Our stock market?

By 1636, inflated prices of tulip bulbs created extraordinary demand, so much so that jobbers, (today’s equivalents of specialists or floor traders), set up their own corners on the commodity exchanges of Amsterdam, Rotterdam, Haarlem, Leyden, Alkmaar, Hoorn, and in many other Dutch towns. For those who could not travel to commodiy exchanges, tulip trading occurred in town taverns, over dinner and brew, and in generally very merry spirits.
Since the prize were flowers that had yet to bloom, tulip bulbs were traded as futures contracts, whereby the trade terms were set in the present for the delivery and exchange of goods and payments in the future.
At the time, it appeared the demand for tulip bulbs would last forever. Not only had the wealthy and nobility attended bulb auctions at the exchanges, but they were soon joined by merchants, ordinary citizens, farmers, tradesmen, housewives, etc. People sold their homes, their carriages, silk, tools, land, anything and everything that could be converted to cash. And then they invested it all into those beautiful, fragile flowers.
The Rude Awakening
Within the few short months in 1636, a number of investors realized that the tulip folly had little time left on its sand clock. It was the rich who first stopped buying new bulbs, quietly moving to the sell side in an effort to exploit the fact that the middle class and tradesmen would have had a much harder time giving up on their tickets to higher society than those who were already there. Eventually, however, the pool of buyers was exhausted, leading to more and more buy-side investors defaulting on their contracts.
By the time the first alarm was sounded, the damage was already irreversible. Tulip holders sought help from the Dutch government, but it refused to throw more good money after the bad. Then the tulip holders sought help from the courts, but they refused to enforce contracts that made no economic sense.
In the end, the fragile flower left in its wake destroyed lives and fortunes, shattered faith in the derivatives trading system, and the uneasy feeling that the safety net allegedly cast by the government and regulators might only be an illusion.Read more: "The History of Tulip Mania: How a Simple Flower and Bulb Ruined Many in 17t century.
Do we have our own Tulip mania today in our stock market?