“I hope my apartment building burns down because I don’t like the people who live in the penthouse. Even though they have a helicopter on the roof and will just fly away, leaving everyone else, including me, inside to burn.”
AI is the entire world’s economy. No one is walking away from this unscathed, except the extremely wealthy who built the bubble or like, the bottom 1% economically who have already have nothing. The rest of us will be joining them. I’m not sure why so many people are excited for this, unless you like eating cat food and think retirement is overrated.
This is a 88 page report on what a bubble actually is (Spoiler: It doesn’t mean AI or “big tech” or billionaires stop existing or suffer any consequences). Please read it and stop ignorantly cheering on large scale human suffering. Or just look at the section titled “NEGATIVE WEALTH EFFECTS AND IMPACTS ON WORKING FAMILIES.” At the very least, read the summary, that alone should be enough to keep everyone awake at night.
AI is already having negative impacts on working families. It’s sucking up a huge portion of the money in the economy, and the money is being spent on things that produce very few jobs (data centers). The stated goal of these companies is to reduce jobs, increase surveillance, and to make the war machine more deadly. Some state there’s a good chance what they’re actively working toward will destroy humanity. Some believe one company will create an ASI, starting the technological singularity, which will concentrate immense power into that single company that beats everyone else to it. Arguably, an AI crash is preferable to an AI “success.”
Read the report I linked. This is going to be the worst financial crisis in history, and it’s going to take the entire world down with it. Are you over 12 years old? Do you have a job? Do you have a 401k or a pension? No one is disconnected from the U.S. markets.
I’m so tired of financially illiterate people cheering about the markets crashing or vilifying “shareholders” without realizing that that is YOU. Unless you’re a subsistence farmer in rural China or live in a commune, you are dependent upon - probably directly invested in - the markets and going to lose everything.
You’re too close to arguing that even more investment needs to be made in the sector. Stopping new investments makes the bubble pop less bad because the less new investment the less inflated the bubble. “Cheering” for a quicker end is cheering for a smaller impact. The overinvestment affects all of our lives, and access to technology.
And how exactly did AI become the worlds economy? Oh right, by becoming a bubble. We wouldn’t be in this situation if there was no bubble. It wouldn’t be the worlds economy if it had popped sooner. And you’re here telling us we should let it become even bigger because if it pops now it’s going to suck ass. It’s going to suck even more ass later because it will be an even bigger part of the worlds economy and there’s no scenario where it won’t pop. There’s no riding it into some kind of an economic boom that offsets all the fucked up speculations the ultrawealthy have done. The sooner it pops the better is it for all us because while we’re now stuck with it our pain will be less today than it will be tomorrow.
And just as a reminder, the longer it continues the more data centers get built and the more natural resources get sucked up into this bubble and the worse the living conditions get for the people that are forced to live around those data centers. Even if it somehow magically doesn’t pop our lives will still be worse off for it.
I’m not suggesting we “let it get bigger.” My point is that it’s naive and cruel to be excited about it. There’s no solution to this. The ship is sinking. We’re all doomed. But guess what? The people everyone is giddy about punishing have access to the life boats. We’re cheering for the ship we’re on to sink, and we’re the ones going down with it. It’s absurd.
Again: The tech isn’t going away. The billionaires aren’t going away. Your job, your savings, your retirement, your future… those are the things that are getting obliterated. There’s nothing to celebrate here.
Where did you see the cheers? Maybe we’re waiting for the nightmare to end. It won’t be a pretty end but at least it’ll be an end and we can start salvaging what remains of our lives instead of still sitting in this insanity.
I’m not sure how else to interpret “pls let today be the day” other than excited anticipation. Maybe I’m misinterpreting, and you’re right, and everyone is just saying “rip the bandaid off.” But across social media I frequently see “bubble pop when?!” type comments which I always read as something like, “Can’t wait for the bubble to pop so…” either, “this dumb tech goes away.” or “big tech gets what’s comin’ to them!” Neither of which will happen.
Also, I know I’m just repeating myself here, but I have a lot of anxiety over this and I think it’s going to be more like a beheading than a bandaid-rip. After all the dominoes fall, I’m not sure there will be anything left to salvage.
