I thought just two months ago we were reading a Fred Wilson article about how this is not a bubble. So, it is a bubble now, but Fred just doesn't like that word?

This is a off topic, for which I apologize, but the way his Etsy Mini is cut off there doesn't exactly highlight the wonderful design and programming prowess of Etsy. Or well, actually sad to say it does encapsulate their design skills very accurately. The Etsy mini has not been updated since 2006. Can you imagine? I guess the fact that one of Etsy's main investors puts that on his blog, with the right 25% cut off no less, and seems to think it looks fine explains a lot.