If FB is the best the US can do in terms of creating new companies, our day is done. Companies like FB don’t create very many jobs, and those that they do create are highly centralized in already overdeveloped areas like SV. We don’t need any new FBs or MySpaces or GeoCities, etc… These things come and go like dandelions. Now that FB has IPOed and everyone’s grandmother is on it, it has reached its apogee and will be systematically looted by those who got in at the early stages of the Ponzi scheme. Look for it to be purchased by NBC for $1B in about 5 years.

What we need is a new GM, a new Apple, or a new IBM. We won’t get those however since they are all being created overseas.