It is not hard to agree with much of your main leader about the return of irrational exuberance to the Internet world (“The New Tech Bubble,” May 14, 2011). The likes of Facebook, Twitter, Linkedin, and Skype are the new miraculous investments. As you point out, the bubble is being pumped partly by wealthy “angel” investors, a number of whom made their fortunes during the last Internet bubble, but also from private-equity companies and bank-led funds chasing after profits in a rather bleak investment environment. Thus you boast of foretelling another bust, just as you foretold the last Internet bubble and the property bubble after it. But you fail to pinpoint the real source of the bubble that is now growing out of all proportions: the Federal Reserve’s quantitative easing, the second round of which is still spewing money into the American economy and beyond. No wonder hapless investors are looking for something, anything, to invest in now that they are rolling in cheap cash. For the underlying recession is still there, festering unhampered.