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To Social Media's Horror - It 'Is' Different This Time
There has probably been no greater investing mantra placed upon an industry in recent memory than the now reflexive, as well as defensive response of “It’s different this time” when questioning anything Social. Trying to understand the business model along with its metrics, valuations and more is not only arduous, the response seems more akin to pulling teeth without anesthesia for those selling it, defending it, or both.
Those that have been with me for a while know I have little use for the whole “social media” thing. Although, while I don’t use any of it myself, that doesn’t mean I don’t see value and innovation in many of them. Again, I don’t use them, nor have accounts. However, I do have share buttons on my own site for those that do. So let me be clear:
It’s the valuations along with the metrics of their underlying business models and just how effective they are for those that are in business, along with the ROI for those businesses whether monetarily or in other ways for their time and money is what I take issue with. For as I’ve stated over and over again: “The only people making money in social media – are those selling you social media.”
When it comes to everything social, today, recent memory is about the last 5 to 6 years. Or: post financial crisis. Basically, everything you know, or think you know about valuations, their coming into IPO existence, as well the metrics they stood on (and still use) as to “prove” those valuations has all been within the most adulterated markets in history fueled by the advent of “free money” made possible by The Fed. via QE. This is a quantitative, as well as a qualitative fact. Period.
Never before has this (QE) been done in the history of the markets. So obscene has the valuation process become along with the metrics used to support it is why, “It’s different this time” was born. And precisely one might ask “why was that?” Well, just as a teenager who can no longer defend what they’re arguing and immediately cuts off further discussion with, “Because! Just because!” followed with “You just don’t get it!” When you’re wearing a $3K power-suit, “It’s different this time” sounds more grown up. Yet it serves the same purpose: It cuts off discussion leaving all the vagaries well intact. Nevertheless, there’s really no difference except for the wording.
The world of everything Social has been the undisputed benefactor of all this “free money.” After all, wasn’t the term “Unicorn” applied and accepted with all its connotations as being a mythical creature that lived and breathed in the land of make-believe? Social has spun out more entities with BILLION dollar valuations that either never made, or, currently making – a single cent in net profit. Or worse; having no sales period! One can see why the “Unicorn” title was so applicable here, as well as the need for a catch phrase to deflect any nay-sayers.
It is incontrovertible that if not for the “free money” provided by QE, many, if not most of what currently falls under the social media umbrella would not only never had come into existence (let alone with Billion dollar price tags) the perceived “hands off – unquestioning” attitude by Wall Street itself as many of the current top-tier entities spent Billions upon Billions of resource dollars making acquisitions – before they themselves have reached any true net profitability that could warrant such spending would be allowed. This in my opinion is an absolute wanton abandonment of business fundamentals and principles.
However, it seems there is a change of mood (or realization the jig is truly up) on Wall Street.
Back in September in my article “The Shot Heard Round The Valley World” I opined…
“Let me go on the record here and point out what I believe will prove my point in the coming weeks and months.
Currently Zuck and crew have been lauded over with the prowess in its acquisition choices. You will know everything has changed when the calls to rescind Mark Zuckerberg’s authority in having carte blanche via not needing board approval for acquisitions going forward is demanded by Wall Street.”
What transpired during the most recent earnings call? At first what is shown to suggest as their still hitting on all cylinders they once again reiterated: they’re going to continue spending at just as impressive a rate. And the response this time? Suddenly far more concerned are those on Wall Street this time, than any time previous. The validation for it was near impossible to miss, as it was the singular point touted extensively, in unison, across all the financial media outlets. A prelude in my opinion for the coming demand I alluded to previously. An opinion I’ll contend was laughed at just months ago. Yet, suddenly – it’s no longer all that funny and is becoming a very serious probability.
In my opinion the only reason for the stock not dropping in sympathy (i.e., like a rock) resembling its other brethren of late was only for its current liquidity for the HFT’s too feast upon in the quarter end, window dressing made ever so prevalent in today’s near non-existent participation rated “market.” However these “stick-saves” are becoming increasingly short-lived. Just look to any other recent all time high flyer this quarter. Is it a: lifetime high based on fundamental principles? Or: A speculative stop run, HFT fueled blow off top in a month end earnings period? You be the judge is all I’ll say. Yet, there are clues everywhere if – one wants to truly see.
