I'm not qualified to opine whether there is a bubble or not, but having recently visited the tech start-up scene in SF & SV from my economically depressed corner of the country it definitely feels unworldly. The rest of the country is slogging along with poor growth or outright contraction and I think it is wonderful that somewhere people are still bringing good ideas and hungry money together. As we say down South, "make hay while the sun's still shining."

Bubble or no bubble it's a good time to make something happen.