established and new, raised money in initial public offerings, and shares often closed their first day well above the offer price.
High share prices made capital cheap, and firms invested in computers, software and networks at a pace that proved unsustainable.
The Federal Reserve raised its target for the federal funds rate six times between June 1999 and May 2000.
Technology shares peaked in March 2000 and fell far more than the market as a whole.
A recession began in March 2001 and ended in November 2001, after a ten-year expansion.
The Federal Reserve cut its target eleven times in 2001 and, after a further cut in 2002, reached 1 per cent in June 2003.
The fall in share prices spread to the whole market and ran on until late 2002.
Unemployment kept rising for well over a year after the recession ended.
In April 2003 ten investment firms settled charges that banking business had swayed their analysts' research, and had to separate the two.
The BIS put the rise down to optimism and herding; the CEA said prices turned as expected profit growth fell and the risk premium rose, and called the precise reasons subject to debate.