> 2. Local processing vs. dumb terminals and shared computing. The current "dumb terminal" phase being the idea that you can buy a $100 Chromebook and working entirely online.

Joke was on the proponents of this since web-apps bloated to require a damn super computer to run them with acceptable performance, until that YC/PG-backed startup that was posted on here recently came along selling mainframe-hosted-browsers-as-a-service-over-VNC.