By John Cassidy
While Vannevar Bush, Franklin D. Roosevelt's leader medical adviser, sat down in 1945 to put in writing article concerning the destiny, he had no notion what he was once starting. Bush's imaginative and prescient of a laptop computing device that might comprise all of human wisdom encouraged the scientists who equipped the web.
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All other Internet users would have to sign up with a commercial Internet Service Provider (ISP). Since each company would own and operate its own network, the Acceptable Use Policy would become redundant, and the Internet would turn into a capitalist free-for-all. There was remarkably little public discussion about this plan, which revolutionized the Internet. A few hearings were held on Capitol Hill, but they were attended mainly by lobbyists from the telecommunications 24 dot . con industry who supported privatization.
It was the third rate reduction in six weeks, and it worked. From then on, the stock market and the economy recovered in tandem. By the end of 1982, the Dow was trading above 1,000. The greatest bull market ever—one that would see the Dow rise more than tenfold and the Nasdaq rise almost thirtyfold—was under way. An entire generation of newborns would get their driver’s licenses before the stock market would see another lengthy downturn. High school students would go to college, get married, have children, and approach middle age to the accompaniment of a rising stock chart.
The conservative technology lovers were equally guilty of hyperbole. But largely because they had more money behind them than the liberals did, they were more effective at spreading their message. George Gilder, a political-speechwriter-turned-journalist, was the high priest of the conservative technology cult, although, in many ways, he was an unlikely futurist. The scion of an old New England family, Gilder was brought up partly on a Massachusetts farm and partly in a Manhattan rooming house that his mother kept after his father was killed in World War II.