Other than running up too much debt and getting bailed out (is that functionally different from getting outside funding?), I don't see any reason why these thin

Other than running up too much debt and getting bailed out (is that functionally different from getting outside funding?), I don't see any reason why these things are bad business. Even if you're a steely-eyed capitalist, you have to admit that these were wildly successful long-term investments in developing loyal lifelong customer base. The only difference is that the time horizon on those investments are much longer than your typical VC or PE firm cares for.