• BynarsAreOk [none/use name]
    ·
    6 months ago

    All of this talk is already 1 or even 2 years obsolete. While people were arguing about soft vs hard landing shit the stock market rallied to all time highs, they created an entirely new AI/Tech bubble and everything now hinges on whether or not that bubble will crash.

    Bad data about the real economy, if and when it comes at all will be completely irrelevant to the mainstream economic analysis going forward.

    • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
      hexagon
      ·
      6 months ago

      I find it challenging to envision how the tech bubble could sustain the economy. Essential needs must be met, and people must be able to afford basic necessities such as housing and food. The US economy is moving towards a state where these necessities are no longer accessible for the majority of individuals. As Lenin once noted, every society is three meals away from chaos.

      • HakFoo@lemmy.sdf.org
        ·
        6 months ago

        We just subtly redefined the economy. It no longer involves provision of essential goods and services to actual people. It's all a scoreboard of stock prices and interest rates.

        Cults never change: we're all going to transcend and become beings of pure energy Nevada Limited Liability Corporations that no longer need food or housing because we can subsist on Lord Kalutika's Golden Light eternal 9% annualized paper growth.

        • Infamousblt [any]
          ·
          6 months ago

          This is why GDP is such an irrelevant measure. In the US it includes financialization. Rents are included as "product." Insurance is "product." Tech industry vaporware investment is "product." They define things that most definitely are not being produced as "product" and say look how much we produce the economy is great! It's just made up

          • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
            hexagon
            ·
            6 months ago

            It's even worse than that because a lot of the GDP comes from the industries that are actively harmful to society. Private health insurance is a perfect example, it's an industry that profits of basic needs of the people, and it's making the working majority poorer and less healthy. Yet, it bolsters the GDP on paper.

        • FourteenEyes [he/him]
          ·
          6 months ago

          There's lots of work being done so people are being paid, it's just that this work is not productive so the money generated by other actually productive sectors of the economy is essentially being put in a big pile and lit on fire

    • 420blazeit69 [he/him]
      ·
      6 months ago

      everything now hinges on whether or not that bubble will crash

      *when that bubble will crash

      • ihaveibs [he/him]
        ·
        6 months ago

        "AI" has got to be the most transparent grift I can remember

          • Frank [he/him, he/him]
            ·
            6 months ago

            I wasnt really old enough to follow what we going on, but I think the .com bubble was like this. "get a website! E-commerce! Unlimited weatlh and beauty" and somehow no one stopped to consider that while E-commerce might be convenient, it wasn't going ot create much in the way of new markets. And then in 99 everything crashed and the end of history ended for the first time.

            • footfaults [none/use name]
              ·
              edit-2
              6 months ago

              If anything e-commerce just cannibalized revenue from brick & mortar stores and killed malls. So the tech stocks popped while RIETs got killed

          • SuperZutsuki [they/them]
            ·
            edit-2
            6 months ago

            They just need a new buzzword to keep tech prices from crashing until they find a new buzzword to keep tech prices from crashing until they find a new buzzword

      • Test_Tickles [any]
        ·
        6 months ago

        and here i thought the smart money would be on shorting it when it was around $900

        • Rx_Hawk [he/him]
          ·
          6 months ago

          There are still people saying it could hit $10 trillion market cap, its at 3 right now