I get that a bursting bubble would be dramatic, and would make for lots of compelling stories. But there are plenty of other exciting and interesting things going on in tech these days! There's no shortage of dramatic tales that aren't quite as simple as "those crazy Californians are finally getting their due!"
I mean, I get it. Journalists gonna journal. But still.
Anyways, sorry for the rant. Please continue reading the comments as you were.
http://www.federalreserve.gov/newsevents/speech/bernanke2012... (Search for "portfolio balance channel," the mechanism by which our monetary policy achieved the stated goal of asset price increases.)
Seriously. Overlay the S&P 500 over that graph of "Median valuation of U.S. startups". They look mighty similar.
Heck, I think now might be the first one in a long while that venture investors put up money for moonshot type of ideas.
It also inspired "Picture This" by Joseph Heller, which is worth reading.
That's quite an exaggeration. What ended Holland's foray into imperialism was the Anglo-Dutch wars which started fifteen years later in 1652.
But yes, yes, yes. I could not agree more.
Heller's book is the last thing I'd read on it, and it emphasizes the economic well over the... naval.
As an American, we tend to attribute military success to economic power.
I regularly talk to potential side job people and the amount I can ask for my experience is definitely favorable to my financial status.
Unless the Internet, computers, and electronics are forgone for some alternate form of data storage and retrieval; as long as I stay up to date, I'm pretty much guaranteed a job.
I am moving into "big data", so machine learning, data storage and transfer. It's actually really fun, and it seems to be the direction to take if you want to stay current.
It seems like thinking computers are swiftly replacing human workers in the work force and so it seems like a good plan to be able to program those machines ;)
Automate all the things!
The republicans like it because "business is going to be terrible if you elect a democrat" (or a commie!)
Sanders likes it because "big business hates me! A vote for me is a vote against the establishment!"
Clinton likes it because anything that makes Sanders a legitimate opponent means a longer and more active donation cycle, and more young people and black people voting come the general election (and despite what they say now... they are all going to be clinton supporters in a few short months.
Now, some things can be seen in advance to make for good, compelling stories; some journalists have already written a piece in their heads about certain topics, long before the news actually comes out.
But nobody is reporting things just because they want them to be true. People are just jumping to report things now that they "finally" are at least a little bit true.
Media can raise awareness so it's not a needle pop.
I'm one of the group, I'm exactly the person I just described, I'm just not shocked in the slightest.
It was inevitable at some point for this to happen - just look at railroad technologies in the 1870's and dozens of other examples since then. The internet, and associated technologies, are beginning to mature, and thus business models must begin to rise to meet a new standard - a profitable and sensible one.
Silicon Valley did a lot of great things for this country, but it gets out of hand when, for instance, relatively simple apps coded over little more than a few weeks start to command hundred-million-dollar valuations (or more) with no revenue and no path to profitability just because of the geographic location of the company headquarters.
Certainly by metrics of the Silicon Valley PR machine that pays them, would greatly prefer to pay them less, to blame them for the housing crisis, and to use as a debate piece for advocating for infinite H1Bs (but certainly not green cards - those employees have rights).
But not by any real metric. Go walk around an open-office plan filled to the brim with programmers, then walk into a VC office with their mahogany desks and high ceilings and private offices. Check out a law office where you'll see similar things. Look at actual salary data. Lawyers make significantly more than engineers, despite the "shortage" of engineers and "surplus" of lawyers (since this always gets brought up - yes, elite Stanford programmers who work at Google make more than some podunk law grad, but that Stanford law grad still does better, and the average programmer is paid less than the average lawyer). Doctors are 9 out of the 10 highest paid positions in the country. Police, firefighters, and teachers get paid actual overtime with pensions that pay out almost their whole salary after they retire, and have infinitely more job security. On the other hand, tech workers seem to think uncompensated 24/7 on-call is a badge of honor, just like spending all your free time doing even more programming to keep up with the endless tech skill treadmill. So why exactly are tech workers on the top of the list to see fail, other than us taking the blame and devilization for the failure of SF residents to properly plan housing and economic growth for years and trying to preserve the "character of the city" over making practical decisions?
