Seems like this is going to add napalm to the incipient fire, because now investors know they are deep deep into the red. Before it was all theoretical. Just like when Bear Sterns tried to bail out its hedge funds and then got sold to JP Morgan at fire sale price.
"What I discovered, though, is that behind all these small complaints, there’s something much more serious. Roy Lee is not like other people. He belongs to a new and possibly permanent overclass. One of the pervasive new doctrines of Silicon Valley is that we’re in the early stages of a bifurcation event. Some people will do incredibly well in the new AI era. They will become rich and powerful beyond anything we can currently imagine. But other people—a lot of other people—will become useless. They will be consigned to the same miserable fate as the people currently muttering on the streets of San Francisco, cold and helpless in a world they no longer understand. The skills that could lift you out of the new permanent underclass are not the skills that mattered before. For a long time, the tech industry liked to think of itself as a meritocracy: it rewarded qualities like intelligence, competence, and expertise. But all that barely matters anymore. Even at big firms like Google, a quarter of the code is now written by AI. Individual intelligence will mean nothing once we have superhuman AI, at which point the difference between an obscenely talented giga-nerd and an ordinary six-pack-drinking bozo will be about as meaningful as the difference between any two ants. If what you do involves anything related to the human capacity for reason, reflection, insight, creativity, or thought, you will be meat for the coltan mines."
What people really think about Silicon Valley. Not so fun to devalue people now is it? Tech is biggest group of assholes.
It's all about the pathetic rationalization we have placed on greed and profit. We can make millions redundant with AI and still have a social safety net that keeps society stable and healthy.
But no, that wouldn't be "fair" to the people who generate millions of net worth every 5 minute.
Billionaire fortunes have grown at a rate three times faster than the previous five years since the election of Donald Trump in November 2024. While US billionaires have seen the sharpest growth in their fortunes, billionaires in the rest of the world have also seen double digit increases. The number of billionaires has surpassed 3,000 for the first time, and the level of billionaire wealth is now higher than at any time in history. Meanwhile, one in four people globally face hunger.
https://www.oxfam.org/en/resisting-rule-rich
And I believe this is useful and thought-provoking reading in this context of how unbridled Capitalism is exacerbating the divide between the rich and the poor, the haves and have nots.
Wage slavery: The illusion of freedom: Exploitation Under Capitalism: Marx’s Analysis of Labor and Profit:
And no, the solution to the problems are not blind unchecked communism (which itself leads to fascism), but perhaps some more ethical & humane methods are needed for an overhaul of world society, and economic & geopolitical regimes.
If you could confiscate 100% of the assets of every billionaire in the country, and sell all of them for market rate without putting any downward pressure on prices at all, that sum would not fund 10 months of the federal government's current spending levels, and even less if you wanted new programs.
If you cured 100% of all cancer it would only reduce US deaths by 20%. Clearly we should conclude that cancer isn't a problem and isn't worth curing, and also that heart disease and unintentional injuries and so on are also not problems and also not worth trying to fix.
They invented a dumb fix and complained that it wasn't good. Or, since we're being artistic in this thread: pulled a straw man out of their ass and complained that it smelled foul.
I did the same with cancer/mortality to demonstrate the same trick in a setting where its flaws were more obvious. It's true that I said the quiet part out loud in a way that the post I was mocking did not, but the quiet part is especially important to debunk so I make no apology for doing so.
Once we did that we'd have a lot less personal influence over that spending budget, at least.
But focusing on current assets and not accumulation of wealth is misleading. You'd also have to allocate the ongoing wealth accumulation to get a better sense of things.
You could make 900 people go from billionaires to high net worth individuals and nearly fund the exorbitant spending of the US government that directly supports 330 million people for a year.
I think you might be overselling how good that is.
Trump has added 2 trillion (unilaterally and illegally) to the debt with today's Supreme Court decision, while giving huge tax breaks to the wealthy.
The Republican policy for 40 years had been to create unsustainable and unworkable Federal government funding/spending instead of to work to creating a working, fiscally sane Federal government. It's hard to build a working government in a two party system when one side is malicious/duplicitous.
While ICE is the most well-funded law enforcement agency in the entire country now, their budget is still really just a drop in the bucket, and wouldn't make a meaningful difference in the fiscal picture. In fact, you could not only defund ICE, but the entire US armed forces, and that still wouldn't even eliminate the deficit - we'd still need to borrow over a trillion dollars a year.
That said, I'm all for the peaceful, lawful, orderly dissolution of as many federal government agencies as we can agree on dissolving. My preference would be "all of them", but I have no problem starting with ICE and revisiting the rest later :)
Someone did a calculation using heat generated - energy usage (which is ultimately the base cost of the universe) - and the human brain and body is just incredibly most cost efficient than how we're doing AI. So for basic tasks it's just absurdly expensive to be using AI instead of a human.
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