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Comment by perrygeo | Hacker News Reader

Such an important point, I've seen and suspected the end of ZIRP being a much much greater influence on white collar work than we suspect. AI is going to take all the negative press but the flow of capital is ultimately what determines how the business works, which determines what software gets built. Conway's law 101. The white collar bloodbath is more of a haircut to shed waste accumulated during the excesses of ZIRP.

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AI also happens to be a perfect scapegoat: CEOs who over-hired get to shift the blame to this faceless boogeyman, and (bonus!) new hires are more desperate/willing to accept worse compensation.

ZIRP and then the final gasp of COVID bubble over hiring.

At least in my professional circles the number of late 2020-mid 2022 job switchers was immense. Like 10 years of switches condensed into 18-24 months.

Further lot of experiences and anecdotes talking to people who saw their company/org/team double or triple in size when comparing back to 2019.

Despite some waves of mag7 layoffs we are still I think digesting what was essentially an overhiring bubble.

Is it negative press for AI, or is it convincing some investors that it’s actually causing a tectonic shift in the workforce and economy? It could be positive in some sense. Though ultimately negative, because the outcomes are unlikely to reflect a continuation of the perceived impact or imaginary progress of the technology.

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