Out of interest, do you think anything about YC would be likely to change if this did turn out to be Bubble2.0? Would you be likely to scale it back, or to continue funding companies and hope that some of them could ride out the storm for however many years it takes?
It is actually cool to do a startup following a burst in some ways. I remember early days of my uncle's start-up in 2001 and there was little pressure of making something to sell off in a year or two. You knew if you did a start-up it was either for the long haul or you don't do one. That is an important lesson for hacker entrepreneurs today: just because you CAN launch another idea technically you shouldn't if you already have something promising going on.
Plus it made for nice media stories to "survive" the bubble.
I forgot to mention the current salary is 2-3x what was being demanded back in '01-02 in India.
I was thinking more in terms of them remaining an available source of early-stage funding even if other investors are panicking (in the event that a bubble bursts). I know people have made good money this way in the past...
