Chris Rasch posted the article:
>From: Chris Rasch <crasch@openknowledge.org>
>Reply-To: extropians@extropy.org
>To: Extropians <extropians@extropy.org>
>Subject: BIZ: Silicon Valley Reacts to Economy With a New Approach
>Date: Thu, 12 Apr 2001 10:41:02 -0600
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>http://www.nytimes.com/2001/04/12/technology/12REVI.html
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>April 12, 2001
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>Silicon Valley Reacts to Economy With a New Approach
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>By JOHN MARKOFF
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[snip]
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>The shift in the market has created an unfamiliar paralysis among
>Silicon
>Valley's venture capitalists, many of whom have a dazed look as they
>watch
>previous bad investments crumble and try to figure out what the next hot
>investment will be. As a result, the area's
>venture-capital-to-entrepreneur
>ecosystem has abruptly stalled, at least temporarily.
>
Gee, I could have told them that that was going to happen. Most of the
growth in consumption-driven "good times" in the U.S. in recent years has
been financed through consumer debt, which has doubled since 1990.
Meanwhile real wages have only increased by a few percent. The trend
wasn't sustainable.
It just goes to show that American "affluence" is a clever illusion. The
only truly affluent people are those who are financially independent.
Trans-millennially yours,
Mark Plus, Expansionary
"Working to make religion and death obsolescent in the 21st Century."
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