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"Now that the dot-com bubble has burst" is a phrase that appears frequently in newspaper articles nowadays. Sorry, dear columnist --- you're wrong (again!). The bubble is much, much larger than you imagine, and it will take longer to deflate than a mere year or two. Misallocation of resources has gone far beyond nouveaux-millionaire mansions, dark fiber in the ground, idle server farms, and unrentable office space. People have been wasted. They've made foolish career choices, thrown away retirement savings, driven down dead-end educational paths ... and in general, have been seduced by the gleam of quick, effortless wealth. A mountain of horribly bad investment has to be unwound and then repaired, if possible, or written off if not. That will probably take about a decade, perhaps longer in many cases.

Prepare for a rough landing. Prepare for hard times. Tighten your belts, please, in more ways than one.

(See ^zhurnal 20 May 2001, 24 February 2001, 3 January 2001, 19 October 2000, 29 April 2000, 8 April 2000, 19 May 1999, etc.)

Tuesday, June 19, 2001 at 06:16:24 (EDT) = Datetag20010619

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