Because that’s what the market cap suggests:
We discuss crimes against capital, financial blockades and hoax Op-eds. They also suggest that Boris Johnson may be the illegitimate step nephew of Louis XV and how all your financial opinions come from a warped fortune cookie written by some guy that just dropped massive tabs of acid. And they discuss this while minding their Second Amendment right to bear a shoulder launch missile. In the second half, Max interviews Birgitta Jonsdottir about the need to form Pirate Parties around the world to protect privacy, democracy and stop financial blockades of certain groups for their beliefs and campaigns. UPDATE: Here is the Wall Street Journal editorial / blog: Should Crimes of Capital Get Capital Punishment?
Before the Farcebook IPO, I wrote on my blog that Facebook was heading for a ridiculous valuation when it was launched on the stockmarket. That wasn’t because I think it’s a bad company – pretty clearly a company that makes a billion dollars in profits after only a few years of life is a remarkable creation. I have only respect for Mark Zuckerberg, its creator.
But it’s not Zuckerberg who gets to choose the company’s valuation. It’s the banks he retains to manage the transaction. I wrote that the firm was being ‘vastly and obviously overvalued at the levels currently being discussed.’
Unfortunately, I’m being proved right at sickening speed. The firm had its IPO (Initial Public Offering) on 18 May – that is, the date when its shares first began to trade on the market. Since the IPO date, the firm has lost 47% of its value, in comparison with the intraday high of $45 per share. Friday’s close was $23.70. Continue reading
Facebook is closing it’s virtual gift shop as a means to move closer to a cross-platform virtual currency system that will encourage users to work at an effective wage of less than $1 a day. As the US economy continues to shrink with jobs and wages disappearing fast, desperate FB users will come to rely more on the social networking site – giving the company many hours a week of ‘click time’ – in exchange for enough credits to buy food and other essentials (convertible at outlets like 7-11; a huge sponsor of the site’s Farmville). This is the beginning of indentured ‘click servitude.’
Stacy Summary: Who needs Monty Python, when you have the Global War on Terror? And re: Facebook syphilis, this could be the very first case of something ‘going bacterial’ on line!? And h/t to all who may have linked to any of these articles!
Stacy Summary: Max on George Galloway’s show talking about health care ‘reform’ and virtual currencies.