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On the front page of HN right now, TechCrunch has a post titled, "Venture Capital Down 50%. It’s Not Just the Recession, Folks."
Yes and there's a line in that TC article that goes "VC funding has fallen off a cliff."

This article is in response to that one. And a good one at that.

Eh. The data is the same in both articles. They just disagree over the definition of "cliff".

No matter who you ask, a 50% drop in investment is bad news.