Remember: If the cohort of analysts or media venues that reached for every keyboard, camera, or microphone to justify why a company like Apple™ could suffer the fate of their stock gapping down some 4% or so after reporting a record-breaking 47.5 million iPhones®, an actual physical, quantifiable sale of a real product that generated Billions of actual net profits that were added to their existing coffers and the stock gets pummeled? What does that bode for the likes of many of today’s Wall Street darlings? Again, just for context: Apple delivered true net profits that produced surplus “cash” in the bank that the “Likes” of today can only dream of. Don’t let that point be lost. (Those coffers by the way are larger than the total market cap of many of today’s social darlings.)
Whether one likes Apple, their products, or story is irrelevant. What can’t be denied is they generate net profits that result in surplus “cash” in the bank. And they were subsequently hammered. How do you think the social media space will fare going forward from here since there’s no longer any QE, but legitimate valuation fears are manifesting within all stocks in general world-wide?
Maybe it’s just me, but I find it near laughable that these once social darlings just a few years since IPO-ing seem to be trying (or desperately seeking) ways as to find ways to expand, grow, justify, and more with anything but their raison d’être (i.e., their actual core business.) Along with every analyst as well as company figure-head contort their earlier views on why their valuations, metrics, and models are/were sound. For instance…
Facebook™ needs to make sure everyone is still on-board with its spending (because as implied – they’re gonna!) The reasons I guess are they’re realizing “Likes” ain’t gonna cut it. Whether investors will like that or not, and by how much, we’ll know soon enough over the coming weeks, or months. However, as I expressed earlier, this earnings call was “different this time” with the near knee-jerk as well as residual hand wringing about Zuck and crew’s continued adamant stand on spending.
And what should not be lost is how different it was as Wall Street awoke and became fully cognizant to the money they’ll be spending won’t be the “free money” afforded via QE. Rather, it will be today’s current share holders. In other words: Wall Street’s pockets.
And what is always front and center in Wall Street’s mind is: Facebook can spend all the money it wants – just as long as it isn’t Wall Street’s. For one must remember, Facebook doesn’t make a net profit via true unadulterated GAAP earnings to warrant (in my view) the expense of it spending those BILLIONS of dollars. That was in the days of “Trust us – we know what we’re doing.” Well trust me: Those days are over. Period.
Want another example? How about Twitter™? Let’s put them into perspective. I’ve been saying since their inception as well as IPO that this medium is truly revolutionary as to its application or niche. However, as a business model along with its valuation? I’ve railed about it for just as long. Below is an excerpt from an article I wrote in November of 2013 when Twitter was about to IPO.
“Never mind what their stock valuations are currently. A stock is not a company. The stock today lives in a world of its own divorced from reality. What I’m talking about here is business. What and how are these enterprises going to generate income as in revenue to support these valuations? Remember, if the markets as I have been pounding my fist over the last few years is based purely by Federal Reserve interactions. Adulterating them beyond the resemblance of the financial markets everyone once understood and could agree on. Then these Wall Street darlings can not only crash to Earth without warning, more than likely the bird that should chirp the loudest will be sprawled out in the bottom of the mine shaft. Not only can it happen in the blink of an eye, that blink is now considered an eternity in today’s stock market.”
People lined up in droves as to express how “I just didn’t get social” and a whole lot more. I was also impugned by nearly every social media “expert” as to why views from people like myself should not only be ignored – but laughed at. Many pointed at the near immediate surge in valuation as the stock ticked higher, and higher in the following months. Yet, that’s not the story today.
The reality is that today – if you invested $1 dollar in their stock – ever. You are just about $1 away from losing money if you bought into at any time – ever. That’s because Twitter’s stock is dangerously close to falling beneath the lowest price paid/sold since it IPO’d. Again – ever! And if you were one of those whom just a mere 18 months cavalierly shouting “hashtag this!” as the stock price went higher and higher. How’s all that working for you today is all I’ll ask.
Or maybe you’re one that couldn’t wait to sink your 401K teeth into LinkedIn™. Once again, after years of pushing higher, and higher, it seems the new story is same as the “old story.” i.e., They seemingly needed to spend money as to gain potential “integration opportunities” by buying something (e.g. $1.5 BILLION for Lynda™) rather than investing directly and maximizing everything of what LinkedIn currently is involved in. i.e., A glorified resume writing and/or job seeker data base.
