[ColdWater]

10. No innovation. As Nobel Prize Laureate Edmund Phelps told Bloomberg News Aug. 2, “I’m not convinced that there’s going to be another wave of innovation in the offing.”

That was said right before the dot.com bubble.

[attiladhun2]

Yes, but the economic recovery after the dotcom bubble was propelled by the rise in real estate and second mortgages. It was not based on the production of real value. I don't even think the dotcommers were really producing value, since computer programs are composed of information that can be easily pirated anywhere; unlike autos, machinery, bottles of liquor, refrigerators, etc.