[hga]

the crazy Wall Street valuations of technically indebted companies like Facebook

But didn't Facebook transition out of that mode of heavy technical debt? And was it so bad to begin with, e.g. the classic story here is of the competition with Friendster, where the latter decisively lost because the board was off in the clouds thinking deals and was simply not interested in the fact that logging in and doing basic things kept taking longer and longer, eventually minutes as I recall.