For those of you going through this for the first time, this is what the loss of "loose money" feels like. For some it will feel "sudden" but it started last year. "Big name" startups were getting re-valued downward by their investors and founders trying to raise a series A or B kept getting "we would prefer to follow in this round, rather than lead it."

I feel for the employees. One of my friends in the dot com bust showed up for work to find the doors locked and a line of other employees outside. A security guard was there who would escort the employee inside, they were given a box and supervised while the put their stuff in the box (and it was inventoried by the guard) and then they were allowed to leave and the next person was let in. No linkedin or big social media at the time so they didn't know that the 3 founders were all now at Apple, that Monday had been the founder's first day in their new jobs. The dissonance was huge, it was if the startup had never even existed. It took 3 months but his final paycheck arrived, written out by a legal firm representing an insurance company.

Default dead, or default alive. That is a really important question right now.