Snap, crackle and pop goes the weasel

Back in 1720 the English House of Lords passed the South Sea Act and created the South Sea Company. claimed to have a monopoly agreement with South America and led to  shares rising as much as 10 times as speculators lost their marbles and invested in lots of companies with risible prospectuses. The bubble burst and many people that invested as a result of the craziness lost the lot.