Those five words have defined the State of the Web for two quarters now, and, with each passing week, things do get worse. Stocks get delisted. Quarters get missed. Advertising declines further. Options go deeper underwater.
Management teams quit.
Cash runs low. Companies close up. I think I have some clues. Because the facts are too painful and my friends in the business deserve better than to be trashed for things and trends that might not be their fault. I'll trace the lifecycle of pretty much every commerce dot-com I know, and it's a sickening spiral.