… 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.
to be fair, we should not bail out ANY industry. if you fail at capitalism so bad you need a bailout- tough shit.
Bailout people, not companies
I feel like that depends on the industry and context. For example if say most of a specific industry is based in one or two areas and gets devastated by a natural disaster then fine. But if it’s just economic failure then they should be taken private with either the states or the feds getting controlling shares.
state control is actually “public” or “nationalized” right? - not to be confused with “publicly traded” which is not the same as “the public runs the business” (as it would if a state ran it, being comprised of the public)
Yeah every bailout should mean public ownership. It’s the taxpayers buying the company.
Yes though in this case I’m referring to the US political entities called states, IE California, Connecticut, Arkansas, Et Cetera. But yeah I do mean nationalized in effect, when I said take it private I mean the stocks get locked down and removed from the public stock exchange while leaving owned stocks somewhat unaffected. Mostly so things like employee stocks don’t get effected, CEO or ex CEO stocks would be nullified.