One of the most notable things about the dot com bubble burst is that the innovations and technologies established in the late 90s and early 2000s spurned the comeback of the economy and the establishment of a new economy of business and internet value. We called it, for better or for worse, Web 2.0 and it was marked by stark innovations in human interaction driven largely by the glut of bandwidth provided by undersea cables laid in the 90s. The technology that, arguably, caused the downturn that resulted in so many dot-com bombs, became the impetus for a new generation of business and spending.

Unfortunately, this new generation of internet technology, technologists and startups is so far not demonstrating any ability to lay the groundwork for the economic recovery and innovation. Instead, we continue to focus on “teh Twitter”, and marketing gimmicks played out by celebrities like Ashtun Kutcher and Oprah. We talk about the new look and feel of Friendfeed, seen Friendfeed focusing on making what we know better, but ignoring the very impetus for economic recovery proven time again – innovation. Something new. Something radical. Something that challenges the basis of the cultural and societal problems in existence that generate the economic problems affecting everyone, not just a subset of the population existing in a subset of the worlds geography.

In the 1930s, the United States (and by proxy, the world) faced the worst economic crisis in modern history (one could make the argument that the Dark Ages were actually centuries old and worse than anything generated by modern economic recessions). It wasn’t until society was forced to innovate, via programs instituted by President Franklin Roosevelt, that the economy began to recover.

Silicon Valley, as bubble-like as it is, has been the center of innovation in the technology world, for several economic cycles now. In every case in the past 20 years, the impetus for technology growth and recovery, can be categorized by new ideas, new companies doing new things. They don’t rehash the same cycles. They haven’t focused on the same ideas. They start over building from the plateau left from the cycle before – utilizing prior technologies and developing completely new things.

This is innovation and this is not what is happening in this cycle. Instead, the technology world talks about celebrity races to 1 Million Twitter followers. They talk about the mainstream adoption of these technologies. We live in years of yore, still conversing about how Obama won the White House using social media – as if that fact will somehow change our world.

We still talk about advertising on blogs, as if advertising sales are somehow going to spur economic recovery, despite a regression in advertising spending across the board. We still build companies based on an idea that free is a valuable asset.

BREAKING NEWS: The economy spins out of control while people keep spinning stupid ideas worthy of 2001.

It’s time to get smart about business. It’s time to start applying the entrepreneurial spirit that we claim as important to our culture. It’s time for the technology community to actually be important to the economy. It’s time to stop expecting that the President will call upon us as a community of change and innovation, when all we can do is talk about publicity stunts by celebrities.

Grow up, people. Get real about making a difference. Maybe we can actually get this country and this world moving again if we stop being stupid. Maybe. We are not necessarily the chosen ones. That right must be earned.