The growth of the Internet will slow drastically, as the flaw in “Metcalfe’s law”–which states that the number of potential connections in a network is proportional to the square of the number of participants–becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.
This does not mean that said prognosticator was a moron. Simply a reminder that human nature is to focus on and revere correct predictions, and forget incorrect ones. He gets some things right, he gets other things very wrong. Keep this in mind the next time he makes some sort of dour (since his predictions are almost always dour) prediction about the near future.