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Once-in-a-generation
(lemmy.ml)
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this post was submitted on 03 Apr 2025
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End of the dot com bubble.
https://en.m.wikipedia.org/wiki/Stock_market_downturn_of_2002
But it happened mostly in 2000:
https://en.m.wikipedia.org/wiki/Dot-com_bubble
And coincidentally 9/11
Was the 2002 a year of recession? Or is the stock market downturn considered a recession because rich people lost money?
Unlike wealth, losses usually trickle down. When companies go bankrupt their employees loose their jobs. Millionaires actually love recessions, Jack Welch said:
The 2002 recession was not as global and universal as later ones. The dot com bubble mostly affected tech companies, and the internet was not as common as nowadays. I asked my parents once how they felt that recession, when I first read about it later, I was in school in 2002. They said they didnt even know there was a recession that time, in eastern europe it wasnt noticably worse than the chaos of the 90s
There is a simpsons episode about the bubble, s13e18, aired in 2002:
https://en.m.wikipedia.org/wiki/I_Am_Furious_(Yellow)