[ghaff]

I think you're vastly overestimating the role of VC money in tech overall. One of the things that is probably different this time around--assuming a bubble pops--is that "every" startup doesn't have Sun servers, EMC storage, Cisco networking gear, etc. like they did in 2000. Yes, you could well see a de-frothing of the startup scene and overheated real estate market in the Bay area but the collateral damage will hopefully be limited. No more 6 figure starting salaries going toward $4K/month rents maybe, but that wasn't sustainable anyway.

[is_it_worth_it_]

Right, but startups do employ large numbers of competent engineers. VC money drying up means those engineers start competing for the same jobs. Quantitative easing has caused stock prices to rise, mainly tech stocks. This means tech companies can offer absurd salaries via stock to compete for talent. This drives up salary across the industry. If their stock goes down, as it will with rising interest rates and market downward forces, they will pay less for top engineers. This will have industry wide effects.