Talk about a bummer post :) .

It is important to separate permabears from actual people on the field of the entrepreneurial web. It is also important to note that if you turn bearish today, which I am starting to lean as I get stopped out of some stocks, it counts more than those that turned bearish at Google’s IPO, Baidu at $100, First Solar at $80 and Apple at $80.

I think Greg is right about this for sure. How it plays out is speculation though:

It is a dire scenario, but one that looks much like what we saw after 2000. That was a much smaller crash without the fuel from broader problems in the US economy, but we still had investment capital shut off for a few years, most startups shut down, and the remaining startups shift business models. We also saw a dramatic rise in pop-up advertising and spyware.

Greg has lived through the first bubble at Amazon .