If internet advertising is a bubble that's going to pop they might as well retitle this article:
After Google, Yahoo and most web properties fail.
I guess all we're going to be left with is craigslist and basecamp, also there won't be any newspapers because they're dead because of the internet, and all their replacements are dead too because internet advertising doesn't work. (according to the OP)
I think there's a Facebook Advertising bubble, not an Internet advertising one. I don't think Facebook ads have ever really worked, but most thought they did, which is why it's a bubble.
10, even 5 years ago the same people who are now saying "Facebook ads are ineffective, and I never vist Facebook anyway" were saying "Google ads are ineffective, and I've never clicked on one anyway".
After Google, Yahoo and most web properties fail.
I guess all we're going to be left with is craigslist and basecamp, also there won't be any newspapers because they're dead because of the internet, and all their replacements are dead too because internet advertising doesn't work. (according to the OP)