[intev]

Forgetting the fact that there is very little evidence* for a large scale bubble, I think most people want to believe in a bubble.

"How is it that SV can have so much money changing hands when the rest of the world is suffering. There must be something wrong!"

If the accusers spend a few minutes thinking about the facts, the probable conclusion is SV is an outlier of the economy. Not only is it relatively insulated in terms of geography, it also seems to attract a whole different breed of investors. Instead of trying to scrutinize why this is happening maybe we should try and study how we can replicate this sort of mini-economy else where.

* Seen the Zynga/Groupon stock? The market still appears to evaluate companies with a non-bubble mindset.