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If tech is really in a bubble why don't we fear for the bust?

There's been lots of talk about another tech bubble, fed by multi-billion-dollar acquisitions of one tech company for another, like Facebook's (FB) $19B purchase of WhatsApp and $2B purchase of Oculus. But is there a bubble when its potential burst is not expected to have a huge impact on the broader economy or financial markets?

The New York Times Sunday magazine story reports that the current tech bubble -- if there is one -- is being fed by venture capital funding as well as institutional funds sitting on more than $1.5 trillion in cash, looking for investment opportunities. And unlike the dot.com bubble of the late 1990s, and even the housing frenzy early in the last decade, this bubble lacks lots of retail investors, according to the Times.

Related: Tech IPO bubble: "It's hard to see," Ben Horowitz says

"In the 1990s many, more Americans were trading, day trading; this bubble doesn't seem like it's filtered out to the public consciousness for the average American," says the Daily Ticker's Aaron Task. And many of those Americans are wary, having been burned last time around.

"This is nothing like the 1990s," says Henry Blodget, in the video above. "Valuations got up; they've now come down;' they could come down a lot more, but it should not have the impact" of the last bubble.

Related: Tech bubble at Apple? Hardly

That's not the case for the technology itself.

"We all have smart phones ... huge value created there ... Companies are using all sorts of enterprise solutions.... The value is definitely getting out in the economy ... but not in the traditional way," says Blodget.

In the traditional way, companies growing huge profits hire hundreds, thousands of people. Tech companies are hiring now but not in such big numbers -- the industry doesn't require that -- and not always in the U.S. Still, their "products are filtering through the entire world," says Blodget.

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