Meanwhile thousands of graduates are still being turned out to fill technology and media jobs that are just not going to be there. Not only will the process of getting new ideas into action be slowed - those sacked or retrenched from the failure of over 30 major new technology companies and countless other projects have been thrown onto the job market. Subsequently job opportunities, wages and conditions have all been reduced, although noone could argue with a reduction in some of the high flyers' fees and benefits.

The superannuation funds who bought into the tech market and those that want to invest there on our behalf will have to seek other sectors to invest in. Back we go to supporting old and low value service economy industries that do not foster wealth sharing though multi-skilled jobs and employee bonus and profit sharing schemes - and the wealth gap widens further.

The promise of the internet as a social "leveller" or equaliser is further confounded by the tech crash allowing large industrial combines with deep pockets to take control of the market while their opposition - not just large companies but also start-ups - is weakened. Just witness the growing multi-channel strength of AOL Time Warner, Disney and News Ltd while others fade from view or are bought out.

As economist John Galbraith said in an interview carried in the Los Angeles Times in December 1999, “we have made ourselves into the most unequal society in terms of income, and certainly the most in terms of the recent past” and this also applies to any advanced country such as Australia.

Our future, like that of our government institutions such as Telstra, Australian Post and the ABC, has a value and its value must be managed - governed - to protect it from those that seek purely short terms gains. This is really what governments are meant to provide – long term solutions that benefit the majority. An example would be the sale of a legislatively fixed limit of 50.1% of public entities such as Telstra: the "market" would work hard to ensure its 49.9% prospered while the government and taxpayer supported - and benefited from - the development of the public/private asset.

Business on the other hand is specifically designed to meet short term aims or to develop medium term aims for a minority of stakeholders: short term solutions for a minority. In this instance a fully privatised Telstra would aim to improve profitable services in the cities and downgrade services in rural and remote areas. The aims of business – illustrated by the unregulated roller coaster of the sharemarket and recent global business collapses - should be treated accordingly as something separate from and very different to the aims of government. Then appropriate legislation and regulatory institutions can manage and maintain change more successfully and beneficially over the long term.

Those that would eat the future – a brilliant future that belongs to us all – work against this idea of a government of the common wealth, and if left to their own devices, against even their own future interests.

We need a more critical, staged and equitable approach to new technologies and media, one that is excited and informed by the potential - and problems - of progress and at the same time builds things to work and last a long time. A balance must be struck between short and long term benefits; between enthusiastic support for new ideas and a solid supporting framework to develop such ideas; and between the potential of technological development and what is achievable and competitively unique in the Australian environment.

Such an approach would better deal with this short term "downturn" - the temporary over-reaction of negative sentiment towards new ideas and new technologies - by supporting beneficial change and development in the long term. The challenge for Australian government and industry is to adopt this strategy this time 'round the loop.

It's up to us to recognise and join with those that work for the long term and for equity of wealth, access and advantage in technology and media - the future builders, not the future spoilers.