Gary is spot on. I am sorry to say we are seeing history repeating itself with bad business plans buoyed up on venture capital and fickle advertising revenue.

This is something I have written about for a long time and the longer that passes the more worried I become. You may argue that I have been banging on about it for so long that surely it proves my fears will never happen. Possibly, but with the state of the global economy I wouldn’t want to be working in the Valley right now.