"The bear crowds that form amidst the debris of a bubble typically blend the characteristics of lynch mobs and repentant sinners: We had it coming for believing in the patent nonsense of the bubble investment themes; they led us astray and cheated us, and now they must pay the price. The crowd searches for scapegoats, and those it finds become inverted pied pipers, repelling listeners with the dissonant music of their pipes. They are offered as exemplars of unsound and even stupid investment policies. This process of tearing down the edifice of belief that supported the bubble continues until only discouragement and fear for the future control investor attitudes."
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