- cross-posted to:
- fuck_ai@lemmy.world
- cross-posted to:
- fuck_ai@lemmy.world
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Fuck no we shouldn’t. This is their fucking fault!
None of us wanted this! They’ve been shoving it down our throats for months, cutting budgets, and redirecting it to AI, all while smugly reminding us that “this is the future, they’re the experts, and any oppositions to what they’re doing in 2025 would be like opposing the internet circa 1996.”
This is the fucking result of allowing the “technocratic elite” to come in and tell countless departments and agencies full of “educated bureaucrats” to just sit back, shut up, and watch how it’s done.
The AI bubble is the fucking Dunning Kruger effect in action. Just because some pompous dumbass buys a bunch of planes, and thinks that makes him an expert on planes, and he is then able to convince a bunch of other stupid people he should be allowed to fly a plane, it doesn’t mean he actually knows how to fly the fucking plane.
We already made the mistake of allowing him to take over for the pilot and he immediately crashed our plane. Does rewarding him for crashing our plane, and telling him to just brush himself off and hop back in the captain’s chair seem like the brightest fucking idea?! 💡
But, muh share prices
-Rich assholes
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When did the public’s opinion matter to the government?
Well, eventually the government needs the public to implement policy. For all the talk of the miracles of AI, you can’t just shout orders at ChatGPT from the Oval Office and have them become real by magic.
The problem at hand is that some people have rejected these ultra-wealthy racist buffoons in their quest to automate every white collar job. Other people are hopping on the ICE gravy train or getting their beaks wet on the ballooning crypto/tech secondary markets or otherwise profiteering off the back end of the conservative criminal enterprise. And these are the folks with all the institutional authority, the administrative offices, and the loyal trained footsoldiers carrying around the guns.
Cops seem to get along with AI devices just fine. It does the unfun parts of their jobs for them and offers more free time to go around town in a monster truck, ramming people, roughing them up, and filing them into concentration camps. As more and more of the US labor force is told “The only viable path to the middle class is through the police”, you’re going to see Americans prodded into the police state (or its many subsidiaries and offshoots) as a matter of economic necessity.
Eventually, if its a choice between being on the inside of the fence or the outside of the fence, who wouldn’t pick being Winston Smith over some homeless peer who gets beaten to death on the street?
When the bubble bursts there won’t be enough money to bail them out.
Basically it is what Ayn Rand and Thatcher said that ‘problem with socialism is eventually you run out of other people’s money’. Under socialism this doesnt happen due to how cheap most social programs actually compared to corporate bailouts… where you absolutely CAN run out of other people’s money.
Hell a lot of the social programs being slashed and burned actually saved us all money. CDC used to be measured in terms of "for every 9¢ spent, we can save $1 in costs, plus all the associated suffering, really just a bonus on our incredibly good return. Now, the CDC is promoting miasma theory. Look for next year’s flu shots to be a bag of herbs you wear around your neck.
You know what your problem is? You are using logic and rationality and simple math (I learned accounting in college).
The problem is, they dont care. The whole point is that they want control and them to be miserable. Even if you provided irrefutable proof of it, they will spend ten times more on repression than the pittance that is needed to end world hunger and poverty. It is about them feeling they are ‘better’ than their underlings through being a bully than actually solving problems.
…But they probably will anyway, right?
Damn dude, what’s it gonna take for Americans to cut their losses and actually revolt? Painful to watch at this point.
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realistically…murdochs propaganda arm needs chopped off, that’s the biggest reason for this shift over the last 30+ years.
What, in your mind, does said revolt look like?
9 missed meals is the answer you are looking for. People still have something to lose, so they we continue to go to work.
Spoiler alert: they will literally take food from the hands of a starving child and give it to Altman, Zuckerberg and Musk.
They already did it. They will do it again.
Obama gave a colossal welfare check to corporations in his first term and the right hated it.
Trump does it in both terms and they applaud it with tears in their eyes and cum in their pants.
Republicans should hardly be considered human beings at this point.
At this point? I’d go back way farther. Probably whenever the remnants of the Dixiecrats moved into their ranks.
Obama gave a colossal welfare check to corporations in his first term and the right hated it.
Trump does it in both terms and they applaud it with tears in their eyes and cum in their pants.
This is starting to sound like what would happen in the early meetings of the Estates General just before the French had their Revolution
Time to bring back this classic.
100% correct, but the Americans will eat the shit bailout (corporate socialism) sandwich…again.
how does bailing out corporations ensure the workers own the means of production? stop using bastardized definitions you were taught in conservative schools
Without any choice in the matter as always.
But of course they will bail them out… there is a 0% chance they won’t be bailed out
In some countries, people make a big enough stink to actually send people to jail rather than write them a cheque.
It can happen.
but that’s not the Murica way
It could be! You were once the great hope for democracy and working people everywhere, until you were captured and contained by the aristocracy. You could be that hope again.
hmmm that was mostly the successful years of the PR campaign from Murica…
Yeah it was never really real, except as a dream. But real people did actually come the murica to try to dream it together. It’s just the money men got there first.
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Damn, I want to know what this said…
If they don’t bail them out then think of all the jobs that will be lost when AI comes to fruition – I mean the jobs that will be lost if they don’t get their government money.
Exactly. AOC can talk all she wants but Democrats Always Chicken Out.
DACO
LOL. 9 downvotes…how did that lockdown work out?
Even while people are getting snap and healthcare these companies should be left to fail
No you see in capitalism, the entire system is perfect and must not be interfered with in any way, except that companies are delicate, precious things that must be saved at the expense of all else.
who says the entire captialist system is perfect? This is an example of government overreach and would be far worse under other eco frameworks.
