Yeah, this is part of the new Reaganomics I like to call AIconomics. The goal isn’t to produce a good product, the goal to make something flashy that tech billionaires want to throw cash at. It’s not unlike crypto. Crypto has literally no actual value yet people are shitting money into bitcoins of every type in hopes that one will hit it big. Meanwhile tech billionaires keep minting new ones to entice new suckers every other week. The tech billionaires want you hooked on AI so you’ll give up your private info that they can sell to each other so they can cash in, the software companies are investing their time and resources into making AI LLMs in order to get tech billionaires to give them money. It’s a viscous capitalist circle. Only thing that will stop it is heavy regulation. But with Republicans in charge that will absolutely never happen. Trump practically made his entire cabinet out of billionaires and corporate shills. And too many Democrats gave them the thumb up, so don’t count of Dems doing a whole lot to stall the big tech chokehold on everything either.
There’s been investment bubbles, overshooting and disingenuous rent seeking in many economies before. It was temporarily reduced in many western economies by various FDR type policies in the '30s-'60s. The '70s and '80s were just the banks wresting back their freedom to implement market “rationality”. And we get the benefits ever since.
People do keep voting for it though so it is hard to argue they’re not satisfied. Even the ones who protest vote don’t seem to see the “investment” markets as any part of the problem; or as important at all. That’s either some pretty effective demagoguery, or some dumb fucking electorate.
Yeah, this is part of the new Reaganomics I like to call AIconomics. The goal isn’t to produce a good product, the goal to make something flashy that tech billionaires want to throw cash at. It’s not unlike crypto. Crypto has literally no actual value yet people are shitting money into bitcoins of every type in hopes that one will hit it big. Meanwhile tech billionaires keep minting new ones to entice new suckers every other week. The tech billionaires want you hooked on AI so you’ll give up your private info that they can sell to each other so they can cash in, the software companies are investing their time and resources into making AI LLMs in order to get tech billionaires to give them money. It’s a viscous capitalist circle. Only thing that will stop it is heavy regulation. But with Republicans in charge that will absolutely never happen. Trump practically made his entire cabinet out of billionaires and corporate shills. And too many Democrats gave them the thumb up, so don’t count of Dems doing a whole lot to stall the big tech chokehold on everything either.
Check out enshittification and the rot economy. I feel like those two terms encompass pretty much what we are seeing these days
There’s been investment bubbles, overshooting and disingenuous rent seeking in many economies before. It was temporarily reduced in many western economies by various FDR type policies in the '30s-'60s. The '70s and '80s were just the banks wresting back their freedom to implement market “rationality”. And we get the benefits ever since.
People do keep voting for it though so it is hard to argue they’re not satisfied. Even the ones who protest vote don’t seem to see the “investment” markets as any part of the problem; or as important at all. That’s either some pretty effective demagoguery, or some dumb fucking electorate.