What Damoncali is saying is that the hysteria wasn't focused on particular companies or business models really, it was that people believed we were in the middle of a one of a kind economic paradigm shift rendering valuation concepts like 'profitability' obsolete.
"[There is] an increasing conceptualization of our Gross Domestic Product – the substitution, in effect, of ideas for physical value."
-Alan Greenspan
When you start hearing quotes like that from people in charge, then you know we're really in big trouble.
