The volatility is due to that cheap financial sector money, making nonsensical bets until the music stops. Big picture, we were definitely due to a correction. VCs were paying to litter the landscape with electric scooters, hoping to create some kind of recurring income stream from people renting inexpensive consumer goods.

Slowing down is never beneficial to the individuals getting laid off, which is why these destructive policies enjoy broad support. If 90% of the work is required, and everybody is still expected to work the same full time, then 10% of people are left without chairs. Focusing on the first condition is the path to make-work. Focusing on the second condition is what we need to do instead.