Its funny that in 2008 - we see posts like "RIP Good Times" -
http://techcrunch.com/2009/10/06/r-i-p-good-times-one-year-l... - and yet nothing - fundamentally - came of it. I'm sure Sequoia's companies left that meeting - scared, sacked a bunch of employee's, cleaned out the closest - and the VC's were happy because the capital lasted longer ensuring no more dilutions for themselves and a "trimmer" business even if it was not required. VC's love to blow hot air because it's self-serving. "OMG da world is ending - raise cash now". Of course, many go out and do this [for whatever reason] and get hit by lower valuations [VC's +1 up]. VC's have already raised their HUGE current funds - most in the vicinity of 500m+. So how does any of this affect VC's ? They want more "bang-for-their-buck" and by getting lower valuations, they get higher returns and larger management cuts on exits. I'm not suggesting this is a flaw - it's capitalism and the opposite side of what a start is doing in trying to get larger valuations.
Seemingly, the fundamental problem that exists in the United States is that the debt level has been never ending. The spending mentality of the U.S. government since Regean, Bush, Clinton [not so much], Bush and now even Obama [in my view - cleaning up the mess] was never one of fiscal or monetary conservatism. I'm an Aussie - our country doesn't have hardly any debt [queue smart-ass arrogance smirk]. Good fiscal and monetary policy ? Not really - as much as our politicians love to think so - it's just not over promising and over spending for political gains. "I'll give you tax-cuts of 5%" - "I'll do 10%" - "I've just discovered I can do 15%!" and so on it seems in the US - then the whole country argues about whether tax-cuts are better or worse or giving the wealthier socioeconomic bracket more money is better or worse. I don't premise to understand the entire US Financial or Political system - I'm merely an international observer. What you can observe - large socioeconomic cuts to fundamental social welfare results in those scenes unfortunately unfolding in London. You rip apart societies most vulnerable social fabric and it's not going to respond happily.
To suggest we are heading for another "dot-com" boom - at least in my opinion - is totally unfounded. The internet is in another era juxtaposed against the 2000's with widebroadband adoption and reliance. IPO's are not finished when they are based on real fundamental revenues and profits underlined with good talent. Any rational investment is unpinned by this - Facebook would still raise a huge IPO - because large financial institutions still have huge funds available to them and see the rationality of the investment. Similar to other business' that have real revenue and real values.
Solid business basics win as per Warren Buffet "Be fearful when others are greedy, and greedy when others are fearful". Convince investors to be greedy in the current climate and nothing matters. You'll win.