Authored by Mark St.Cyr,

Want a few “It’s different this time” reflections? Consider these...

Remember when an IPO in Silicon Valley was seen as a birth right?

Remember when a “beat” in earnings meant something?

Remember when “user growth” trumped an earnings beat?

Remember when “a rising tide lifted all boats” actually did?

Remember when “it’s different this time” was used to explain why profits didn’t matter?

Remember when being on an “A list” meant more to a CEO’s reputation in Silicon Valley than making a profit?

Remember when Hedge Funds made money?

Remember the term “gated” was only heard during extreme panic?

Remember when an M&A announcement meant growth or opportunity?

Remember when the term “a captured market” didn’t insinuate central bank interventionism?

Remember when tuning into a financial program during a market rise was informative?

Remember when even insinuating the idea of a central bank purchasing stocks was laughable?

Remember when a jobs number under 5% meant there were actually jobs?

Remember when “investors” would openly defend a CEO running two companies simultaneously as a “brilliant” idea?

Remember when “cash on the sidelines” was an idiotic premise if markets were at record heights?

Remember when people holding Ph.Ds in economics sounded as if they actually knew what they were talking about?

Remember when Negative Interest Rate Policies were regarded as economic insanity?

Remember when $25 BILLION in net profits and no user growth trumped 250 million users and a $1BILLION cash burn?

Remember when central banks weren’t buying the debt of your competition allowing them to endlessly compete with you?

Remember when you had to keep an up to date calendar to track all the new tech IPOs?

Remember when just saying the term “IPO” signaled you were on the “in” crowd at all the Silicon Valley hangouts?

Remember when VCs didn’t care about profits?

Remember when VCs had the say when an IPO should take place?

Remember when “cash burn” wasn’t regarded as an extinction event?

Remember when raising VC money was easy?

Remember when not caring what the original terms or “the fine print” was when raising cash?

Remember when “eye balls for ads” was the only business plan needed?

Remember when trying to name a central banker was difficult?

Remember when “printing money” was seen as a ludicrous economic policy?

Remember when looking at failed economic experiments like Japan didn’t invoke thoughts of “What we need here is that – on 11!”

Remember when people talked up the economy and stock market – not made excuses for it being at record heights?

Remember when the global economy didn’t hinge on the dictates of one solitary un-elected official?

Remember when a list such as this would be laughable with a jobs number at statistically full, a record-breaking stock market?

The sad issue this list will get longer, not shorter, because all too many people have forgotten... That’s how it is in a Keynesian economy.