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  "events": [ {
    "tStartMs": 6542,
    "dDurationMs": 3018,
    "segs": [ {
      "utf8": "How much would you pay \nfor a bouquet of tulips?"
    } ]
  }, {
    "tStartMs": 9560,
    "dDurationMs": 2732,
    "segs": [ {
      "utf8": "A few dollars? A hundred dollars?"
    } ]
  }, {
    "tStartMs": 12292,
    "dDurationMs": 2529,
    "segs": [ {
      "utf8": "How about a million dollars?"
    } ]
  }, {
    "tStartMs": 14821,
    "dDurationMs": 1321,
    "segs": [ {
      "utf8": "Probably not."
    } ]
  }, {
    "tStartMs": 16142,
    "dDurationMs": 2860,
    "segs": [ {
      "utf8": "Well, how much would you \npay for this house,"
    } ]
  }, {
    "tStartMs": 19002,
    "dDurationMs": 4242,
    "segs": [ {
      "utf8": "or partial ownership of a website\nthat sells pet supplies?"
    } ]
  }, {
    "tStartMs": 23244,
    "dDurationMs": 1828,
    "segs": [ {
      "utf8": "At different points in time,"
    } ]
  }, {
    "tStartMs": 25072,
    "dDurationMs": 3853,
    "segs": [ {
      "utf8": "tulips, real estate and stock in pets.com"
    } ]
  }, {
    "tStartMs": 28925,
    "dDurationMs": 3952,
    "segs": [ {
      "utf8": "have all sold for much more \nthan they were worth."
    } ]
  }, {
    "tStartMs": 32877,
    "dDurationMs": 5502,
    "segs": [ {
      "utf8": "In each instance, the price rose and rose\nand then abruptly plummeted."
    } ]
  }, {
    "tStartMs": 38379,
    "dDurationMs": 2363,
    "segs": [ {
      "utf8": "Economists call this a bubble."
    } ]
  }, {
    "tStartMs": 40742,
    "dDurationMs": 2574,
    "segs": [ {
      "utf8": "So what is exactly is going on \nwith a bubble?"
    } ]
  }, {
    "tStartMs": 43316,
    "dDurationMs": 3751,
    "segs": [ {
      "utf8": "Well, let's start with the tulips\nto get a better idea."
    } ]
  }, {
    "tStartMs": 47067,
    "dDurationMs": 4720,
    "segs": [ {
      "utf8": "The 17th century saw the Netherlands\nenter the Dutch golden age."
    } ]
  }, {
    "tStartMs": 51787,
    "dDurationMs": 5401,
    "segs": [ {
      "utf8": "By the 1630s, Amsterdam was an important\nport and commercial center."
    } ]
  }, {
    "tStartMs": 57188,
    "dDurationMs": 4015,
    "segs": [ {
      "utf8": "Dutch ships imported spices\nfrom Asia in huge quantities"
    } ]
  }, {
    "tStartMs": 61203,
    "dDurationMs": 2178,
    "segs": [ {
      "utf8": "to earn profits in Europe."
    } ]
  }, {
    "tStartMs": 63381,
    "dDurationMs": 4602,
    "segs": [ {
      "utf8": "So Amsterdam was brimming with wealthy, \nskilled merchants and traders"
    } ]
  }, {
    "tStartMs": 67983,
    "dDurationMs": 3367,
    "segs": [ {
      "utf8": "who displayed their prosperity \nby living in mansions"
    } ]
  }, {
    "tStartMs": 71350,
    "dDurationMs": 2832,
    "segs": [ {
      "utf8": "surrounded by flower gardens."
    } ]
  }, {
    "tStartMs": 74182,
    "dDurationMs": 3205,
    "segs": [ {
      "utf8": "And there was one flower \nin particularly high demand:"
    } ]
  }, {
    "tStartMs": 77387,
    "dDurationMs": 1519,
    "segs": [ {
      "utf8": "the tulip."
    } ]
  }, {
    "tStartMs": 78906,
    "dDurationMs": 2695,
    "segs": [ {
      "utf8": "The tulip was brought \nto Europe on trading vessels"
    } ]
  }, {
    "tStartMs": 81601,
    "dDurationMs": 1771,
    "segs": [ {
      "utf8": "that sailed from the East."
