Yep, I agree.
You folks understand this EBITDA problem. What happens is the company elects to capitalize (put on the balance sheet) items that should have been expensed. Capital items get expensed over several years. The result is that it "looks like" you are generating more free cash flow than you really are. And the bankers keep loaning the money because the bankers believe you have hard assets to back up your loans. But if it was pencils and they have all been shaved down to the nub, the bankers get left holding the bag.
If the bankers try to survive by milking the little guy through inflated interest rates, the economy stays in the crapper because the little guy can't write off his debts like the big guy. When the little guy finally gives up, his house goes to the banker, we get a glut of houses and the last bastion of value gets taken down. Then it's game over for everyone. Have a great day.