Thanks for those details. I have great respect for people with new ideas and especially willingness to risk all their own money and put all their time and energy into a new business. But that’s mostly not what we are seeing. Normally the market sorts out the scammers, but now the government is backing them. My impression is that these “investments” are simply shenanigans by wealthy Californians who figured out how to get the government to assume most or all of the risk.
Very accurate and very well said!