    } ]
  }, {
    "tStartMs": 83372,
    "dDurationMs": 3115,
    "segs": [ {
      "utf8": "Because of this, it was considered\nan exotic flower"
    } ]
  }, {
    "tStartMs": 86487,
    "dDurationMs": 1892,
    "segs": [ {
      "utf8": "that was also difficult to grow,"
    } ]
  }, {
    "tStartMs": 88379,
    "dDurationMs": 3818,
    "segs": [ {
      "utf8": "since it could take years \nfor a single tulip to bloom."
    } ]
  }, {
    "tStartMs": 92197,
    "dDurationMs": 3952,
    "segs": [ {
      "utf8": "During the 1630s, an outbreak \nof tulip breaking virus"
    } ]
  }, {
    "tStartMs": 96149,
    "dDurationMs": 3175,
    "segs": [ {
      "utf8": "made select flowers even more beautiful"
    } ]
  }, {
    "tStartMs": 99324,
    "dDurationMs": 4053,
    "segs": [ {
      "utf8": "by lining petals with multicolor,\nflame-like streaks."
    } ]
  }, {
    "tStartMs": 103377,
    "dDurationMs": 3693,
    "segs": [ {
      "utf8": "A tulip like this was scarcer\nthan a normal tulip"
    } ]
  }, {
    "tStartMs": 107070,
    "dDurationMs": 4050,
    "segs": [ {
      "utf8": "and as a result, prices for these flowers\nstarted to rise,"
    } ]
  }, {
    "tStartMs": 111120,
    "dDurationMs": 2891,
    "segs": [ {
      "utf8": "and with them, the tulip's popularity."
    } ]
  }, {
    "tStartMs": 114011,
    "dDurationMs": 3755,
    "segs": [ {
      "utf8": "It wasn't long before the tulip \nbecame a nationwide sensation"
    } ]
  }, {
    "tStartMs": 117766,
    "dDurationMs": 2923,
    "segs": [ {
      "utf8": "and tulip mania was born."
    } ]
  }, {
    "tStartMs": 120689,
    "dDurationMs": 3137,
    "segs": [ {
      "utf8": "A mania occurs when there is an upward\nmovement of price"
    } ]
  }, {
    "tStartMs": 123826,
    "dDurationMs": 3442,
    "segs": [ {
      "utf8": "combined with a willingness \nto pay large sums of money"
    } ]
  }, {
    "tStartMs": 127268,
    "dDurationMs": 4240,
    "segs": [ {
      "utf8": "for something valued much lower\nin intrinsic value."
    } ]
  }, {
    "tStartMs": 131508,
    "dDurationMs": 4716,
    "segs": [ {
      "utf8": "A recent example of this \nis the dot-com mania of the 1990s."
    } ]
  }, {
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    "dDurationMs": 5200,
    "segs": [ {
      "utf8": "Stocks in new, exciting websites \nwere like the tulips of the 17th century."
    } ]
  }, {
    "tStartMs": 141424,
    "dDurationMs": 2160,
    "segs": [ {
      "utf8": "Everybody wanted some."
    } ]
  }, {
    "tStartMs": 143584,
    "dDurationMs": 3656,
    "segs": [ {
      "utf8": "The more people who wanted the tulip,\nthe higher the price could go."
    } ]
  }, {
    "tStartMs": 147240,
    "dDurationMs": 2442,
    "segs": [ {
      "utf8": "At one point, a single tulip bulb"
    } ]
  }, {
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    "dDurationMs": 6003,
    "segs": [ {
      "utf8": "sold for more than ten times\nthe annual salary of a skilled craftsman."
    } ]
  }, {
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    "dDurationMs": 1056,
    "segs": [ {
      "utf8": "In the stock market,"
    } ]
  }, {
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    "segs": [ {
      "utf8": "the price of stock is based on the supply \nand demand of investors."
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  }, {
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    "dDurationMs": 1649,
    "segs": [ {
      "utf8": "Stock prices tend to rise"
    } ]
  }, {
    "tStartMs": 162850,
    "dDurationMs": 3856,
    "segs": [ {
      "utf8": "when it seems like a company \nwill earn more in the future."
