Dave Winer, a fellow who’s been blogging almost as long as I have, is on-target in his criticism of the Industry Standard’s behavior during the bubble:
Read this op-ed by former Industry Standard editor James Ledbetter to be reminded how the business press excused themselves and still do now, for the abuse of trust of their readers during the dot-com boom.
Which goes to show you that stopped clocks are right twice a day; in this case, Winer’s down on all journalists, all the time, so this criticism (link via Doc Searls) doesn’t stand out especially. Doc maintains that his Cluetrain Manifesto was an attempt to promote alternate mythologies to the Entrepreneur Hero, but I can’t say he succeeded, since the Cluetrain reads like so much snake oil to this disinterested observer.
That being said, a lot of us techies are circumspect about another bubble, especially the efforts of some to create one around WiFi, blogging, and related mobile computing and personal publishing stuff. The folks who create military tech feel an obligation to somehow ensure that it’s used responsibly, and those of us who create the civilian variety would at least like to see that it’s not used simply to fleece mom and pop out of their life savings, as it was during the Bubble when investment bankers touted tech stocks they were underwriting to their brokerage clients. New regulations in the securities industry will help keep this form of abuse to a minimum, but we also need a tech press that’s capable of delivering reasonable criticism of business models and technologies instead of just cheerleading everything that comes along.
I don’t see that sort of a press developing, and if it did, it would certainly start in Silicon Valley. The local paper, the Mercury News, is as clueless about technology as the Des Moines Register, touting the Allen-Boxer Broadband Bill as if it were actually worth the paper it’s written on.
Investors aren’t going back into the market until they’re confident, and a robust business press is key to developing this confidence. I suppose it will have to come from the blogs. The business press reads us — Neil Cavuto’s Fox News show invited me to appear based on these musings — but we’re going to have to do a lot better than cheerleading for WiFi or knee-jerk boosting Open Everything to win credibility.
This is going to take some time.