Let's see. It's a decade-and-a-bit since Web 1.0 exploded messily. 2007 saw the initial bursting of the real estate bubble, propagating worldwide in 2008 and expanding into a full-bore liquidity crisis and a near-collapse of the global banking system. 2010 sees the Euro zone in crisis, somewhat mitigated by a spurt of growth in the German economy — and a British government that seems hell-bent on triggering a painfully sharp double-dip recession by slamming the brakes on government spending excessively hard.
On an orthogonal note, I am getting the impression from my reading that the accounting regulations imposed by Sarbanes-Oxley in the US has drastically reduced the attractiveness of the traditional IPO as an exit strategy for founders of start-ups: this might even be retarding the growth of a second web/mobile related market bubble.
Stuff is churning away under the waterline of the global economy. We're living through a period of unprecedented rapid change. Taking measures to suppress bubbles seems to be the new orthodoxy — after all, no investor likes to lose their shirt — but I've got a gut feeling that if you suppress bubbles you just end up building up pressure for an explosion somewhere else.
What am I missing?