Yeah, accounting no longer matters and no longer means anything.
Delusion rules: IT companies that make zero money, that have no prospect of ever doing so, that still command stupendous share prices. And this from the people that proclaim to everyone how “educated” they are. Can you say irrational exuberance? Can you say just plain irrational? Can you say totally f$%^ing insane?
Outside the bastions of fantastical dream-spinning like Silicon Valley, things look more and more like Cuba and Greece. Uber, which ought to be seen for what it is, a colossal loss-maker and harbinger of societal and economic collapse, is lauded as what? Ground-breaking? Maybe it is. But for all the wrong reasons. If that company isn’t internet-based despair for people scratching for money then what the hell is it?
Same with air-bnb. It’s for those out of work, out of luck, over their heads and totally and completely f@#$%&. Better get those rooms let-out or wave good-bye to the house cause you gonna be missin’ mortgage payments baby.
And if the more desperate territories start to look more Cuban and Greek, if the less decayed parts try to maintain a façade by room-letting and taxi driving, Washington smells more and more Brazilian, carrion-bird politicians shitting all over the picked-clean carcass of a formerly robust economic organism.
Given all this, they start to make the numbers say things they’re not saying. Or they pretend to not understand what they mean. Or they ignore them altogether. Losses? Get out the party hats.