Even so, the worry is that a systemic regulator would be biased towards intervention, because it would face less criticism for puncturing a non-bubble than for failing to spot a real one.
But technology executives suffered a backlash following the bursting of the Dot-com bubble and before that, when the much-hyped Y2K or millennium bug turned out to be non-existent after clocks switched from 1999 to 2000.