Of legwarmers and the Bubble 2.0

The day I saw a girl wearing legwarmers with no sense of irony , I knew that we are all destined to repeat the same mistakes - over and over again. As fashions begin to ebb, we all wonder how we could ever have worn them and vow never to do it again. But then the memory and the mortification fades and a few years later we find ourselves once again sporting tight jeans tucked into boots, big belts, baggy off-the-shoulder numbers and ... legwarmers.

Point being? Just like we've forgotten how awful 80s fashions were, it seems to me that we've also forgotten the hard lessons learned during the most recent downturn. BusinessWeek is featuring under-age Internet entrepreneurs on its front cover, Silicon Valley is a-buzz with talk of Web 2.0 start-ups, and TechCrunch is partying like it's 1999. Haven't we been through this before? I seem to remember that it ended badly... or am I just a crazy naysayer?