It changed the context for everybody because of transparency and demands for speed and the ability to organize to complain. For a time, the Internet held the promise of toppling hierarchies. But not anymore. And they're wrong. What happened, as happens in all periods of new technology, was the rhetoric got out of hand.
Revolution is now such a tired word. . . .
It was not just that this new technology would create new opportunities, it's that it would wipe out the old ones. And so far we don't see too many examples of wipeout except in the encyclopedia business. . . . This is a pause for reassessment. That begins to affect lots of other companies. I think companies are tightening their belts and deferring long-term investments to get earnings up.