"The answer, of course, is that the bubble hijacked people's reasoning faculties. As Chapter 8 of 'The Wave Principle of Human Social Behavior' explains, this is how social mood works. The desires and despairs of the non-rational limbic system are always in control, but it takes the extreme behavior of a bubble and collapse to reveal the driving force that is social mood. Still in control, social mood is now inducing people to believe that the crash has come and gone."
Steve Hochberg, Elliott Wave International