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I share your longer term perspective that IP will take over. But:

The now closed capital markets put a dagger into many of the early stage companies - comapnies that need to borrow more to reach the self-sustaining point.

I think thats being too kind to the companies, as Enron is showing us. Companies got fixated on a short term gold (Gild?) rush instead of building a long term sustainable business. Astronomical salaries, passing out stock options like candy, who cares about shareholder value.

Shareholders themselves of course also bought into the greed thang, and have themselves to blame for bankrolling these crooks.

All the hubris about the 'Anglo-Saxon capitalist model' being the what the rest of the world should follow, is a folly laid bare by these events.

Its been a great model for the Skillings of the world, but is that who we should emulate?

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