this post was submitted on 03 Apr 2025
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Unlike wealth, losses usually trickle down. When companies go bankrupt their employees loose their jobs. Millionaires actually love recessions, Jack Welch said:
The 2002 recession was not as global and universal as later ones. The dot com bubble mostly affected tech companies, and the internet was not as common as nowadays. I asked my parents once how they felt that recession, when I first read about it later, I was in school in 2002. They said they didnt even know there was a recession that time, in eastern europe it wasnt noticably worse than the chaos of the 90s
There is a simpsons episode about the bubble, s13e18, aired in 2002:
https://en.m.wikipedia.org/wiki/I_Am_Furious_(Yellow)