Posted by Ed 8 mths ago

The unicorn barn is on fire. Ablaze. A feckless FTC and DOJ, no longer countervailing forces to private power but co-conspirators, have enabled invasive species (Amazon, Apple, Facebook, and Google) to devastate the ecosystem. What to do?

No worries, just double up on the MDMA of our economy — charismatic CEOs cut with cheap capital — and the illusion of prosperity party rocks on into the morning. Not that I’ve done a lot of drugs in my life, but they make for gangster metaphors, no?

Unfortunately, the later the lights go on, the uglier the reality. The markets have been dancing and partying with young firms with a seductive rap: “I think of myself as a tech, SaaS kind of guy.”

But as the lights come on, it’s clear he’s a rich kid exiting the bathroom with short-lived confidence from the cheap capital around his nostrils. He doesn’t have a real job (viable business model), and, worse, his parents are fed up and about to cut him off. (If I sound like someone who spent too much time at Pangea, Lotus, Rose Bar, Bungalow 8, and Butter in 2003 NYC, trust your instincts.)

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