This week, The Drill Down team discusses Facebook‘s one billion dollar purchase of mobile phone startup Instagram, and whether or not that portends another tech bubble; plus, Is the age of cheap, subsidized cellphones over? But first let’s look at this week’s tech headlines…

Commodore founder Jack Tramiel dies, Apple patches a trojan affecting 600K Macs, US DOJ sues Apple & e-book publishers for price fixing, the FCC‘s plan to track your lost cellphone, Microsoft pays $1 BN for AOL patents, Nokia launches the Lumia 900, Netflix forms a PAC, and Google Plus gets a makeover.

This week, The Drill Down team (including occasional co-host TechMeme editor Lidija Davis) talk about employers asking prospective new hires for their Facebook (and other social) passwords and Facebook’s reaction to that. Also, we look at the issues and reactions that have emerged in the two weeks since the launch of Apple‘s new iPad.

But first, this week’s headlines… Apple to pay dividends, Kevin Rose to work for Google, Zynga buys OMGPOP, Facebook buys 750 patents from IBM, Nokia‘s Lumia 900 comes to AT&T, Obvtuse vs Svbtle, and Google shows you what you’ve been doing…on Google.

This week on the show the TDD team explores Microsoft‘s Windows 8 Consumer Preview, and of course, Apple‘s latest tech offerings, the new iPad, Apple TV, and iOS 5.1. But first, this week’s latest tech headlines…

Devindra recaps Barcelona’s Mobile World Congress 2012, including Nokia‘s 41-megapixel 808 PureView, AT&T modifies their data throttling policy, Zynga launches a standalone destination, Google consolidates media sites into Google Play, EU says Google’s new privacy policy is bogus, Lulzsec is sold out by its own leader, Valve may be entering the console arena, and DARPA builds a robot cheetah.

This week, TDD regulars Andrew Sorcini, Dwayne DeFreitas, and Lidija Davis join Venturebeat‘s Sean Ludwig as we talk to top contributors to Social news site Reddit.com as we find out what makes them do what they do to make Reddit so popular.

But first, the week’s top tech news…President Obama proposes a Consumer Privacy Bill of Rights, Apple acquires Chomp, iPhone user wins $850 in throttling case against AT&T, Apple announces iPad 3 event, Yahoo seeks to force Facebook into licensing patents, Google+ suffers low turnout, Reddit crafts an Internet privacy law.