On: The bullshit-jobs thesis may be bullshit

[ryan93]

By saying half the market would die die you mean GDP would have been cut in half without a bailout in 2008?

[scott_w → ryan93]

Obviously that’s hyperbole but I did have a look and industrial activity in the USA declined by 46%. Global trade dropped by 70%. GDP itself dropped by about 30%, from what I could find.

By contrast, the Great Recession of 2008 saw a GDP drop of 4.3%.

So, yes, without government bailouts, markets can fail _catastrophically_

[ryan93 → scott_w]

30% was a lot higher than I realized.

[onethought → ryan93]

Yes. Or worse, at least. Over a trillion dollars was injected and there was still a recession.