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 6/10 Very Good --- feeds.huffingtonpost.com http://feeds.huffingtonpost.com/huffingtonpost/TheBlog
| The Huffington Post blog. ... |
Thursday, July 17, 2008 --- 43 days ago http://www.huffingtonpost.com/aaron-greenspan/all-is-not-well-in-silico_b_113226
| It is certainly a depressing endeavor to read the business section of the newspaper these days. With the economy in truly serious trouble and so many other problems globally, it's hard to imagine how we'll ever get out of the hole we're in. Sitting in the heart of Silicon Valley, one might think that we can take solace in the fact that the United States will have a competitive advantage in the high-tech sector for at least a few years to come. Technology has, after all, brought our economy to incredible highs in the past. Yet if my lunchtime conversations of late are any indication, we shouldn't be counting on the Valley to get us out of the slump anytime soon. In 1999, a confluence of factors led to the formation of many start-ups that lacked substance, had no viable business model, and generated an immense amount of hype based on the number of visitor "impressions" that their respective web sites yielded. Anyone who read the newspaper or watched television during that time can remember how these companies achieved astronomical valuations, which then tanked even faster than they had initially risen. With this in mind, I have been wondering of late why I feel such a sinking feeling every time I talk to people in the Valley, and I think I have found the answer: even worse than a full-blown bubble is a sustained, partial bubble -- one in which the first three components are present (no substance, no profit, and plenty of hype), but ... |
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