Taxpayers Must Not Be on the Hook for Bailing Out the "AI" Industry
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.
https://truthout.org/articles/taxpayers-must-not-be-on-the-hook-for-bailing-out-the-ai-industry/Open linkView original on sh.itjust.works
16 replies
Privatize the profits, socialize the losses. Such is the capitalist way.
It’s time to socialize the profits and privatize the losses, I’m sick of corporations getting bailed out
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.
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
Why not? They've been on the hook to bail out everything else.
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.
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
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?
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.
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
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
Oh, you sweet summer child...
They're already laying the straw for it. I was assuming it was gonna happen.
Good article, worth the read.