One obstacle to this is the boom period from 1982 through the tech bubble-burst, to the housing bubble-burst.

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The chief rap against Greenspan is that he loosened money too much after the high-tech bubble burst in 2000--01 and kept it loose even when the economy began to recover vigorously in 2003.

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This is the second horrendous bear market we've had since 2000, when the tech-telecom stock bubble burst.

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Finding that out rather burst our gleaming high-tech bubble, and got us down almost as much as waking up this morning to find that the rainy season had hit Tokyo and that the accursed radio was playing "Rainy Days and Mondays".

ENGADGET: The auto-restaurant

More than two full generations of Moore's law (which says that the number of transistors squeezed on to a computer chip doubles every 18 months) have passed since the tech bubble burst, as have more than three generations of fibre-optics communications technology.

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By 2003, after the tech bubble burst, every one of those clients had given him back their play-money assets, he says.

WSJ: When Clients Invest on the Side

Consider also that tech buying cycles in the public and private sectors sometimes diverge, as they did dramatically after the dot-com bubble burst at the turn of the century.

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