Tech is a great career and compared to many people in this country who have been totally fucked over, we have it great. But this trope that tech workers are so spoiled because they give us a ping-pong table and catered lunch while paying us less than many other white-collar professionals is overdone, so drop it.
And what come-uppance do we deserve? Because we have jobs building products people use and value, that we show up to every day, that makes us deserve some retribution? Because we reasonably point out that six figures in the Bay Area is nowhere near an extravagant lifestyle, which anyone who knows anything about the cost of living would agree with?
The biggest problem I see is too many engineers jump on this self-flaggelation train without thinking critically about it or how it hurts them.
The real reason people keep calling "bubble" is because they're unimaginative. It happened before, so it's easy to just say the same thing will happen without really thinking about it. And yes, they say "this time it's different" in every bubble, except in this "bubble" there is no real indication that there is a bubble, and all these market corrections and beatings tech companies take that are pointed to as the existence of a bubble actually prove the direct opposite, because in real bubbles it goes up really fast based on speculation and comes down really fast in a spectacular crash. Tech has been slowly but consistently growing for years and occasionally takes some corrections and downturns, which is like any other market and nothing like a real bubble.
Education requirement, for another. Your examples all require advanced degrees from prestigious schools, multiple years of low wage grunt work, and/or a proven track record before hitting the high salary mark you seem to think is the default. Meanwhile, 22 year olds graduating from college with a CS degree and zero years of experience are getting six figure offers.
Work environment, for a third. Think you can be a doctor and work from home when you feel like it, or have Nerf wars with your coworkers after grabbing a beer from the office-provided kegerator?
SF and SV engineers are spoiled. Spoiled by market conditions that have combined to make right now an unprecedented good time for people who like writing code. Meanwhile, the other 98ish percent of Americans continue to get a poor deal. That's no one's fault, it's just the way economics has gone over the last few years. But it's no surprise that a large number of people want engineers to have to work with the same conditions as everyone else. I mean, can you really say with a straight face that someone writing yet another version of Tinder or whatever is providing more "value", as you put it, than a teacher?
If you're the type of person who values kegerators and nerf wars more than salary, benefits, and professional status, then I can see how you would have your perspective. I can only guess you're much younger than some of us. Personally, I'd rather finish my work and leave the office to go home and buy my own beer with a bigger paycheck than act like I'm in a frat-house.
As for comparing someone writing a dating app to a teacher, I in no way implied that programmers create more value than teachers, or that somehow salary directly reflects the value people contribute to the world. But I think both contribute some value, and neither deserves to get demonized for just doing their job or even advocating for their own interests.
Doctors and lawyers, on the other hand are a monopoly, with artificially high entry barrier.
Teachers, firefighters, police... Another monopoly on grand scale. A separate topic...
It all comes down to various monopolies and extraction of funds from public through them.
Having said that, I believe that engineers, albeit being used in startup scam as a bait, still are one of the last few free market forces left, where no credentials matter, where there are no bars or societies, just skills and experience.
(please please HN, let's not turn this into another open floorplan vs office discussion)
The lead company in the article, Practice Fusion, is an electronic medical records service for medical practices. With their system, everything is on Practice Fusion's servers; the local equipment is just a web browser. If the company ceases operation, they can export patient charts in CCDA format (which other medical records services are supposed to accept). But the office records for billing aren't standardized. If they go under, the transition will seriously upset the operations of thousands of medical practitioners.
Risky, but it worked.
Far better examples of companies who got indulgences right. PF sorta sucked as a corporate culture. To be COMPLETELY frank, it is probably better off now.
Edit: Plus, this sort of hysterical article is bunk because there's metric ftons of angel money which renders VC/IB money, sovereign wealth and public IPO moot.
edit: As reported below, try turning off your ad blocker and/or using incognito.
Nope. This stopped working for me about a month ago.
Edit: It doesn't work when I try it in a regular tab, but it works in incognito on Chrome.
Also, telling people how to do it is probably against the clause also.
Most content I enjoy I'd be willing to pay for. For example, I'd be willing to pay a few bucks a month to Hacker News, if that's what it came to for support.