cross-posted from: https://lemmy.dbzer0.com/post/74936481
… as hundreds of billions of dollars are flooding into artificial intelligence, there are serious concerns that an AI bubble could trigger another bailout with taxpayer money.
In the interview that follows, leading progressive economist Gerald Epstein, who initiated and directs the Game Changers project at the Political Economy Research Institute at the University of Massachusetts Amherst, talks about AI’s impact on finance and the bailout problem and how a transformative public finance strategy can revive democracy, promote equity and social justice, and build strong and sustainable communities.
With what money? We can’t even sell treasury notes at this point
We’ve had too big to fail, this is going to be too big to bail out
Today it is obvious that most “AI companies” will never be able to pay back all what they owe. And still investors are shoving fresh money into them.
My question is, will these bosses ever treated properly as the fraudsters they are?
That would be a start IMHO to deal with the problem in a sensible way. But currently it is regarded from a different angle, and that makes it look more complicated.
Privatize the profits, socialize the losses. Such is the capitalist way.
socialism is evil, unless it’s bailing out companies that deserve to fail.
We 100% will be. At least for certain companies. The investment int AI is hype for sure, but a decent chunk is for fascism. Surveillance, information control, mass manipulation, etc…
The Trump regime will absolutely bail out key players to use them for control.
I was literally told at work today by executives "If the AI bubble pops, it will be more like the automotive industry financial crisis. "
Wasnt that the one where Ford, GM and Chevrolet were deemed too big to fail?
Why not? They’ve been on the hook to bail out everything else.
Oh but it won’t be cited as ‘bailing out AI’. It will be saving the banks that are ‘too big to fail’ and pensions
Too late for that.
They’re tied up in 401ks now. People will hear they’re set to lose as well and lose their shit.
better to destroy that now than later when it’s worse
Good article, worth the read.
If it’s not taxpayers it will be pensioners and people with insurance, when the institutional investors lose their investments in AI. Either way, the wealthy won’t lose.
insurance was always a scam
There’s already worse conspiracy theories: let the economy crash and blame it on rogue AI to get the government out of debt while the rich move the assets somewhere else. A bailout is just the beginning.
Oh, you sweet summer child…
They’re already laying the straw for it. I was assuming it was gonna happen.