In other words: They can’t make money via the old model as to warrant their current valuations. So, instead of doing what they do, and doing it better, enabling higher net profits, it seemed they had better buy something that can. Even if the price paid (again a reported $1.5 Billion) is money spent not from net profits – but from Wall Street’s pocket. Because for all intents and purposes, where else did it come from when using GAAP they actually lost $68 Million last quarter?
All I can say, it appears someone made money. It just wasn’t LinkedIn, nor Wall Street, as they pounded its share price in one fell swoop some 10%. And so far, no one seems to be rushing in to buy at its now 25% plus or minus reduced “wonderful sale price” from where it stood only months ago.
How about Yelp™? Or should I say ouch? Because as of today that’s what many whom “invested” in this once heralded “social reviewing hot bed” are currently dealing with. And to spare many from yelping or howling more like dogs than what these stocks of late have morphed into. I won’t reiterate just how “clueless” I was scorned to be when I railed about other previous “darling” valuations and business metrics such as Groupon™.
This is the current, as well as ever-increasing pain of social reality coming to the entire social media space in my view. And I say “increasing” because I truly feel (and can argue the case) without QE – it’s over for this space as it currently stands today.
What portends for the space is how large some of these entities remain going forward, or, actually remain. That’s all up for debate. What’s not debatable or tolerable are the previous objections as to seek clarity to reasoned questioning about the business models, and/or viability going forward.
For the all too prevailing retort, laced with indignation, of the now well honed “well you don’t get it because – it’s different this time” will no longer suffice because – it’s different this time.
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Wait til it's MSM's horror too
But then again, fear sells like crazy.. For a while
This whole post-08 bubblicious IPO business is a game of hot-potato to the max. It's the exit strategy for the owners to make their dough and let the bubbly valuation float along while the "market" bubble lasts. MSM will ony report after the fact, but certainly not the fact that it's a fleecing machine, not a "market."
#MusicalChairs #GameOfChicken
lol
The article would have been better if Mark was not so bitter. Really, who cares you were mocked. The end results speak for themselves. Grow up Mark.
#MusicalChickens
I'd watch that movie for a dollar!
This stuff sounds like the lunatic rantings of those depressed and doomsaying conspiracy theorists that read, um, ZEROHEDGE.
Since I'm (NOT!) on Facebook (T.M.), I think Ill Yelp (T.M.) some Groupons (T.M.) so that the NSA (T.M.) and Mossad (T.M.) and MI6 (T.M.) can micromanage my 'buying habits online' (T.M.) from the comfort of the underground bunkers of NorCal, Alexandria, or Haifa (patents pending).
The witches of yore used to have the simple incantation 'Bubble, bubble! TOIL and TROUBLE!'.
Up and down the CITY Road; In and out the EAGLE -THAT'S THE WAY THE MONEY GOES: POP! Goes the WEASEL!
SHIT. This is an ancient nursery rhyme! I'll be DAMNED!
https://video.search.yahoo.com/video/play;_ylt=A2KIo9Ydtb5VRhcATPIsnIlQ;...
Kalifornia's burning up right now.
Welcome to 'Jack-in-The-Box (T.M.)'. This is JACK. Can I help you?
https://www.youtube.com/watch?v=BdNgrSfINHE
Jack-In-The-Box opened it's first location in San Diego, California (in case you weren't aware of this fact). They sold out to Ralston-Purina in the late 1960's, and throughout the 1970's, the awakened ones referred to this 'restaurant chain' as serving 'People Chow'. They derive their name from the 'magical box' that when wound up, plays the melody from an ancient nursery rhyme; 'Pop Goes The Weasel'. At the right moment, a scary but 'delightful' clown pops up out of the top of the box, and his head bounces like an upside-down dance of one who has been hung from the gallows and is in the final throes of trying to save his mortality.
I want a Jumbo Jack with cheese, a large fry, and a Chocolate shake, to go.
Kalifornia's burning up right now.
You are right Headbanger, as soon as CANADA's Governor General dropped the writ on the Federal Election 2015 Prime Minister Steven Harper launched into his platform of fear porn, and negative advertising, against the Liberals, & New Democratic Party leaders. Hundreds of millions are being spent on just creating fear in the Canadian population over the next few months. Harper has based his campaign in fear mongering because the Canadian population has had enough of his leadership over the last 9 years. No term limits are in place to give Harper the boot.
Yes we need term limits! every time we get a majority .gov I cringe.
As Doug Casey states "don't vote, don't encourage them". Thats all we need is Politicians that are encouraged by the people to do what is (NOT) in our best interest. But theirs.
