Senator Charles Schumer doesn't think we're in the midst of an internet bubble. Earlier today, Schumer gave the key note address commencing this year's Internet Week in New York City. The topic of the talk was Schumer's broad goal of seeing to it that New York surpass Silicon Valley as the "tech center of America" by the year 2035.
Afterward, Adweek asked Schumer—a top Senate Democrat who serves on the Senate Finance and Banking committees, and as as Vice-Chairman of the bicameral Joint Economic Committee—whether he thought we were in the midst of another tech bubble, and if so, whether his plans to make New York the center of the tech world (and thus, the center of that bubble) might carry a bit of risk.
"I don't think we're in the midst of a bubble in the Internet area," he said. "Obviously a couple of companies will get some very high valuations and we'll see if those work. But overall, there are so many start-ups and the Internet is expanding in ways you would never have imagined even five years ago, that I think the focus and the investment in both human capital and in money is worth it. Capitalism always has bubbles, but I don't think we're at that stage right now."