Slate has another of those "blog bubble about to pop" stories out. (The doll's name is pimple, available here. We are not into grossing y'all out here at Mooreslore.)
As a business story it may be 100% accurate. As a barometer of blogging itself, it's dead wrong.
Blogging is not a separate business from the Internet. Blogging is simply another way of producing a Web site. It brings coherent, regularly-updated Web sites within the budgets of every business, every individual, everywhere.
Blogging can be journalism. A blog can be a personal journal. A blog can be a store. A blog, like a Web page itself, can be anything you want it to be.
So when someone writes "blogging bubble about to pop" and cites a few business case studies involving the creation, purchase and selling of companies involved solely in blogging, I laugh. Because that's not blogging.
The Internet will have a lot of trends going forward, and already has had several. Blogging, as a lead trend, is going to fade, replaced by other trends. Social networking, which followed blogging as a trend, has already become so lame that it's been the subject of a Daily Show parody.) Each of these trends will boom, bust, conslidate and become ingrained in our daily lives, in turn.
The Internet, you see, isn't one thing anymore than blogging is one thing. It's whatever you choose to make it.