In it Steve Jurvetson (a Draper Fisher Jurvetson VC) shows the cyclical nature of capital, and how we seem to go from a PE boom and bust, to a VC boom and bust every ~7-10 years, with recessions interspersed in between.
YC appears to be near the centre of this new growth period, bubble or not, and is hence probably a beneficiary of the long term swings in global credit/capital.
Guess we'll just have to see how it plays out.
I hope it isn't that, and we have great companies, with solid business models (profit/revenue), without the mania that we had before.
But who knows, with the JOBS act passed (last week), and the consequent relaxation in securities regulations we may have sown the seeds of an unpleasant moment in the near future.
JOBS Act criticism:
The Consumer Federation of America characterized an earlier version of the legislation as "the dangerous and discredited notion that the way to create jobs is to weaken regulatory protections"
Criminologist William K. Black had said the bill would lead to a "regulatory race to the bottom" and said it was lobbied by Wall Street to weaken the Sarbanes–Oxley Act.
"gutting regulations designed to safeguard investors", legalizing boiler room operations, "reliev[ing] businesses that are preparing to go public from some of the most important auditing regulations that Congress passed after the Enron debacle" and "a terrible package of bills that would undo essential investor protections, reduce market transparency and distort the efficient allocation of capital".