I’m in Washington for the U.S. meeting of the World Economic Forum, and moderated a dinner discussion yesterday about the debacle in technology shares. The undercurrent was alarming — is the entire economy in for a disaster during the next few months?
I don’t think so, but it’s not out of the question. America soared on the back of the technology industry and, to some degree, the stock bubble’s “wealth effect,” and maybe we’re going to be feeling so much poorer that everything sags.
But it’s still worth noting that the beneficial effects of technology — the taking of costs out of inefficient systems, in particular — are going to proceed. In the end that’s likely to be a huge net gain.
On tap here today: FBI Director Louis Freeh will explain why no one has the right to privacy.