That, I think, is what's important for all of us in terms of good public policy—and good media strategy, frankly.
In terms of the venture capital idea, I warn public policy people to stay away from making bets on this new idea and that new idea. It doesn't work very well. Even the venture capitalists are really lucky if 5% or 6% of their investments work. So it's not a really good idea to do that, although to create an environment in which that works is great.
To go back to the point I was making about the transformation, remember that iPhone only came around in 2007. Android was in 2008. Instagram was in 2010. Google was only in 1998, and Facebook 2004. The speed at which these things are happening.... If you asked me to look around the corner and tell you what transformative new thing will happen next year, I could not predict that for you.
Facebook has completely transformed the economics in this thing. Before that, Google did. It was Google that took down newspapers. Google took down classified advertising for newspapers. Tens of billions of dollars left the newspaper industry within five years. It was all because of Google. Your local plumber could buy a keyword so that at 3 o'clock in the morning, if you had a leak, you could get the name of your plumber and they would know your address, just like that. Before that, the plumber had to buy an ad in the weekly newspaper and it cost him $500. Now he pays $5 for the keyword.
The vast majority of Google's advertisers are little tiny businesses. That has wiped out the underlying financing of newspapers. It took a long time for the big national advertisers to catch up to that.