The Quote: "It's a very real phenomenon."
Who Said It: Eric Schmidt, CEO of Google.
In Context: Not long after Microsoft CEO Steve Ballmer commented that social networks ran the risk of becoming a fad, Google's chief trumpeted their potential. All the while, the two companies were jockeying for a stake in the fast-growing network Facebook, with Microsoft ultimately winning. But Google struck back quickly, refashioning its social net strategy and announcing an alliance with MySpace. The two giants will surely be at odds for the long-term for supremacy in what could be the next great Internet boom.
Find Out More: Google Rebounds with a Vengeance
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