Comment on AI Is Starting to Look Like the Dot Com Bubble
DogMuffins@discuss.tchncs.de 10 months agoThat’s true, but investors have a habit of making their problems everyone else’s problems.
Comment on AI Is Starting to Look Like the Dot Com Bubble
DogMuffins@discuss.tchncs.de 10 months agoThat’s true, but investors have a habit of making their problems everyone else’s problems.
FMT99@lemmy.world 10 months 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 10 months 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 10 months ago
Lots or some? I’d say “some”.
WarmSoda@lemm.ee 10 months ago
Apparently everyone on lemmy
WarmSoda@lemm.ee 10 months 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.
Chetzemoka@kbin.social 10 months ago
Well there are two of us right here in the comment section. I had a great job at a startup online retailer. They had a good business model, it was a great place to work.
We had been beating our sales projections and were only a couple months away from being profitable when the Sept 11 attacks happened. Within two weeks, our VC funding stopped and we were all out of jobs because the company owners had to choose between paying rent and paying us. They chose to pay us all severance, bless them for that.
Thankfully I was young, didn't own a house, didn't have kids. But a lot of my colleagues did.
grabyourmotherskeys@lemmy.world 10 months ago
As someone who was getting a comp sci degree at the time, a huge percentage of my cohort could not find jobs in any IT position, let alone programming, so they ended up taking what they could get. A couple years later when companies started hiring again, no one wanted them because they hadn’t worked in the industry and their degree was stale (which is bs, they were just able to hire much more experienced people for the same salary). Most of those people then ended up paying off student loans for degrees they never used.
Meanwhile, those who could stayed in school flooding the market with Masters and PHD candidates which raised the bar for all coming after.
That still affects hiring practices to this day.
JustSomePerson@kbin.social 10 months ago
Are you maybe too young to know people who were actually working at the time. Obviously the life of a high schooler wasn't very affected.
wizardbeard@lemmy.dbzer0.com 10 months ago
I’d reason that has more to do with your circles than anything else.
I entered college right around that time. I know multiple families who lost their home from it. My parents nearly did. My Grandparents attempt to downsize was delayed by almost five years of sitting with their house on the market and they ended up having to absolutely slash the sales price to sell their home.
I know people who lost their jobs as primary breadwinner in their household and never were able to get back into the workforce in any significant capacity until just before the pandemic.
I know many people who graduated college 2008-2012, had wonderful credentials/resumes, who weren’t able to find stable employment or a starter “career” job until 2017 or later.
Hell, the 2008 crash was the big tipping point for the public idea that if you worked hard and did good in school, you could just expect things to work out well for your employment.
There’s all sorts of shit you could use to pick apart these folks, blame what occurred on choices they made, and you wouldn’t be entirely off base for some of them. However, that doesnct change that despite your personal circles, it had a significant impact.
We’re going anecdote v anecdote here. Your insistance of a lack of effect on people crumbles the moment anyone comes in and says they know people who were.
ZagTheRaccoon@reddthat.com 10 months 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 10 months ago
Good for you. But perhaps fuck off, because some of us lost jobs, homes, and financial stability.
WarmSoda@lemm.ee 10 months ago
Some of you is not most of Americans.
JustSomePerson@kbin.social 10 months ago
Have you considered accepting that you're wrong on this? It's not a personal disaster to realize that just because you didn't personally see the impact, there was none. Instead of sticking to what you thought, you might learn insights. Perhaps they can be valuable when analyzing the current bubbles.
kitonthenet@kbin.social 10 months 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 10 months 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.
5in1k@lemm.ee 10 months ago
Um no. So many of my friends unemployed. So many people were losing houses. It was nuts. Everyone noticed. The government even gave us “please don’t riot” money.
rambaroo@lemmy.world 10 months ago
You have got to be kidding me. I don’t know a single millennial who wasn’t affected badly by 2008.
ZagTheRaccoon@reddthat.com 10 months ago
this has got to be trolling.
QHC@lemmy.world 10 months ago
What are your thoughts on the Great Depression or either World Wars?