(it was primarily commercial real-estate, wasn't it ?)
Yes, the real-state bubble was one of the factor but I believe the main factor was the Japan investment bubble. Everyone was investing and pouring money in the Japanese markets during the late eighties until the bubble burst. Not sure if the real-state bubble burst before or after the market though.
but the optimism that goes with bubble growth makes too many people think they no longer need traditional industry, and without traditional industry the impact of the bubble bursting is much greater.
If by 'people' you mean investment bankers and insurance speculators; I absolutely agree.
