The following is a direct quote from Jim Cramer on Real Money. He was talking about the endless stream of private buyouts of companies and contemplating a "bubble".
"What happens if it is a bubble and it bursts? Would stocks go down? I don't know. For the most part the companies that get these deals aren't expensive to begin with. Only one deal that I have seen, one deal for heaven's sake, targeted an expensive stock: Four Seasons The rest have pretty much involved companies that haven't done anything in years or are regarded as cyclical has-beens.
Still, it must be a given that these frightening stories have to be churned out.
Look at it this way: The biggest bubbles of our generation, the dot-coms and the housing bubbles, both popped. And what were the consequences?
How about next to nothing? "
Now I know he means that America survived the tech bubble and it will survive the next one, but I'm sure there are a lot of people who would disagree with Cramer. There were some serious consequences.