John Dvorak is an old-fashioned tech jounralist in the US who thinks we’re going to have another dotcom bust:

“Every single person working in the media today who experienced the dot-com bubble in 1999 to 2000 believes that we are going through the exact same process and can expect the exact same results—a bust…Today everything from YouTube to the local church has a social-networking angle. And this doesn’t even consider the actual social-networking sites, from MySpace to LinkedIn to Facebook to even Second Life. This scene is totally out of control and will contribute to the collapse for sure.”

Marshal Kirkpatrick is a startup guy and a former TechCrunch writer who nails this rubbish to the wall:

“I say: Social networking is an emerging utility that combines the functionality of blogging’s self publishing with the usefulness of email list serves. Social networking services make these activities more accessible than ever before… Why on earth is this man considered a leading voice on tech? I’m guessing that it’s because he speaks to the potent paranoia of much of the aging population – afraid in the face of a changing, confusing world that they will face humiliation if they bet on new tech, that they will be unemployed if things take a downturn or that they will lose their self-righteous know-it-all credentials if this new economy does succeed.”