Explaining Southern California's economy

The DeBord Report Show: Facebook and free labor

As regular readers of the DeBord Report know, perhaps all too well, I think that Facebook has achieved its astonishing valuation and prospects for a $100-billion-plus IPO tomorrow on the backs of the free labor of nearly a billion users. 

You post updates. You post links. You post pictures and videos. You do this in the teeming millions. Other people react to and share your activities. Facebook transforms all of this into about $3 billion per quarter in advertising revenue. 

And that's just on the website. We haven't even gotten into the mobile bonanza that awaits for Zuck & Co. 

Tomorrow, they stage an IPO that will instantly mint many, many Facebook millionaires, eventually chop a decent chunk off California's approximately $16 billion budget deficit and make Zuck one of the richest men in all the land.