Here Today, Almost Certainly Gone Tomorrow

Now that loopholes have been plugged in a program directing VC funding to low-income areas, the Bush Administration is poisedto scrap it

It's hard to bemoan a bust if you never benefited from the boom. Amid all the hand wringing over the high-tech downturn and the demise of the dot-coms, it's easy to miss the fact that the bubble pumped up by the venture-capital of the late '90s was largely a bicoastal phenomenon. Indeed, California captured 43% of all VC investments in 1999, and 80% of those went to Silicon Valley.

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