this post was submitted on 11 Oct 2025
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The funny thing about people who say it’s not a bubble because AI has value is that the asset category having value doesn’t prevent valuation bubbles from forming.
Houses have value: you can live in them. Yet there was a housing bubble.
The internet has value: you can watch cat videos on it. Yet there was a dot com bubble.
Tulip bulbs have value: you can grow pretty flowers with them. Yet there was a tulip bulb bubble.
In my experience, whenever you start reading news stories asking if something is a bubble and quoting investment bankers say, “no, it’s not a bubble,” well, usually it’s a bubble.
The entire US economy has been running off of an asset megabubble that demands global dollar recycling via Wall St. and property for decades now. This is much worse than 2008 as there is no cushioning. We will see what 20+ of doubling down looks like in the end.
Was?
There is again, but there was, too.