Which, I might add, is a very true point. The tech startup scene is very small and incestuous subculture of the SF bay area--and I say this as a 3rd generation resident (my grandparents settled here after WW2 when the land between Cupertino and Santa Clara was mostly orchards). Growing up in Santa Clara Valley, back when it had that name, my friends parents all worked for the government, in manufacturing, education, (non-tech) sales, etc. There were a few engineers of course, but they mostly worked for large firms founded a generation prior.

Tech startups are back in fashion and the business is good--but only for a small, tiny little segment of this valley's population. He's right to call it a (reality-distorting) bubble, but he's wrong to generalize it to the greater geographic region.