I recalled there are only a handful of long uninterrupted bull runs. The more recent one was in the 90s which has almost 10 years run. Many things fell into the right place then. I am going to quote one article(very long one by the way) was written in 1997 that the writers projected into the future based on what happened in the 90s. They were bold enough to look into 23 years ahead. Now that we are in 2012, 15 years later, how things fare? The last 10 years after the tech bubble burst did not worked out so well except it created a larger "trading bands" with major cyclical bear in 2001-2003, bull 2004-2007, bear 2008-2009, bull 2009 -- ?? .
By Peter Schwartz and Peter Leyden
A bad meme - a contagious idea - began spreading through the United States in the 1980s: America is in decline, the world is going to hell, and our children's lives will be worse than our own. The particulars are now familiar: Good jobs are disappearing, working people are falling into poverty, the underclass is swelling, crime is out of control. The post-Cold War world is fragmenting, and conflicts are erupting all over the planet. The environment is imploding - with global warming and ozone depletion, we'll all either die of cancer or live in Waterworld. As for our kids, the collapsing educational system is producing either gun-toting gangsters or burger-flipping dopes who can't read.
Everyone benefits, particularly the underdeveloped economies, which take advantage of the leapfrog effect, adopting the newest, cheapest, best technology rather than settling for obsolete junk. IT creates a remarkable dynamic that brings increasing power, performance, and quality to each new generation of the technology - plus big drops in price. Also, wireless telecommunications allow countries to avoid the huge effort and expense of building wired infrastructures through crowded cities and diffuse countrysides.