If I was Canadian I wouldn't need to see the advertising. I'd already be afraid...
If I was Steven Harper (or a member of his current 'governmental regieme' that has subjucated Canada), I'd be afraid of the Canadian population, and launch 'fear porn' advertising on a massive scale on the 'official' media outlets.
Did I 'FIFY'?
https://www.youtube.com/watch?v=vccWMFwuD0Y
The ROCK WARS are about to go BEYOND the 'Beta Testing' phase.
Ontario is on path to bankrupt the whole nation, oil, gas, and other natural resource prices have tanked, the real estate market is in a massive bubble, and there are two left-wing parties vying to take control of the country. Harper's "doom porn" is downright pleasant compared to the truth..
I thought Harper's power came from his minority base being rock solid, and the majority opposition being evenly split into two camps. This Harpers power is unbreakable because there is never enough opposition to him centered in one party. Harper's rule has been minority rule based on a divided opposition. Or do I have it wrong. I only parrot what I hear from those Canadians just across the border here. Eh.
Harper's base was Alberta, but since the Athabaska Oil Sands got fucked up the wazzzooo with OPEC gutting the price on oil he has seen the Government of Alberta change to the God damned Socialist NDP Government with Rachel Notley at the helm. Rural Ontario is a bit of a base, but even they are tired of Harper spending all their money on advertising and major metropolitan areas. The cocksucker is handing out reserve federal dollars that were allocated for Emergency Use Only. Haarper promised to balance the books off the backs of Canadians and our federal Emergency Fund.
Harper is toast.
Everything Collective.
Marxism, Technocracy, and Socialism are all people focused.
So where is this free money i keep reading about. This is all bullshit period
To paraphrase Gil Scott-Heron, the revolution will not be tweeted.
It will trend but it won't mend?
I was with a couple of friends yesterday and at one point talked about TED. Both were fans of the stuff, and both agreed when I mentioned that TED is bullshit because if any of these fools had any power to make real change, there would actually be that change, instead of people just talking about shit and making a feelgood self-congratulatory atmosphere of some sort.
Some things really are easier than others.
A couple of axioms:
1) ACTIONS speak LOUDER than WORDS.
2) Don't TALK the TALK if you can't, won't, or don't take the WALK.
I've seen several 'TED' posts and videos, and none of them go beyond the 'theoretical' 'Alpha-stage' ideation. Pontification by wimpy people wearing nerd-packs and fixing their eyeglasses with duct tape cannot replace real-world experiences.
They reach for the STARS, while still attempting to learn how to wipe their ASSES. The concepts that they speak of are actually quite simplistic and childish, as far as the whole historical 'intelligencia' thing goes.
The easy things (like Tesla's energetic theorums) are as far beyond them as an ant looking at a thermonuclear silo.
"and both agreed when I mentioned that TED is bullshit because if any of these fools had any power to make real change, there would actually be that change, instead of people just talking about shit and making a feelgood self-congratulatory atmosphere of some sort." i believe i said that, but in somewhat more complex words and phrases.
TED feels like I am watching modern snale oil salesmen.
Now Defcon talks... If any of those just did what they are showing before releasing the info, Fight Club would have started many years ago. One guy showed how to pop open a huge percentage of atm machines from the comfort of their home.
yes, we got a good view into the censorship TED practices in the case of Graham Hancock. Hancock was not allowed to present material dealing with psychedelic mushrooms. The backlash was pretty strong, and Graham got a great deal of good publicity from it. Looking forward to his new book !
In Ivy league schools, they teach you that everything is about the velocity of money. At west point they teach you the same with regard to lead.
The biggest IPO of all time was facebook, printed with funny munny, on the understanding that some of it would be taxed and used by our central planners to take care of widows and orphans.
Then you get the cofounder Eduardo Saverin who bitch slaps the entire washinton apparatus and pays no taxes. The pay back is I am sure he is shaking in boots 'cause John McCain said he can not come back to 'merica again.
Saverin renounced .. big deal. I renounced last year. You can get on a plane the day after you renounce and fly to the USA under your new passport.
McCain is an idiot. as are many who believe MYTHS.
Google ''Sovereign Man''.
I can not. something about family tradition. cantt be starved out. can't be made to run. especially over benny bucks and his harley quin lois leaner.
McCain may be an idiot, but he is an ace pilot. You get to be an ace by destroying at least 5 aircraft. McCain did that, and therefore he deserves our praise and respect.
