The AI bubble is the only thing keeping the US economy together, Deutsche Bank warns: When the bubble bursts, reality will hit far harder than anyone expects https://www.techspot.com/news/109626-ai-bubble-only-thing-keeping-us-economy-together.html
@JamesHMcLaren @nixCraft This is Deutsche Bank, though, the same people who kept lending to their worst borrower even after he defaulted on 100s of millions of previous loans. In fact, the AI bubble pop will be a boost for the economy as experienced by most people—AI investments create remarkably few jobs, and have been crowding out other uses of capital that would have resulted in more hiring
https://www.propublica.org/article/trump-inc-podcast-deutsche-bank-donald-trump
@dmarti @JamesHMcLaren @nixCraft
I want you to be 💯 correct! 🙏🏽🙏🏽
@JamesHMcLaren @nixCraft if you look at the Shiller PE/10 we are headed for another crash like the dot com and 08 housing bubble
https://www.multpl.com/shiller-pe
I wonder how much it’s gonna cost the taxpayer to bail out the billionaires this time.
@MissConstrue @JamesHMcLaren @nixCraft my take as well, maybe worse as so much is vapor. I dont think well see depression per se. But as the pain wont be evenly distibuted for many it wint ve any different.
@RevXenoFact @JamesHMcLaren @nixCraft
I don't think we're looking at 1929...because I think it might be worse.
In 1929, a lot of families had gardens. Backyard chickens were not uncommon. There were local farms in every region that supported agriculture. There were local dairies in most regions.
What stopped large scale famine from happening was that we had an internal food production system that was localized.
We do not have that now. With TrumpTax (tm) tariffs, food is a significant cost for most Americans. Some economists are putting it at near 30% of income for poverty level earners.
If we have a major crash, there will be widespread hunger and we have no policies in place to manage that, now that they burned all the usaid food and dismantled the agency.
This country is already on the tipping edge of falling into serious chaos, an economic crash will push it over.
I just hope Bob returns in time for me to leave. ;)
@MissConstrue @RevXenoFact @JamesHMcLaren @nixCraft Grow your own food. Get your neighbours to grow food, your street, your suburb.
@MissConstrue @RevXenoFact @JamesHMcLaren @nixCraft how tf would the USAID (The United States Agency for INTERNATIONAL Development) affect domestic food shortages??? 🤦♂️
@MissConstrue @RevXenoFact @JamesHMcLaren @nixCraft We'll just eat all those soybeans 😋
@jack @MissConstrue @RevXenoFact @JamesHMcLaren @nixCraft Just like how in The Grapes of Wrath everyone just ate all the extra food the farms had!
@JamesHMcLaren @nixCraft @hacks4pancakes also keep in mind that folks are using margin back by NVIDIA to buy crypto. The unwinding is going to be worse than 2008
@JamesHMcLaren @nixCraft
AI has huge value. It's good enough to replace a lot of low skilled office labor. It's already replaced huge swaths of content creation. While today it is not good enough to replace skilled workers, it is good enough to seriously delay hiring. It's going to push junior programmer salaries down, way down. Or move them to cheaper countries. Your kids are going to love #ai generated music, art, and video.
@JamesHMcLaren @nixCraft that's just completely absolutely untrue, I'm sorry, but.. https://infosec.exchange/@codinghorror/115279710966598019
@codinghorror @JamesHMcLaren @nixCraft Lol, bookmarking that thread for posterity. Let's see how you feel in 6 months.
@mikemccaffrey @JamesHMcLaren @nixCraft I'll take that bet, but the bigger variable is all the OTHER ways the current adminstration is gonna fuck shit up.
@JamesHMcLaren @nixCraft Didn't we hear exactly the same about the internet? 🤔