He's not really talking about a bubble but the aftermath of a burst bubble, which he really doesn't get to until the last section. And yes, there are lots of up

He's not really talking about a bubble but the aftermath of a burst bubble, which he really doesn't get to until the last section. And yes, there are lots of upsides to a bursting bubble. A lot of the unnecessary noise fades, advertising rates drop, valuations return to normal, and you weed out a lot of the people who are involved just for the money.