The "no alternatives" thing would only make sense if there were investors being forced to buy these horrible stocks.
i.e. The alternative to making a bad investment is NOT MAKING AN INVESTMENT. lol
If only one pile of worthless crap existed, that wouldn't somehow give it intrinsic value or foster demand... That is - worthless piles of crap are worthless regardless of whether the pile exists by itself, or alongside a hundred other similarly worthless piles.