500 million? we can do better
AOC and Bernie Sanders are trying to pass laws to prevent bailout of AI.
its considered acceptable to kill someone if they’re trying to rob you. in america its considered rude to not use a gun.
I’m not sure how I feel about this. it usually feels disproportionate, but austerity and centralization have a very real death toll, so maybe it’s not.
Let’s see, Anthropic is about a trillion, OpenAI is about a trillion, AMD is about a trillion, SpaceX and Meta are two trillion each, Amazon is 3, Microsoft is 4, Google is 4, Nvidia is almost 6… So something on the magnitude of a $20 trillion bailout?
The USA budget is only a quarter of that. The entire federal budget.
This is going to be fucked, isn’t it?
They’d have to incinerate Social Security, defund every school, let infrastructure rot, and hyper-inflate the dollar into worthlessness just to keep Wall Street’s AI bubble afloat… Which is beyond fucked.
Welcome back to life as a peasant.
Welcome back to life as a peasant.
Which is sort of what their glimpses of post-AI jobs in the future they could actually substantiate suggest. It’s all a big heist from the wealth of the people into the pockets of the wealthiest using the smoke and mirrors of a “democratic” government, fueled by the possibility of them no longer having to placate human societies in any way if AI and robotics becomes advanced enough.
Capitalize profits
Socialize losses
When things are going great, give everything to the rich … when things eventually go badly, let the poor pay for everything. Why would the world want to hurt or take away the rich man’s wealth?
Intel lost 29%, 29!!! FFS it’s incredible!
*billion
Their IPO’s are already socialising the debt they gathered, right into your stock portfolio/ retirement fund
Too big to fail. It’s Deja vu all over again.
But is it really?
Once again, the American middle class, or what’s left of it, will be the ruling class’s personal piggy bank.
With what? We have nothing left
Has that ever mattered?
And they’ll get them. Because that’s cruelest towards the people.
Well, it makes it a nice bookend. After all, they got a bunch of taxpayer money to begin with, so it’s only fair they get a bunch more at the end.
(Scummy, corporate welfare arseholes).
damn. maybe everyone involved in robbing us like this shouldn’t be allowed to do that again.
Under any other administration I wouldn’t believe such a thing would be a possibility. I can see Trump offering funds in exchange for relabeling products “Super AI”.
His pitch was “Super Intelligence”, because that’s way dumber.
Who was in charge ehen banks came begging for money in 2008?
They seemed to learn their lesson and changed the strategy in 2020. We saw much faster recovery when we bailed out the people than when we bailed out the businesses.
The difference is that the banks are actually necessary for the economy to function. And mitigations were put in place to limit that exposure in the future. Mitigations that have been stripped back again in recent years because of billionaire lobbying.
None of the AI companies are necessary for the economy. And the big players that stepped into the quagmire aren’t over leveraged enough to actually be in danger. Only the AI-only companies are in danger. The mega corps like Meta, Microsoft, Google, etc. would be hurt but would survive just fine.
They’re going to try to frame it as a national defense issue; like automotive companies are. My guess is they’d bail out SpaceX/xAI in exchange for personal enrichment if needed.
It’s actually the wealthy that would suffer if it goes tits up, and if things are actually changed to put the nation on a path to recovery. Think about Europe post ww2 and how fucked their infrastructure and economies were and what it took to rebuild within 3 generations to the point they were actually thriving comparatively. That took coming together and reinvesting in society, nations building. The wealthy don’t want to do that. But that’s what it would take to recover and restart the economy, because there is no flow to the bottom 98% anymore. The wealthy would have to willingly reboot it by going back to putting their fair share back into circulation and earmark it for rebuilding.
Bush?
Guess again.
It was Bush’s policies that created the mess, but (😱) it was Obama who allowed i) the bailouts the happen, ii) the actions to go unpunished, and iii) the system to continue.
https://youtu.be/wb9qikdg3M0&t=14m20s (FD Signifier)
I thought Bush signed the TARP law to give bailouts and Obama signed Dodd Frank that cut the amount of the bailout.
glass steagal passed under clinton
Also republicans
For better or worse, big banks are and were the backbone of the economy. AI is not and I think agree should not be.
America Intelligence
Well there were conversations that AI should be public… Publicly bailed out by taxpayers with a negative return on investment.
Well, at least we can always blame immigrants, poor people, and teachers for the financial collapse, just like last time.
Instead of occupying WS, what you think the chances are someone will test its, or silicon valley’s, degree of combustibility?
