Interesting viewpoint. I took this news as confirmation that we are entering a recession and people won’t pay for just garbage and a dream anymore. Euphoria is waning and reality is setting in on the boom bust cycle.

Sure, but from your statement "not in a bubble" could just as easily mean "in the wake of a burst bubble" and "markets are mostly sane currently" could just as easily mean "markets are reacting to a damaging period of insanity".

It could also be evidence that WeWork tried to get away with too much with their S-1. Has there been a company in recent memory whose IPO efforts were dogged with this much baggage?

I came here to post the opposite: cancellation of frothy IPOs is a good sign of a coming downturn, isn't it?

The market currently appears to be saying, “ya know, if we were in a bubble, I might buy your stinky shit. But because we’re not in a bubble, and I have no great FOMO, I’m going to take a pass on your stinky turd of an IPO.”

Another way of looking at it, anyway. I have no insight one way or the other.

That's because WeWork is obviously bad. But what about other, not so obvious bad-bets?

Evidence against?

A bubbly, insane market would jump on this "before it's too late!". What we are seeing here is a market reaction that says "we reject your insane valuation, cut it in half.".