I read a recent interview of Bob Metcalfe
where he says (paraphrasing) "Bubbles are good - they speed innovation
by attracting lots of investment."
This concept sits well with me, harsh as it may seem because most of
the participants (and their investors) in bubbles will lose. Look what
it did to the nascent car industry decades ago, or to the Internet, or
to the telecom industry, or to Web 2.0 companies, or what it will do to
ethanol/energy sources here in the U.S.
My belief is that bubbles only hurt the economy in two areas where
the result is not technology advancement - real estate and the stock
market. Breaking bubbles in those two industries don't really leave
pieces to be picked up and reassembled into something greater than
The U.S. has always been a boom and bust kind of place, taking two
steps forward and one and a half back in whatever industry you want to
Don JonesCEO, VentureDeal
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