The tech opinion leader, disturbed by the desperation of entrepreneurs wanting play in his Techcrunch site, says the Valley is in need of a corrective downturn. But not before the company raises its first big round of funding, one presumes. Arrington is looking for a valuation of some $8m on his tech news group, according to investors he's pitching. We don't know who's biting, but Arrington was close to the old management at Fox Interactive, and his new chief exec, Heather Harde, is from the outfit, News Corporation's internet arm. No wonder Arrington quickly backtracked from his bubble bashing. In a note on his personal site, yesterday, he writes: "I didn't say the party is over. In fact, it may just be getting started and we're all going to make a lot more money, I'm sure."

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