Farhad Manjoo finds it:
Facebook’s IPO—like that of LinkedIn and Zynga—represents a massive transfer of wealth from Wall Street to the Valley. In my book, the money’s better off here than there. Yes, there’s a good chance that all this wealth will inflate a bubble in tech, leading to the funding of many less-than-stellar startups that wouldn’t have been created in leaner times. So what, though? You don’t get advances without a lot of failures, and in general, the winners will beat the losers. The last tech bubble produced Pets.com, but it also gave us Amazon, eBay, and PayPal. What’s more, people who made their money in those companies went on to fund the Valley’s latest crop of pioneering firms.