It's just a giant thundering herd in the valley. Sure would have been nice to hear exactly one of the so-called intelligentsia saying things were going to be bad 9 months ago.
Not that it isn't true, because if enough people controlling enough money believe it to be true, it'll be true.
Well, pmarca predicted "nuclear winter" in April and people thought he was nuts. Not quite 9 months ago though:
"We raised the money to enable us to keep scaling given our accelerating growth (over 230,000 networks on Ning now, growing at over 1,000 per day) and to make sure we have plenty of firepower to survive the oncoming nuclear winter. At current growth rates, we don't need it to get to cash flow positive, but having lived through the last crunch, it's good to be conservative with these things."
Not that it isn't true, because if enough people controlling enough money believe it to be true, it'll be true.