Shortly after New York tech scene's best and brightest got drunk and hit the karaoke bar, they gathered around Mahalo's Jason Calacanis for advice. It was succinct, according to Nate Westheimer:

'Are we f-ed?' I asked Jason, in reference to this tailspin economy's impact on Internet startups.

His reply: 'I'm not. I raised enough to last me for years. You should too. Now. If you can.'

As Nate notes, we've been beating this drum for a while, but nice to hear it from someone who's done it before.

Jason (center) and disciples: Caroline McCarthy, David Karp, Meghan Asha, Julia Allison, Nate Westheimer, Charles Forman.