The fun thing about politicians saying things we like is that it’s much easier to do so when you know exactly how all of this is going to turn out.
Words don’t accomplish anything. Call me when the Democrats refuse to vote for the bailout and it fails instead.
We have to reach across the aiiiiiisle…
But they’ll go ahead and do it anyway while she “SLAMS”, them publicly.
It’s like these slams don’t even mean anything anymore
If the common person was literate and picked up a thesaurus once in a while, maybe headlines would have a larger vocabulary. 🤷♂️
AOC got props from me after calling AWS’s bullshit. They still built in NY without the city’s funds.
Unfortunately the government will not listen. Whatever government is in power will do the same as the sub-prime debacle. They will bail out those that (intentionally?) caused it. Money will shift to shareholders and the top 0.5%, large swaths of stocks & property will be bought up cheap by the already wealthy, and the remaining 99.5% of the population will pay for it. The whole businesses need to profit in good times to make it through low times has been replaced with corporations are to be subsidized by the working class no matter what. SNAP is a subsidy to large corporations who can then ignore supply and demand of workers at poverty wages because tax payers make up the supports needed. Americans will go along with their standard of living continuing to decline because “American exceptionalism”. After a long career in politics, always saying the right thing but never able to affect real change, AOC will take over the crown from Bernie Saunders.
Hey guys, so not all bubbles are the same. When the housing bubble burst, there were tons of debt that tied the housing bubble to wallstreet and big banks which tied in mainstreet to the bubble. When that bubble crashed, it put banks in jeopardy and THAT would have brought the whole financial system and main street down. We’d have been seeing bank runs, and the whole economy would’ve ground to a halt. That’s when the bailout happened. Anyone remember dot-com bubble? When the dot-com bubble burst there were no bailouts. Companies just went under.
Current AI bubble is funded by the gynormous profits and funds that big tech companies have - Microsoft, Meta, Alphabet, Amazon, etc. who have humongous cash reserves and profits that they are literally plowing into building AI data centers which in turn fuels Nvidia’s gynormous profits which it is plowing back into other AI companies. Nvidia doesn’t have debt. Big tech companies aren’t highly leveraged. When it crashes, it will go the way of dot-com.
I appreciate this (much needed) insight, but I think too many members of congress and high-ranking officials in this corrupt government have huge vested interests in this bubble and may not think twice in throwing the public under the bus
The AI bubble makes the Dot Com bubble blush by comparison.
US GDP is $29 trillion. The Dot Com bubble wiped $1.78 trillion in value from the US stock market in 9 months, and had a lot of flow on effects to banking - ultimately the bubble cost about $5 trillion, had dropped the stock market 78% from its peak, and triggered a recession.
According to leading economists, the AI bubble is 17 times larger.
I believe the AI bubble today is in many ways worse than the Dot Com bubble of the 90s because we’re now so heavily reliant on technology for business, and so many major tech companies have invested heavily in AI, pretty much everyone has some exposure. A crash of the tech sector and multiple big names failing today would be just as bad economically as banks failing in the 90s.
If you think the US economy is somehow insulated by the wealth of the big tech companies… I strongly disagree. They borrow against their stock valuation, if their price dips a lot their lenders will be looking for loans to be repaid as their collateral has decreased. They are not too big to fail and when it pops they’ll cause a lasting recession.
It would be different if the rest of the US economy was booming, but all US economic gain in GDP over the last 5 years has been due to the AI bubble, take it out of the picture and you’re already in a recession. Add Trump as president and a Republican-led congress defunding so many US social support institutions and you may have a depression.
(Edited per user correction)
Well, at least hopefully we’ll see the Silicon Valley tech monopoly weaken a bit (but at what cost?)
Americans need to demand a better goverment, tho.
and triggered a recession that lasted most of a decade.
FALSE. Fake news. Please check your economic data before making a comment like that. Which fake news website did you go to that said there was a recession that lasted a decade because of the dotcom bubble? The recession after dot-com bubble burst lasted 8 months. Last time I checked, 8 months isn’t “a decade”.
Oh true, that was overstated based on a graph I misread. I’ve corrected my comment. Weird of you to lose your shit over one datapoint in a huge comment tho.
I look forward to watching the AI bubble pop, it’ll be great seeing a lot of people who think they’re really smart get a reality check.
Personal insults really indicate you know just how gravely ignorant and wrong you are. your entire conclusions based on false premises just don’t stand. Don’t let your feelings get in the way of FACTS. You can be better than this. Make that choice.
There are no personal insults in my comment. Hope you’re well 🍻
After so many years of financial education being “save early, save often” and “put your money in index funds to diversify” and “historically the US stock market has only gone up over long enough periods of time” there is a sizeable amount of retirement funds riding on this bubble. In the year 2000, the average 401k balance was a little under $60k (https://www.latimes.com/archives/la-xpm-2001-aug-14-fi-33836-story.html) and that has now ballooned to $326k (https://www.empower.com/the-currency/life/average-401k-balance-age).
The bailout will be sold as protecting retirement funds, even though the median 401k balance is far lower than the average and even though people nearing retirement should have a higher mix of bonds instead of stocks anyway.
They had record profits before the AI nonsense. Let them fail.
Who would we be bailing out? Isn’t the point of a bailout to keep the company/industry alive for the sake of the employees working in it? How many people do AI companies actually have that aren’t constantly replaced by AI? 🤔
The investors needs a bailout from their shitiness
Anyone invested in the stock market. Google and NVDA and TSLA alone are 20% of the S&P 500.
They definitely keep human CEOs. For some reason.
Tbf the few hundred thousand they laid off as a gamble to show their dedication were humans.
They should bail out people’s pension plans and let the fat cats fail. Most people would accept that and it would be good for the economy.
What’s a pension?