    } ]
  }, {
    "tStartMs": 166706,
    "dDurationMs": 2441,
    "segs": [ {
      "utf8": "Investors might then buy more\nof the stock,"
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  }, {
    "tStartMs": 169147,
    "dDurationMs": 4314,
    "segs": [ {
      "utf8": "raising the prices even further\ndue to an increased demand."
    } ]
  }, {
    "tStartMs": 173461,
    "dDurationMs": 4067,
    "segs": [ {
      "utf8": "This can result in a feedback loop\nwhere investors get caught up in the hype"
    } ]
  }, {
    "tStartMs": 177528,
    "dDurationMs": 4238,
    "segs": [ {
      "utf8": "and ultimately drive prices \nfar above intrinsic value,"
    } ]
  }, {
    "tStartMs": 181766,
    "dDurationMs": 2086,
    "segs": [ {
      "utf8": "creating a bubble."
    } ]
  }, {
    "tStartMs": 183852,
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    "segs": [ {
      "utf8": "All that is needed for a mania to end\nand for a bubble to burst"
    } ]
  }, {
    "tStartMs": 187702,
    "dDurationMs": 3366,
    "segs": [ {
      "utf8": "is the collective realization \nthat the price of the stock,"
    } ]
  }, {
    "tStartMs": 191068,
    "dDurationMs": 3282,
    "segs": [ {
      "utf8": "or a tulip,\nfar exceeds its worth."
    } ]
  }, {
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    "dDurationMs": 2341,
    "segs": [ {
      "utf8": "That's what happened with both manias."
    } ]
  }, {
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    "dDurationMs": 2442,
    "segs": [ {
      "utf8": "Suddenly the demand ended."
    } ]
  }, {
    "tStartMs": 199133,
    "dDurationMs": 2541,
    "segs": [ {
      "utf8": "Prices were pushed to staggering lows,"
    } ]
  }, {
    "tStartMs": 201674,
    "dDurationMs": 1244,
    "segs": [ {
      "utf8": "and pop!"
    } ]
  }, {
    "tStartMs": 202918,
    "dDurationMs": 3120,
    "segs": [ {
      "utf8": "The bubbles burst, and the market crashed."
    } ]
  }, {
    "tStartMs": 206038,
    "dDurationMs": 5240,
    "segs": [ {
      "utf8": "Today, scholars work long and hard\ntrying to predict what causes a bubble"
    } ]
  }, {
    "tStartMs": 211278,
    "dDurationMs": 2045,
    "segs": [ {
      "utf8": "and how to avoid them."
    } ]
  }, {
    "tStartMs": 213323,
    "dDurationMs": 2413,
    "segs": [ {
      "utf8": "Tulip mania is an effective illustration"
    } ]
  }, {
    "tStartMs": 215736,
    "dDurationMs": 3678,
    "segs": [ {
      "utf8": "of the underlying principles \nat work in a bubble"
    } ]
  }, {
    "tStartMs": 219414,
    "dDurationMs": 2871,
    "segs": [ {
      "utf8": "and can help us understand \nmore recent examples"
    } ]
  }, {
    "tStartMs": 222285,
    "dDurationMs": 3815,
    "segs": [ {
      "utf8": "like the real estate bubble \nof the late 2000s."
    } ]
  }, {
    "tStartMs": 226100,
    "dDurationMs": 2288,
    "segs": [ {
      "utf8": "The economy will continue \nto go through phases"
    } ]
  }, {
    "tStartMs": 228388,
    "dDurationMs": 2207,
    "segs": [ {
      "utf8": "of booms and busts."
    } ]
  }, {
    "tStartMs": 230595,
    "dDurationMs": 2357,
    "segs": [ {
      "utf8": "So while we wait \nfor the next mania to start,"
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  }, {
    "tStartMs": 232952,
    "dDurationMs": 1980,
    "segs": [ {
      "utf8": "and the next bubble to burst,"
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  }, {
    "tStartMs": 234932,
    "dDurationMs": 2288,
    "segs": [ {
      "utf8": "treat yourself to a bouquet of tulips"
    } ]
  }, {
    "tStartMs": 237220,
    "dDurationMs": 4036,
    "segs": [ {
      "utf8": "and enjoy the fact that you didn't have \nto pay an arm and a leg for them."
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