This is an interesting report, although the authors are cautious, the data they present is damning, it’s clearly a “when” not an “if” because none of the conditions to regulate and cool down the sector will happen, even if dems flip the midterms. Yes we’re screwed but when the building burns down I’m confident this time we’ll knock on the doors of those bunkers with pitchforks. Sooo since it’s inevitable, telling people they are stupid for wishing it is even more stupid, better get done with it already. Please add another zero
I think the majority already understand that. I’m not looking forward to seeing my retirement account and investments fall off a cliff and not come back up for years. But since we’re already in a bubble that will violently pop, people would rather get it over with sooner than later.
Again I really encourage you to check out the report I linked. It’s about 50 pages of actual reading but it’s worth it. Every paragraph is damning. We are completely screwed. I don’t think it will recover within our lifetime. GenX, Millennials, and probably even the older half of GenZ will never be able to retire.
As I said above, I don’t think there’s a solution. I know we’re doomed. I’m not suggesting anything. My initial point was only that it’s foolish and mean to cheer on the pop, because it doesn’t mean what a lot of people seem to think it means.
Saying “Can’t wait for this to pop!” to me reads like, “I can’t wait for millions of people to have their lives ruined while governments divert all our funds to billionaires as they fly off to their islands to watch the hunger games.” The only people who are going to be hurt when everything collapses is us.
Also fwiw the report does have a “What we can about this” section, outlining what they think needs to be done to contain the fallout before it swallows everyone. That’s kind of the real point of the document: “Here’s 50 pages on how this is about to destroy the life of every living person. Here’s how policy makers and business leaders can soften the blow.” But it’s all recommendations for government regulations, “no bail outs,” and sound economic advice for the bubble-blowers. So, none of that is going to happen.
The schadenfreude is a lot less schadenfreude’ey when you’re cutting off your nose to spite your face. The Bad Guys aren’t going to suffer here. They never do. The people naively excited for this are the ones that are going to get hurt the most.
“I hope my apartment building burns down because I don’t like the people who live in the penthouse. Even though they have a helicopter on the roof and will just fly away, leaving everyone else, including me, inside to burn.”
AI is the entire world’s economy. No one is walking away from this unscathed, except the extremely wealthy who built the bubble or like, the bottom 1% economically who have already have nothing. The rest of us will be joining them. I’m not sure why so many people are excited for this, unless you like eating cat food and think retirement is overrated.
https://www.openmarketsinstitute.org/publications/report-brace-for-impact-protecting-people-and-the-economy-when-the-ai-bubble-burst
This is a 88 page report on what a bubble actually is (Spoiler: It doesn’t mean AI or “big tech” or billionaires stop existing or suffer any consequences). Please read it and stop ignorantly cheering on large scale human suffering. Or just look at the section titled “NEGATIVE WEALTH EFFECTS AND IMPACTS ON WORKING FAMILIES.” At the very least, read the summary, that alone should be enough to keep everyone awake at night.
AI is already having negative impacts on working families. It’s sucking up a huge portion of the money in the economy, and the money is being spent on things that produce very few jobs (data centers). The stated goal of these companies is to reduce jobs, increase surveillance, and to make the war machine more deadly. Some state there’s a good chance what they’re actively working toward will destroy humanity. Some believe one company will create an ASI, starting the technological singularity, which will concentrate immense power into that single company that beats everyone else to it. Arguably, an AI crash is preferable to an AI “success.”
Fuck you, no it’s not. It’s the stock market, which is not the same as the economy.
And AI isn’t propping up the actual economy. If anything, LLM’s have been dragging the economy down for years
Read the report I linked. This is going to be the worst financial crisis in history, and it’s going to take the entire world down with it. Are you over 12 years old? Do you have a job? Do you have a 401k or a pension? No one is disconnected from the U.S. markets.
I’m so tired of financially illiterate people cheering about the markets crashing or vilifying “shareholders” without realizing that that is YOU. Unless you’re a subsistence farmer in rural China or live in a commune, you are dependent upon - probably directly invested in - the markets and going to lose everything.
Most young people don’t have retirement savings, so they don’t really care about your 401k or pension.
You’re too close to arguing that even more investment needs to be made in the sector. Stopping new investments makes the bubble pop less bad because the less new investment the less inflated the bubble. “Cheering” for a quicker end is cheering for a smaller impact. The overinvestment affects all of our lives, and access to technology.
