Yes. Overly cheap money has negative externalities, that’s been the lesson of the post-9/11 financial order, and one of those is that overly cheap money causes fart.app to crowd out economically productive activity. A lot of things were done that shouldn’t have been done at all and fundamentally sucked up money that could have been used for actual productive stuff.

Another is that it incentivized companies to try for the Uber strategy of burning investor cash to become a monopolist player rather than targeting a sustainable growth plan. Low-key this has led to long term consolidation to a greater level than otherwise would have occurred.