Say what you will about the recent Nasdaq crash, but for those of us who are not on schedule to cash in our stock options and walk away with a million bucks it may be a good thing.
Now, perhaps the conversation can go back to more interesting topics such as the weather, football and girls rather than the current obsession with IPOs (initial public offerings), stock options and dot.coms.
Undeniably, high-tech has created a massive increase in the standard of living, but what about quality of life?
Take San Francisco for example. Most people can earn nearly twice as much money as they earned five years ago, but they can't afford to rent or buy a flat big enough to swing a cat in. In fact, most are not even allowed to have cats or children because landlords won't rent to them.
The high-tech revolution has ruined the city. It used to be the heart of liberalism and the world's gay capital. Agree or disagree with the various lifestyles but it was interesting.
Blandness has crept in. Now few people can afford to live here if they are not making a great deal of money. It has become a playground for Silicon Valley. The place is teaming with geeks and dot.com marketing types, chino and polo-top clad men talking big deals and stock options, with glamorous young e-girls in knee boots and mini skirts. It's virtually impossible to go to a bar or a party and meet people whose work is not someway connected with technology.
OK, so call me a hypocrite since I spent the last 10 years making my living by writing about the technology. But a while ago, when I told people what I did for a living their eyes would glaze over. Now, I say I write about business and technology and they suddenly perk up and start asking me about investments. Recently, I was at a party where everybody was talking about when their particular company would IPO. One girl turned to me and asked: "What's an IPO?"
It was refreshing to meet somebody who was seemingly untouched by the high-tech blight. The technology industry has made it impossible for anyone to do anything other than work 14 hours a day. Then, jaded and lonely, they return to their studio flats and log on to one of the many dating sites and try to find a victim for the weekend.
Is it all about to change? Perhaps. Certainly, companies that can't turn a profit will rightfully disappear. The news is full of features about what a tough time some of the Internet companies are having now that the Nasdaq cash is drying up.
In fact, Silicon Valley is showing the first signs of a slowdown and what happens here will probably happen in the rest of the US, Europe and Ireland shortly. The Nasdaq is getting the adjustment it deserves and interest rates are increasing. It's likely they will continue to increase until the overheated US economy begins to cool down. So even buying a house in San Francisco and Silicon Valley is becoming a great deal easier. That is, it has gone from impossible to merely very difficult.
House prices have not yet dropped but the crazy overbidding is no longer happening. Several months ago, I heard of one couple who offered $1.3 million (€1.39 million) for a house listed for $1 million and lost it because it sold for $1.6 million. People were even beginning to offer stock options as partial payment.
Of course, nobody wants a recession and a slowdown will effect everybody not just the high-tech generation. But perhaps a little less obsession about all things high-tech might be a blessing. After all, we've yet to comprehend the social change that it's bringing about. And a little spare time might be nice. Let's hope we're left with a little cash to enjoy it.
www.niall.org
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