But that's not what actually happened when the banks automated. If what you are saying is true, then there should be a fairly large set of educated but unemploy

But that's not what actually happened when the banks automated. If what you are saying is true, then there should be a fairly large set of educated but unemployed people. There isn't. Unemployment rates are about the same now as they were then. Which is astonishing because we've also added women to the workforce since then. It looks like if there are too many people, more jobs get created. Presumably this is why average salaries have stagnated since 1970 - there are more jobs because employees are cheaper.