And how exactly did AI become the worlds economy? Oh right, by becoming a bubble. We wouldn’t be in this situation if there was no bubble. It wouldn’t be the worlds economy if it had popped sooner. And you’re here telling us we should let it become even bigger because if it pops now it’s going to suck ass. It’s going to suck even more ass later because it will be an even bigger part of the worlds economy and there’s no scenario where it won’t pop. There’s no riding it into some kind of an economic boom that offsets all the fucked up speculations the ultrawealthy have done. The sooner it pops the better is it for all us because while we’re now stuck with it our pain will be less today than it will be tomorrow.
And just as a reminder, the longer it continues the more data centers get built and the more natural resources get sucked up into this bubble and the worse the living conditions get for the people that are forced to live around those data centers. Even if it somehow magically doesn’t pop our lives will still be worse off for it.
I’m not suggesting we “let it get bigger.” My point is that it’s naive and cruel to be excited about it. There’s no solution to this. The ship is sinking. We’re all doomed. But guess what? The people everyone is giddy about punishing have access to the life boats. We’re cheering for the ship we’re on to sink, and we’re the ones going down with it. It’s absurd.
Again: The tech isn’t going away. The billionaires aren’t going away. Your job, your savings, your retirement, your future… those are the things that are getting obliterated. There’s nothing to celebrate here.
Where did you see the cheers? Maybe we’re waiting for the nightmare to end. It won’t be a pretty end but at least it’ll be an end and we can start salvaging what remains of our lives instead of still sitting in this insanity.
I’m not sure how else to interpret “pls let today be the day” other than excited anticipation. Maybe I’m misinterpreting, and you’re right, and everyone is just saying “rip the bandaid off.” But across social media I frequently see “bubble pop when?!” type comments which I always read as something like, “Can’t wait for the bubble to pop so…” either, “this dumb tech goes away.” or “big tech gets what’s comin’ to them!” Neither of which will happen.
Also, I know I’m just repeating myself here, but I have a lot of anxiety over this and I think it’s going to be more like a beheading than a bandaid-rip. After all the dominoes fall, I’m not sure there will be anything left to salvage.
This is an interesting report, although the authors are cautious, the data they present is damning, it’s clearly a “when” not an “if” because none of the conditions to regulate and cool down the sector will happen, even if dems flip the midterms. Yes we’re screwed but when the building burns down I’m confident this time we’ll knock on the doors of those bunkers with pitchforks. Sooo since it’s inevitable, telling people they are stupid for wishing it is even more stupid, better get done with it already. Please add another zero
I think the majority already understand that. I’m not looking forward to seeing my retirement account and investments fall off a cliff and not come back up for years. But since we’re already in a bubble that will violently pop, people would rather get it over with sooner than later.
Again I really encourage you to check out the report I linked. It’s about 50 pages of actual reading but it’s worth it. Every paragraph is damning. We are completely screwed. I don’t think it will recover within our lifetime. GenX, Millennials, and probably even the older half of GenZ will never be able to retire.
Say we did read that report. What is the alternative to the bubble pop? What are you suggesting be done instead or to mitigate the fallout?
As I said above, I don’t think there’s a solution. I know we’re doomed. I’m not suggesting anything. My initial point was only that it’s foolish and mean to cheer on the pop, because it doesn’t mean what a lot of people seem to think it means.
Saying “Can’t wait for this to pop!” to me reads like, “I can’t wait for millions of people to have their lives ruined while governments divert all our funds to billionaires as they fly off to their islands to watch the hunger games.” The only people who are going to be hurt when everything collapses is us.
Also fwiw the report does have a “What we can about this” section, outlining what they think needs to be done to contain the fallout before it swallows everyone. That’s kind of the real point of the document: “Here’s 50 pages on how this is about to destroy the life of every living person. Here’s how policy makers and business leaders can soften the blow.” But it’s all recommendations for government regulations, “no bail outs,” and sound economic advice for the bubble-blowers. So, none of that is going to happen.
Foolish, sure, but you understand that the cheering is against the rich people, right? Like maybe by people don’t own stocks?
Uh, read the room. This is the “fuck AI” comm. People are mad for a variety of reasons and we want schadenfreude, if not guillotines!
No no. I also want guillotines.
Both would be preferred
The schadenfreude is a lot less schadenfreude’ey when you’re cutting off your nose to spite your face. The Bad Guys aren’t going to suffer here. They never do. The people naively excited for this are the ones that are going to get hurt the most.