Agreed, but the difference for me in some of those companies is that Theranos, FTX, and WeWork were never real companies in the sense that they performed valuable service to the world and turned a profit. In contrast, Enron, Worldcom, Tyco, and AIG were all real, functioning businesses that turned bad via executive accounting shenanigans. And the 2008 crisis was a collective failure of unthinking financialization and deregulation, again mostly among otherwise functional companies.
So I'm especially glad to see the current crash, as for me it represents businesses founded on "fuck around" finally finding out what business fundamentals are.
I'll be interested to see what happens with other massive capital consumers from this era, with the poster child being Uber. It's plausible to me that even on its own terms Uber will never generate profit above the $20 billion of capital it took. Let alone getting into the black once we count its more obvious externalities.
So I'm especially glad to see the current crash, as for me it represents businesses founded on "fuck around" finally finding out what business fundamentals are.
I'll be interested to see what happens with other massive capital consumers from this era, with the poster child being Uber. It's plausible to me that even on its own terms Uber will never generate profit above the $20 billion of capital it took. Let alone getting into the black once we count its more obvious externalities.