this post was submitted on 13 Aug 2023
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That's true, but investors have a habit of making their problems everyone else's problems.
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.
Lots of everyday normal people lost their jobs due to the bubble. Saying it only impacted the already rich investors is wrong.
There really isn't much that can harm rich people that won't indirectly do splash damage on other people, just because their actions control so much of the economy that people depend on for survival.