In Web years, BoomTown is now officially 143 years old.

Why? Well, I was the one who got to write the big Page One piece in The Wall Street Journal after GeoCities was sold to Yahoo in January of 1999 for $5 billion in stock.

GeoCities was, in its way, the Facebook of its time. But, instead of “friends,” its users were “homesteaders.”

As Cher so eloquently sings: Those were the days my friend, we thought they’d never end.

Except they did. Yahoo announced yesterday that it was closing the GeoCities unit down, part of new CEO Carol Bartz’s war against useless assets at the troubled company.

But let’s take a stroll down memory lane, shall we?

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Recently, BoomTown had a lovely lunch with PBS new media blogger Mark Glaser.

Glaser is a longtime free-lance journalist whom I first noticed when he wrote a weekly column for the USC Annenberg School of Communication’s Online Journalism Review, post-Web 1.0 bubble, as well as for the most excellent “Media Grok” daily email newsletter for the now-defunct Industry Standard back in the midst of the froth.

He was always able to cut through that with a clear-headed tone–while maintaining a respect for what was good about traditional journalism, as well as an excitement about the possibilities of new media. Here’s a video interview I did with Glaser about where new media is today.

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Microsoft CEO Steve Ballmer made an appearance at the three-day U.S. House of Representatives Democratic Caucus Retreat today to talk about innovation and, let’s be real, the very bad economy and the impact on businesses like the tech giant.

The confab has already seen an appearance by President Barack Obama yesterday and one by Vice President Joe Biden this morning. Ballmer got the lunch spot today.

Ballmer’s message was a bummer, appropriately: “In my view, what we now have will be a fundamental economic reset.”

Here’s his whole speech.

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There are two schools of thought about Twitter’s decision not to sell itself to Facebook, as it did not in the fail-whale of a deal that BoomTown reported on yesterday.

Here’s my favorite quote from an Internet exec who thought the microblogging service’s decision to turn down $500 million in stock (and some cash) in the hot social-networking site was–how can I put this delicately?–stupid:

“If Twitter turned down 500m in stock, they should go see a shrink.”

But, others disagreed, with another big Web player noting: “Why should Twitter hitch itself to Facebook’s horse, when they don’t have too?”

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Of course, the stock market had to come roaring back and it had to be extra sunny on the very day I was scheduled to have lunch with well-known Silicon Valley investor Ron Conway to talk about the worrisome state of the digital sector.

After all, it was Conway, as well as Sequoia Capital, who sent out a stink bomb of an email last week to his start-ups to deliver a simple message: The Web 2.0 party is over.

Say it ain’t so, Ron!

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All in good fun, right?

I am sure this will be the dumb-as-a-box-of-hammers reasoning this group of Web 2.0 folks gives for this odd video effort, doing a lip-synch romp on their group vacation in Cyprus to Journey’s “Don’t Stop Believin’,” and then posting it for all to see on Vimeo.

It is titled: “Twenty world Internet citizens met in the Turkish Republic of Northern Cyprus in October of 2008 for a week of reflections on life, love, and the Internet.”

Um, kids, here’s a reflection: While you swim in that pricey infinity pool in your luxury villa, Silicon Valley is tanking all over the place. You might want to check your email and see if Sequoia Capital or Ron Conway has cost-cutted you out of a job!

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Just as there is a tendency to inanely cheerlead the tech sector valuations on the way up, there is inevitably the equally ridiculous overreaction to the downward slide going on right now for digital companies.

Thus, while by no means the weakest sector of the economy, a range of tech stocks got hammered today in the markets, getting dragged down with the market at large as investors continued to fret about a sustained worldwide recession that government bailouts could not prevent.

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Last week, one of the things that struck me about the coverage of the two main tech conferences devoted to start-ups, DEMOfall and TechCrunch50, was the almost complete lack of discussion–or, more appropriately, worry–about the troubled economy.

This, even though the subprime mortgage crisis remains in full swing, along with the continuing turmoil around the stability of Wall Street financial firms, as well as Fannie Mae and Freddie Mac. Also, let’s not forget those sky-high gas prices.

The situation has worsened this past weekend with more dangerous developments in the financial sector, which eventually means that the popular Web 2.0 maxim of “growth before profits” is also in for a very bumpy ride.

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