[epsteingpt]

This hurts the 'middle class' the most - as they have their savings locked up in growth stocks like AI.

Costs to the elderly would be socialized (we'd pay for medicare for more people); the youngest don't own stocks.

But you can imagine seeing knock on effects in housing prices, and massive increases in credit defaults as people who bought things thinking their portfolio was worth X, all of a sudden can't afford them when their portfolio is worth .5x

It's going to be bad when it happens - think DotCom crash. But if then crypto and other asset classes crash on top of that, you could have a real crisis.