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Why the Tech Crash May Have Been a Good Thing

November 3, 2008
by Kevin Kelleher
Contributing Writer, GigaOm

Kevin Kelleher

Few people have good memories of the dot-com crash that crushed companies and ravaged stock portfolios between 2000 and 2002.

But as we slide into an even more dire correction, a silver lining is starting to emerge around those earlier bad times. By pushing a lot of froth out of the system several years ago, the dot-com crash has spared us from a true “Perfect Storm” of an economic crisis in 2008.

There are a lot of crises converging this year, most notably home foreclosures, weaker consumer spending and financial excess. But thankfully, a vast tech bubble isn’t among them. True, Silicon Valley was ground zero for a major financial earthquake seven or so years ago, but that shock also let off seismic energy that could have worsened the jolt now shaking the foundations of the world’s economy.

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