If we are, it should be called the Facebook Bubble. After their IPO when the stock lost half it's value, there was a severe market correction in VC as well. It got a lot harder to raise money. Now that the stock is up like 400% from its bottom, the money is flowing again. Want to know when the market will again correct? Just watch the price of FB. Or the new breed once they go public (Uber/Airbnb/Dropbox/Square etc).