These days, the more you talk to folks about Silicon Valley’s venture capital industry, the more negative the message is becoming. And for good reason. There’s no more patience. Last time, circa 2001, the entire VC industry got a “get-out-jail-free card” after the Internet bubble burst. That’s because the scores of new firms created in the late 1990s argued they should be forgiven for any poor performance–it was the bubble’s fault, and everyone was affected. Their investors–chief among them, the elite university endowments–agreed, and gave the VC firms more money to invest again. With most VC funds lasting for 10 years, this ensured the VCs a very long life indeed.

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Ashton Kutcher’s practiced finesse and stage presence were completely out of place at the TechCrunch50 conference earlier this week, but his appearance was the talk of the show. Kutcher wasn’t in San Francisco to run a casting call for “Beauty and the Geek,” but to launch a Web video show focused on something about which he knows a fair amount: celebrity gossip. Celebrity spokespeople are a fact of life at this point, but celebrity tech founders? Like so many things, it’s a phenomenon that gets frothy every time there’s a bubble.

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Maybe two years ago, I hosted a panel discussion on the emerging Web 2.0 economy, and I asked my panelists if we were in a bubble. Because it’s clear to me that we are. Not that it’s a bad thing, mind you. This is how technology evolves: like life itself, in blooms and crashes. And I think we should all acknowledge where we are in the cycle. Anyway, one of my panelists, SoftTech venture capitalist Jeff Clavier, was adamant that this was no bubble. Now Mr. Not-a-Bubble is trying to convince start-up companies that their income, if it’s in the $300,000-a-month range–a range that most companies made up of three guys and a credit-card-funded Amazon S3 account would kill for–is “noise” that distracts them from their potential.

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