Corporations one after another are claiming they're laying people off because AI has made them so much more efficient. But all the layoffs were predicted by those who saw the end of the last credit cycle coming. What an interesting coincidence.

AI hype may have kept the stock market bubble going a bit longer, but it could not avoid recession in the real economy. Interest rates increased significantly since post-scamdemic and these are the inevitable (and necessary) results.

Instead of telling the truth, they are making the downturn worse by cranking up the economic pessimism to 11 in an apparent bid to save face / increase shareholder value. Or is it part of the larger agenda to push government control via UBI?

Either way, despite AI being a useful tool, it will be like the internet. It ends up creating more jobs by opening up new possibilities and increases demand for better quality services (hedonic adaptation).

So it's a recession, and we've seen many before. It could even be a depression with how distorted the market became with decades of low interest rates.