Tom Perkins on the Internet Bubble 2.0

An aside from the New Yorker:

Instead, [Tom Perkins] blames the [San Francisco gentrification] problems on social and monetary policy set by Washington—low interest rates and the recent Keynesian interlude. In Perkins’s eyes, San Francisco’s tech boom is the result of these policies. The venture market is a risky, low-return investment environment, but it’s currently the only option available for reasonable returns. If interest rates rise once more, wealth will settle into other spaces.

Actually, I agree. While Sarbox may be a bad law, tech companies aren't staying private because being public is so bad, they are staying private because now there is plenty of money there. In our current economic climate of low interest rates and too-small deficits, money seeking a return has few options and VC, plus later mezzanine rounds, provide some return. You no longer need to go public to reach a $1B valuation.