where is future of the valley funding headed?

This interesting interview with Bill Hambrecht of WR Hambrecht & Co. - a legendary VC investor. His take on the current financial crisis - called the "Worst Financial Crisis Since the Depression", and the impact to new startups and companies who will need more rounds of financing. I suspect a lot of funding options will dry-up for new startups, but even that might be wrong as there have been a good many announcements lately about new offerings being done. Can the Valley go against the crisis somehow? Will the 2.0 bubble burst be the nail in the coffin for the financial crisis?

As with many things right now, who knows what will happen, and just how much turmoil this crisis will cause. The people predicting another depression, but worldwide this time, is downright scary.