Why Didn't Blogging Happen in 1997?

At lunch today we were talking about why blogging is just now hitting the mainstream. All the technology pieces were in place by '97 or so. Why did it take until 2002 for blogs to get rolling and 2004 to hit the big time? Felix had the best idea... The crash in 2001 created lots of web savvy unemployed .com-ers with too much time on their hands. It would be ironic if the popping of one bubble were the direct cause of the next one inflating.