It's easy for you to belittle this brave airman, but I'll bet you never downed a single aircraft.
P.S.
Does it still count if the 5 planes he destroyed belonged to the US Navy?
I see what you did there. He might have also destroyed the boat he rode in on 'cause blowing up stuff is cool.
I just want some mad fucking tyrant to EMP the whole fucking planet - yeah yeah...whatever....
JUST SO THE DAMN WORLD RE-SETS ITSELF. AND GETS OFF THEIR COLLECTIVE DUMB FUCKING PHONES...
...........a month would be good.
cleanse the fucking planet of all this shit....
This is what the Lord had to say back in 2008, I think we are now looking at it in the coming weeks/months...(excerpted) more at http://revelation12.ca
Oh, yes, I am an all-consuming fire! And, this part, most wish to leave out! They want to believe that I am love, but My love burns hot! My love cannot look upon evil and be pleased with it! Oh yes! I strive with the sinners! I have striven with you all since the beginning! And, all of you, sinners! For, I am full of love, mercy, and grace toward all! But, even so, I am also an all consuming fire! And, when I warn and warn, and warn through the mouths of My prophets and you despise My warnings, mock My prophets and even throw them out of your midst, oh then, after so much of this, I will turn against the mockers! I will turn against the scorners; and I will set My eye toward you for total destruction! I will utterly destroy the wicked! I will destroy the mockers! I will destroy the rebellious; and My word is replete with such instances of My judgement! But, I do not destroy without warning! And, oh how I have warned you, you, My people all over the world! Oh, yes, I have warned you! But, few and I mean few have listened!
Oh hard-necked and stiff-necked generation! A generation of vipers! Mockers, slanderers, backbiters, accusers, rapists, sodomites, perverts, liars, murderers, and thieves of every description! Undisciplined and unruly! Fit for destruction! Full of every deception! Oh, my whip shall fall hard on you! And, of a sudden, I shall rip the rug from beneath your feet! Of a sudden, I shall take away all that you cherish and hold dear! Of a sudden, I shall break you like a twig in the wind! Of a sudden, I shall destroy your families, destroy your houses, destroy your careers, and take away your easy lives! Of a sudden, I shall lay waste to your cities, to your coastlines, to your high-minded governments, and to you panderers and peddlers of falsehoods and lies! In one instant, I shall deal such a blow to My own house and such a blow to Satan’s Kingdom, that indeed, the New World Order will go forth on wobbly knees!
Oh, yes! This is so; and this is at hand! For, when I take My bride, I shall throw the world in such turmoil, that overnight, there shall come about massive starvation! Overnight, millions upon millions will perish in the churning waters! Overnight, millions upon millions will be buried beneath the crumbling rocks of earthquakes that are so great, that your instruments have never measured such things! Oh, yes, overnight millions upon millions without electrical power! Millions upon millions without food! Millions upon millions dead! Banks closing and no money to be had! Wars, terrible wars quickly thereafter breaking out all over the world, as Satan’s own try for world domination! Terrible torture, persecution, and killing of many Christians! Mind control re-education camps in your midst and the new world order mind control teams working feverishly to take over the minds of the weak Christians and to use them for their own! Massive killing camps, which far exceed anything Hitler ever had, as far as their grotesque horrors! A war against the so-called Christians, such as never before, with any and all methodologies used against them to cause them to denounce Me and My Son!
end excerpt...
The fairy tale blog is down the hall on the left.
I just want some mad fucking tyrant to EMP the whole fucking planet
Oh, yeah! Then some mad fucking tyrant will take over in an effort to fix things so he can blow up the other fucking tyrant. Not until people understand and practice Natural Law will the tyrants disappear.
It will be very easy for the Sino-Russian alliance to declare LEO their protectorate, the same way Englard and America declared the Middle East their 'business' in the 30's.
There are only two space stations now and another will cost upwards of $200 billions and who knows how long to construct. If Russia provides the newcomer with their heavy lift rockets, which prolly won't happen.
So any new space station will have to be built with the dribs and drabs brought up by the sissified rockets of the West.
By then the Russians and Chinese will have colonized the LEO with a Starbucks, a Home Depot and maybe even an In-N-Out Burger.
Then they could declare some of the Western satellites, machina non grata
Nice
It is different this time: We're better armed.
Liberty is a demand. Tyranny is submission.
He forgot the words:
Everything is awesome
Everything is great
When you are part of a team
Every...
