this post was submitted on 29 Aug 2026
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Lemmy Shitpost

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How Long Until We Hear This on CNBC? (lemmy.world)
submitted 18 hours ago* (last edited 16 hours ago) by Jspelts@lemmy.world to c/lemmyshitpost@lemmy.world
2 comments fedilink hide all child comments
 

"Well John, it was just nobody figured that automation would put so many people out of jobs so fast without some other sector being able to absorb the labor glut. Combined with these evil BNPL subprime loans, the credit industry took a shock, and pulled back. The unemployment numbers didn't paint a real picture of the long-term unemployed who then had to default on their credit obligations because they could no longer rely on BNPL for their day-to-day needs like groceries. And because they were short on money and work, housing took a huge bite with a large number of foreclosures, further tightening the credit squeeze. And a lot of these tech firms ran out of AI-related investment cash which forced massive layoffs from not only tech firms, but tech-adjacent firms as well, which made cheap AI labor even more attractive to companies who needed to cut expenses to stay alive. Now we're in a low-sell, low-buy market where nobody has the funds to actually buy anything which puts companies at a disadvantage to hire anyone. And some people lost out on their retirement investments because the administration made it legal for 401k and retirement account managers to invest in unregulated private equity firms who bet the farm on AI datacenters and lost. Where we go from here, nobody knows..."

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[–] hyphen0175@lemmy.zip 0 points 3 hours ago

How exactly is this a shitpost?