Who wants a terrible Facebook phone?

For the past couple of years the rumors that Facebook is developing their very own phone have been swirling around the internet. Over the past week or so these rumors have started back up again after the news that some Apple software and hardware engineers from the iPhone and iPad projects had recently joined the Facebook team. Most of the talk around these rumors thinks that it would be a bad idea for Facebook to develop their own hardware and the guys over at Slate.com share their thoughts on why this is a bad idea.

There are two ways to make money in the smartphone business. There’s Apple’s way: 1) Make premium products that people clamor for; 2) Sell the devices for substantially more than it costs to make them; 3) Figure out what to do with your rapidly accumulating stockpiles of cash.