Social Media for losers- USSA Sheeples
There are hundreds of FB pages devoted to the Truth Movement, 911 included but also Fed Reserve, AIPAC, history never told. But we are abandoning FB because of their request to have govt issued ID with name and address and that the accounts use real name.
We are going to Google and posting there. If you know of a better place, let me know! Information is the currency in a democracy.
http://www.consumeraffairs.com/dating_services/facebook.html (Consumers Affairs, top 935 complaints regarding FrameYouBook)
https://plus.google.com/u/0/ Google page (same thing really). So Long MugShotBook! I and my 3000 friends are going to take our business elsewhere!
True, no more QE now but there will be soon!
The world changes. Businesses change. Corporations come and go. Some go faster and some go slower.
Social media depends on advertising. Eventually advertisers figure out the con. TWTR and FB will disappear sooner rather than later.
Of Course. Back when Facebook was around 20 after the $40 IPO, Obama was with Suckerburg all the time. You know the conversation, Help us with the identity of users and playball with the Govt agenda, PRESTO watch your stock rise so that you can cash out.
Yes the entire medium benefitted. They all should be Grouponned.
YELP when your FaceBook gets LiNKDon while having your TWeeTR GRouPoNed by SOCL media!
Figurin shit out...the zh way lol
It is incontrovertible that if not for the “free money” provided by QE, many, if not most of what currently falls under the social media umbrella would not only never had come into existence
Money is "a certified promise to complete a trade". It is only "free" to reliable traders who don't default.
QE is a DOA (DEFAULT on arrival) trading promise. To the MOE management process it looks exactly like counterfeit media. It must be nipped in the bud. To the extent it is not curtailed, it must be mitigated by interest collections or inflation by the relation: INFLATION = DEFAULT - INTEREST.
Since it's not being mitigated by interest collections, it will result in non-zero inflation. It is government's principle financing scheme having exhausted conventional and legitimate schemes like tax collections.
How do you think the social media space will fare going forward from here since there’s no longer any QE, but legitimate valuation fears are manifesting within all stocks in general world-wide?
funny.
Too many words. I'll wait for the tweet. /sarc
My Apple tv will not work with Utube any more, due to Utube not being able to place ads on the older Apple Tv. Well, I have good news for Apple, I will not buy another just so I can have videos interupted by shit advertising, that no one watches.
What ever happened to the days where a products benifits spoke for them selves and sold the product from word of mouth.
Today you cannot buy any product that lasts. (2 1/2 years ago) purchased all new appliances from GE. I have had problems with three of the 4, no parts availableto fix my top of the line GE gas Range.
Pretty soon I will cook with a 40 year old Coleman camp stove that will last another 40 years easily.
It's not worth wasting your hard earned money on any new product today. instead of wasting a fortune on advertising your shitty product. Make a better product!. But that would make the Appliance companies obsolete if their product was good and lasted.
Car manufacturers have been making cars for 100 years and cannot make one without millions of recalls. Is this a problem where they made the parts just a little too cheap, where the problem turned out to be a recall rather than millions of sales worth of failed parts that failed just a little too soon and became a recall rather than sales of parts.
No future population growth means no corporate growth. Which means they build shitty products to try to keep a company afloat.
What a fu**ed up mess we are in.
We the sheeple are being GAMED!
Whew I feel a little better now!
Good thing it is one of the older models. "up to light, down to burn"
Too many laws to comply with, in order to build a decent car. Or else I would be driving an old toyota diesel pickup truck.
I dont see how a light switch or an ignition switch has a great deal of laws to comply with. But yes regulations make it more costly.
How about GM is Viagra's biggest customer, GM's medica plan gives them and ll their frinds free viagra.
This Renaissance in San Francisco ... the new whiskey bars, the bistros up and down Valencia Street and Howard Street, the Citizen bicycles ... I enjoyed it ... more than in 1999. The party is getting a little stretched now, rather tenuous since it is largely given life by (2) wavering giants - hot Chinabucks and that waxin' phat Nasdaq. My humble, non-huntin' "portfolio" has been hunkered down with everything wrong since 2009, and I have a feeling once the QQQ falls WS will swing back to the commods ... if not to the commodes!
The author completely missed the rest of the Social "things" that are only possible due to money printing. Like social security, medicaid, welfare, etc...
Free money is good. The Q99X2 get paid to study Jane Austin novels while Arabs get their faces blown off.