this post was submitted on 01 Aug 2025
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Yeah ed is a bit polemic but on the money. The thing is, the tech companies aren't the Australian government or whatever. Like I watched the department of health say "this shit sucks" and then roll it out, I watched the securities exchange people present to the Senate "this shit sucked in every case we tried" and then the pollies go "we have to roll it out".
This isn't a case of developing a domestic industry in case one day it's useful. It's literally just buy the bad product now in case one day it's useful.
The orange hell site is full of people saying it's amazing. Reddit too. WTF is wrong with their fucking brains? Can they not distinguish quality at all?
Ed Zitron literally calls it the “Rot Economy”, and has done great reporting on it. You’re not imagining it.
Keep in mind that all these financiers and politicians are (for the most part) the same people who cashed in or bailed on the internet in 99. The smart ones know they're building another dotcom bubble but they don't want to lose the game of chicken at this point.
I mean the real ghouls are going to be making hay when the correction does come, the house always wins etc. etc. But I think the spectre of dotcom and then SF finance cashing in on web 2.0 makes up the superstructure here.
worth also adding that in terms of the base, these capitalists desperately need to keep floating this along until they can bilk suckers in public markets for the overvaluation so that they can cash in on the bubble before it pops