Yes, and the boom times of 1998-2000 inspired a bunch of young people to spend more time learning about tech, and some of them grew up to be programmers who add

Yes, and the boom times of 1998-2000 inspired a bunch of young people to spend more time learning about tech, and some of them grew up to be programmers who added significant value at Google and Amazon. There are lots of these kinds of secondary effects and many of them were significant, such as your fiber example, which is a good one. The point though, is that both Google and Amazon were able to get themselves off of the ground without taking advantage of all the stupid money that flooded the Valley in the 1998-2000 time period, quite to the contrary of the argument I quoted in the parent comment.