But you know, correlation is not causation. Most people can only afford sports cars when they get to middle age. The fact that middle-aged men drive sports cars could easily be explained because they have wanted to drive them their entire lives but can only afford them in their forties.
There is a discussion going on in the ether at the moment about whether the tech industry is going through a midlife crisis, or whether what is happening is more existential. Unemployment around the world has not increased by large numbers, but every major tech company has announced huge layoffs, including Amazon and Meta. Most tech companies have lost close to half their value.
And yet, Thompson concludes, this might not be all about the desperate search for lost youth. In fact, it has a lot more to do with interest rates. The period after the great recession has been defined by low interest rates, a consequence of low aggregate demands. “This created the perfect conditions for an era of endless cash that venture capitalists, seeking high rates of return, poured into low-marginal-cost software companies.
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Business Maverick: FTX Collapse Ensnares Creditors Big and Small All Over the WorldFrom a German bank seeking a more than $2 million payment to a Chinese investor requesting $21,000 of lost savings. Claimants around the world who were caught up in the epic collapse of FTX Group are beginning to appear in court filings.
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