Today, Time Warner announced that they would be spinning off AOL into a separate company, undoing the grand AOL-Time Warner merger of 2001, a business decision that is destined to go down as one of the worst decisions of all time. There are many symbols of the dot-com boom and bust — Pets.com, eToys, computers given away for free — but the AOL-Time Warner merger probably represents the epitome of the bubble, the notion that the internet changed everything, including the business cycle and quaint old notions like “profitability”. Likewise, its demise shows both how wrong that belief was, and also how incredible the pace of change continues to be.

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