Uh….well yeah.
Too big to fail is too big to exist. Break them up.
You speak the truth. These idiots sank trillions into a technology that people are very meh about. If it all comes crumbling down, they really, really have nobody to blame but their own greed.
They forced massive shifts across the economy and wasted massive resources chasing a speculative technology all for power. We all suffer because of this and the government refuses to deal with it because we elect business friendly, ambitious liars.
Too big to not let fail.
That was lesson.
I’m sure we managed to avoid learning it.
We all learned the lesson but the people who could implement the lesson refuse to because it isn’t to their personal advantage. We all know what the wise thing to do is but that would disempower some very rich and influential people who should never have been allowed to grow to be so influential over the state, aka us, that we can’t stop them from forcing us to pay for their speculative risk taking.
If an AI bubble pops, no one is getting out clean.
He means the taxpayers.
Privatize the profits, socialize the losses
“We should privatise service X so it’s more efficient” X collapses “We can’t afford to let X fail despite the fact that it ran at massive profits all the way to it’s collapse so we’ll bail it out” THEN WHAT WAS THE POINT OF PRIVATISING IT IN THE FIRST PLACE?!
You can take on the burden of running the thing and therefore the cost of making it public, or you can allow it to be private with the caveat that they must pay a substantial (enough for the government to not be at a net loss) tax as a kind of insurance in the event a bailout is needed, but don’t take on the worst of both worlds where the profits are private and the losses are public.
Let the taxpayers prop up failing companies. Corpo welfare is the good kind of welfare even though most of the money gets sucked up by the Executives and share buy backs.
At least China is right about not bailing out their companies when their own property bubble collapsed.
The bar can’t be “not as corrupt as America”. That’s not a bar, that’s the ground. They can and should do better.
Oh I’m not trying to defend or exalt China. I’m saying that we should be like China when it comes to dealing with billionaires. Or even better, be like Vietnam, when the court ordered a billionaire who defrauded thousands to pay in time or be executed.
Agreed.
The amount of bailing out should be inversely proportionate to the amount of people fired during record profits.
Was that a threat?
And I hope he wasn’t threatening everyone who participates in the global economy.
Lol that’s how I read it, or at least trying to suggest they’re in a Mutually Assured Destruction scenario.
“No bail-out, no economy” basically.
Was that a threat?
“Google might break! Please be careful!” - the threat of a good time.
What part of that article read like a threat to you lol
Wall Street didn’t learn from past events and is doomed to repeat history?
Shocking… /s
Oh, they learned. We thought them that no one will be accountable and that the greediest will be bailed out and continue to get richer and richer. We are keeping jackals in our house, and we are giving them a pat on the head and a tasty treat every time they bite our children.
Removed by mod
All reasoning must crumble before one prime directive: The richest can only get richer. No matter the cost.
They learn how to profit the next time.
they profit from every crisis already. can’t let a good one go to waste.
They’ve learned they can get away with it.
until the US regulates it’s financial markets for the common good like most of the rest, it will forever remain the country of shortsighted degenerate gamblers
[he] addressed the “immense” energy needs of AI, acknowledging that the intensive energy requirements of expanding AI ventures have caused slippage on Alphabet’s climate targets. However, Pichai insisted that the company still wants to achieve net zero by 2030 through investments in new energy technologies. “The rate at which we were hoping to make progress will be impacted,” Pichai said, warning that constraining an economy based on energy “will have consequences.”
We need “line go up” so badly, we’re willing to bake the planet.
“We will have to work through societal disruptions,” he said, adding that the technology would “create new opportunities” and “evolve and transition certain jobs.”
Someone once described AI as “a way for the wealthy to access the benefits of the skilled, without allowing the skilled to access the benefits of wealth”.
Oh the great technology god will help us. We will have so much reduction, you cannot imagine! We have no idea how but surely throwing money at it will get things done. Trust us!
Any economy or technology that can’t work within energy constraints doesn’t deserve to exist. For fuck’s sake, even Bitcoin adjusts difficulty down during its frequent crashes.
you’re kidding right?
those billionaites that gambled the US economy on an executive borwnosing machine will get a bailout paid by those who lost healthcare and can’t afford food. 2008 all over again.
We should improve society somewhat.
that sounds like antiameticamism and therefore legally making you a terrorist
I believe the French had a nice invention for that. And it’s not the ‘pain au chocolat’…
tbf the 40 years after the french revolution were called “the terror”
didn’t they ended up with an emperor?
we learned that violent revoluts without unity and theory will succeed in creating another unfair system.
Organise, join local groups, join those groups with other groups.
It makes more sense if you read it as a threat.
Let’s be very clear: Pichai is one of the Very Big Assholes whose name should be uttered in the same breath with Thiel, Altman, Zuckerberg etc.
He drew comparisons to the late 1990s Internet boom, which saw early Internet company valuations surge before collapsing in 2000, leading to bankruptcies and job losses.
“We can look back at the Internet right now. There was clearly a lot of excess investment, but none of us would question whether the Internet was profound,” Pichai said. “I expect AI to be the same. So I think it’s both rational and there are elements of irrationality through a moment like this.”
Equating the dot-com bubble with the internet. Only a $trillion company CEO could spout such bs. And the misinterpretation translates very well to AI.
Frankly, what I’m getting from this article is “Hey, we’re not the #1 in the current hype, so would everybody else please slow down a little so we’re all at least on equal footing again?”
And the idea that it could all burst, leaving not only Google/Alphabet utterly destroyed - don’t threaten me with a good time, Sundai!
AI winters and history repeating itself. As a concept it’s here to stay, but every incarnation leads to a cycle of misconception, hype, and disillusionment
This is a threat. They know that they’re using the stock market to fund their greed and that anyone with savings tied up there (Retirement funds that are invested in the market) will be on the hook. Plus the tax payer money they’re going to ask for because they’re “too big to fail”.
I was opposed to the bailouts in 08’, and I’m severely against any of these fuckers getting more resources to attack me. It’s absurd. What’s more absurd is that both aisles will support it, but Americans healthcare will be at 5k a month 😂〽️
Cleptocracy much?
Make no mistake. Just like the housing bubble of 2007 and 2008 there are people poised and ready to make tons of money off of the deflation of the AI bubble.
Jacked to the tits…
The money to be made is on predicting when, not it it’s going to burst. Otherwise we’d all be betting the house on it.
Actually it’s more about the how. The people betting against the housing market put their chips down as early as 2005. They just had to find a way to profit from it.
Interesting. And what was the how back then?
Let me fix that for you: “When an AI bubble pops…”
“if all you plebs don’t do everything in your power to keep pushing this this bubble higher, I’m going to make sure you all feel the pain.”
“I’m gonna take you all down with me!”
Then I’ll ask for a sweet socialist bailout while the rest of you enjoy rugged capitalism.
Translation: we juiced the bubble so good trying to make a trillion dollars that when it pops, the world economy is coming down with it.
More like we juiced the bubble so good trying to make a trillion dollars that you (world governments) better not let it pop.
Any company not using AI for anything will be pretty unaffected when this bubble pops.
except their employee benefits package is guaranteed to touch companies impacted by it.
Even if they don’t use AI, they probably trade with a company that does.
Good luck finding that in any large or even mid-size company. If you think you found one, good chance you probably just found one with a lot of Shadow IT and poor visibility.
Don’t worry, I’m sure there will be a huge government bailout that the people have no say in. Remember 2008? I don’t remember voting to give away piles of money to the bankers.
You know what Iceland did when there was suspicious investing and they had bank failures? They put the bankers in jail! What did we do? We gave them a bonus!
God bless America, because we’ll need it!
