Tim O'Reilly, founder of O'Reilly Media, didn't mince words as he addressed the crowd this morning at Web 2.0 Expo in New York City. As CNET reported today, he said: "(These are) pretty depressing times in a lot of ways. And you have to conclude, if you look at the focus of a lot of what you call 'Web 2.0,' the relentless focus on advertising-based consumer models, lightweight applications, we may be living in somewhat of a bubble, and I'm not talking about an investment bubble. (It's) a reality bubble." Click here to view Tim's keynote at the Expo.

Indeed, in the wake of Wall Street's tumble and anxiety all around, Tim is asking people to think about what they would do differently and to "work on stuff that matters."

Below, Inside The Deal reporter Mary Kathleen Flynn speaks with Tim about the Wall Street crisis, along with Union Square Ventures' Fred Wilson and Lonelygirl15 creators Miles Beckett and Greg Goodfried.