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Business was booming. execs wanted in on the action. ted pushed back. >> even though he had a significant stake and should have been listened to, i don't think he was listened to. >> in his deepest self, he knew it was wrong. >> this really is a historic moment. >> it was the biggest corporate merger ever. a $160 billion deal. but no one could predict the burst of the dot-com bubble just months later. aol fell flat. and the stock price took a nose dive. >> we were present for the greatest business debacle in the history of american business. >> investors lost more than $150 billion. and ted, t...

Mid-'90s. business was booming and aol was coming in. they wanted to buy it, but ted pushed back. >> in his deepest self, he knew it was wrong. >> this really is a historic moment. it was the biggest corporate merger ever, a $160 billion deal. but no one could predict the burst of the dot-com bubble just months later. aol fell flat and the stock price took a nosedive. >> we were present for the greatest business debacle in the history of american business. >> investors lost more than $150 billion. and ted, time warner's biggest individual stockholder, took a beating. >> your net worth goes fro...

>> talk after merger came in the 1990s. the dot com was booming. jn line companies were cashing in. time warner execs wanted in on the action. ted initially pushed back. >> even though he had a significant stake and should have been listened to i don't think he was listened to. >> it was a mistake. >> it was the biggest corporate merger ever. but no one could predict the burst of the dot com bubble months later. aol fell flat and the stock price took a nose dive. >> we were present for the greatest business debacle in the history of american business. >> investors lost more than $150 billion a...

We think we know about economic recovery that this particular long-term sort of limping along economy are challenging us on? >> well, this recovery -- and i would put that in quotation marks -- beggers the concept of recovery. it's been a recovery for the same people who benefitted from the bubbles that preceded the recovery, the dotcom bubble, the housing bubble. if you are well educated, if you are in the upper income strata, you have done very well the last few months. the stock market has done well, housing prices are recovering, unemployment has never been all that high for you and now it...

>> you could categorize the last few booms we've had as soft or speculative. there was the dotcom boom and housing speculations. >> that's a correct point that mr. morris emphasizes. if you have a boom based on, say, a housing bubble, artfully inflated asset prices, home in the -- homes in the case of 2000, stocks in the case of the dotcom bubble, that's a very different and i agree with your adjective of softer kind of underlying recovery than something based on energy and manufacturing where we're building things. in the manufacturing story, however, there's an interesting dynamic there. it'...