Comment on AI Is Starting to Look Like the Dot Com Bubble
NounsAndWords@lemmy.world 1 year ago
Just a reminder that the dot com bubble was a problem for investors, not the underlying technology that continued to change the entire world.
Yeah. Note how we’re having this conversation over the web. The bubble didn’t hurt the tech.
This is something to worry about it you’re an investor or if you’re making big career decisions.
If you have a managed investment account, like a 401(k), it might be worth taking a closer look at it. There’s no shortage of shysters in finance.
In Canada, a good example is cannabis industry. Talk about fucking up opportunities.
Why would it be any different with tech?
It’s about the early cash-grab, imo.
DogMuffins@discuss.tchncs.de 1 year ago
That’s true, but investors have a habit of making their problems everyone else’s problems.
FMT99@lemmy.world 1 year ago
Not that you’re wrong per-se but the dotcom bubble didn’t impact my life at all back in the day. It was on the news and that was it. I think this will be the same. A bunch of investors will lose their investments, maybe some adventurous pension plans will suffer a bit, but on the whole life will go on.
The impact of AI itself will be much further reaching. We better force the companies that do survive to share the wealth otherwise we’re in for a tough time. But that won’t have anything to do with a bursting investment bubble.
BradleyUffner@lemmy.world 1 year ago
Lots of everyday normal people lost their jobs due to the bubble. Saying it only impacted the already rich investors is wrong.
Candelestine@lemmy.world 1 year ago
Lots or some? I’d say “some”.
WarmSoda@lemm.ee 1 year ago
I don’t know about that. Not a single person I know or I’ve met has ever said they were affected by it in any way. In any state.
ZagTheRaccoon@reddthat.com 1 year ago
There really isn’t much that harms rich people that won’t indirectly harm some other people. But it still was primarily the problem of rich investors.
JustSomePerson@kbin.social 1 year ago
Good for you. But perhaps fuck off, because some of us lost jobs, homes, and financial stability.
WarmSoda@lemm.ee 1 year ago
Some of you is not most of Americans.
kitonthenet@kbin.social 1 year ago
The dotcom bubble was one of the middle dominos on the way to the 2008 collapse, the fed dropped interest rates to near zero and kept them there for years, investor confidence was low, so here come mortgage backed securities.
In addition, the bubble bursting and its aftermath is what allowed the big players in tech (Amazon, Google, Cisco etc) to merge to monopoly, which hasn’t been particularly good
WarmSoda@lemm.ee 1 year ago
Most Americans didn’t even feel the effects of the 2008 collapse. Most recessions aren’t noticed by most of the country. These things are blown way out of proportion by news conglomerates that have a vested interest in it.