> Worst case, when the bubble pops, we get a glut of power and compute which (ideally) should reduce overall electricity and the obscenely bloated cloud bills. However, at the rates that demand is growing, this seems unlikely.

You are making it sound like there is no opportunity cost to using money for this instead of, I don't know, welfare and social issues; or even other kinds of infrastructure projects altogether.

That's totally fair, but then that is the discussion we should be having, instead of "OMG bailouts!" which is a highly misleading and unproductive distraction.

That said, money going towards welfare or social issues is another thing I don't expect to happen in this timeline...