Today, the stock market fell spectacularly enough that I switched off my usual afternoon diet of Worlds Greatest Police Chases and watched the stock market train wreck on CNBC.
Best thing about it: no one in the Web 2.0sphere gave a hoot.
Here's a shot of the Technorati Top 10 Searches as of 5pm (notice Tammy Nyp:
Equally, my RSS reader with all the mandatory Web 2.0 Blogs feeding it had not a mention either.
So why am I pointing this out? With Web 2.0 companies famously NOT going to IPOs, our only exits are to publicly traded companies. Yeah, the ones that just got slammed. The ones with lower market caps now. The ones who will be tighter on money because their lower market caps mean their borrowing power has taken a hit.
I am not predicting apocalypse. This, in my opinion, was merely a long awaited -- healthy, perhaps? -- correction stimulated by some poor politicking going on in China. The market likely won't have another one of these days for some time (we hadn't since 9/11).
But my point is this: When the stock market goes down 3% in a day, us Web 2.0 geeks should care. It does matter. It does affect us.