As the US enters its ninth year of expansion, there is a lot of triumphalist talk among many American economists and officials, who speak about a "New Economy" where the business cycle has been abolished. There are reasons to be skeptical about this claim, however, and one major reason is that the expansion has been driven largely by hyperactivity in Wall Street. And this hyperactivity is largely due to frenzied trading in Internet shares, which has led to a tremendous overvaluation of Internet stocks. In other words, the economic boom is now being fuelled largely by the financial, speculative sector, and within that sector by just one group of firms.