“The same thing happened in the 2008 great financial crisis. There was the underlying economic activity — people building and buying houses — and then there was the financial gimmickry. It turned out that the finance gamesmanship far outpaced the actual economic behavior, and things got out of hand, and then the whole house of cards came crashing down”
https://davekarpf.substack.com/p/the-ai-economy-is-full-of-financial