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Who would vote for it other than Sanders?
Dems are as deep in the tank for the AI companies as any Republican.
First of all, fuck no. Remove all of the AI companies. Now. Secondly, this will guarantee they become “too big to fail”. Like, it feels as if they’re purposefully doing this to make it palatable to bail them out.
I think the intention is to get the profits of automation to the people when more jobs are inevitably automated.
It is, but unintended consequences.
With this, then we couldn’t afford Sam Altman to experience failure because he will drag folks down with him. So the companies invested become too big to fall, and the still private leadership gets to run things however they wish knowing the government will cover for any mistakes.
It’s bad enough as the government will panic about retirement accounts when they falter, this exacerbates it.
It’s a risky form of private-public partnership, with a lot of ways the company can privatize rewards but socialize the risk.
Why does it matter that Altman fails when there are so many other companies waiting to take their place?
Because in this scenario, taxpayer money has been tied into the “winners” already. So that company eager to take his place? Well, that’s bad news because the taxpayer fund already picked his company to be the right answer. So we want to prop up Altman and discourage that upstart that might disrupt this theoretical fund.
Same reason why OpenAI was pushing for regulation that they get to shape. Easy for OpenAI to navigate, hard for newcomers to get going.
it actually creates symetry for risk/reward, but it does incentivize giving skynet contracts with argument that people get 50% of the proceeds from skynet abuse.
Doesn’t really create symmetry for risk/reward, because, for example, the corporate leadership decides how much to pay out to investors versus how much they spend including a lot of their own compensation.
So they can carve out the reward as they see fit, but if things go bad they can lean on the public investment as leverage to get bailouts.
This feels like a setup to the biggest rug-pull in history. The whole thing is going to shit and the taxpayers will be holding the bags.
I think it makes sense. The bill will be paid off from taxes, so it makes sense that the bailout comes with company stock transfer to workers.
It’s fair for many reasons. One of them is that billionaires and corporations don’t pay taxes.
What about, instead of 50%, make the bailed out company be 100% owned by the people - not the government, the people.
By the time the public own it, it will be a liability, not an asset. I’ve seen my government purchase a telco’s entire infrastructure only to immediately write it off.
Just set it on fire already.
yep lol and thats how it will work. we’ll get a bunch of data centers with a 5 year lifespan and 30 years of debt strapped to them.
Bruh they are working on deregulating debt swaps so they can hide how much leverage is going into these build outs. Trillions of dollars of data centers with mortgages and rent to own NVDA chips. its looking like the greatest scam of all time rn.
These AI companies rushing to do IPOs so the public’s retirement account index funds can buy them up and take the loss for them, too.
These people need to suffer real consequences.
well said. The problem is they are overvalued anyway… so we take half of a trillion dollar company that only worth 30% of that number, so we take a big ass loss. unless we are just straight up taking half and there’s no compensation provided. can’t imagine the SRCOTUS riding with that policy.
Always seeing these kinds of messages and kinda curious, I guess you mean LLMs with all AI and not truly all ai? Cause there are a lot more stuff under that umbrella term thats super useful for example in medicine etc
Yes, LLMs, the article refers to it in that manner so I did too.
50% might have been a fair cut if they actually asked for permission up front,but they didn’t. Everything made by AI is fruit if the poison tree and should be something equal to public domain.
50% seems very low. They created these companies by scraping and pirating information.
50% means that they just need to fool a few people to get what they want. Imo it should be more like 90% public with a requirement that all services must be provided for free.
When I found out what it meant when other countries have sovereign wealth funds…
I have no idea how most people in America keep convincing themselves they’ve somehow got a good deal.
How about a 50% stake in all companies valued over 5 billionaire dollars.
Pretty horseshit to act like they trained AI on only American data so only Americans should benefit.
What about the literal entire rest of the world? They get nothing right?
Just another example of America exploiting the world for their own benefit. Even the good ones are so corrupted by their system that they do it without realizing.
I don’t think these companies are worth the value of the paper that their charters are written on. I don’t think many of them are going to last much longer, but he might actually be on to something here in terms of diffusing a massive financial fraud that’s about to happen in broad daylight.
The common wisdom right now is to just “put your money in an index fund, it’s safer and outperforms actively managed portfolios.” Which is to say, a fund that just buys a little bit of everything from a given list, rather than trying to pick stocks that someone thinks will do well, it creates a very diversified portfolio that is protected from anyone company fucking up by having the value spread over as many things as possible. Because many people just put their money in index funds now, getting listed in an index kind of guarantees that lots of people will be buying the shares consistently and thus consistently causing the price to rise over time.
To get in to these lists, normally, a company has to have been public for a while, generally about a year, and show profitability for a prolonged time. These rules have recently been changed though.
A bunch of the AI companies are doing initial public offerings (IPO meaning putting their shares on the public markets for the first time) in the next few months. And stating absolutely insane valuations. Because of the rule changes, they’re basically all getting immediately listed in index funds. And since they’re all targeting insane valuations, they’re going to automatically suck up a bunch of retirement money by default.
I’m not sure about anthropic and openAI on this next part, but SpaceX (which just “bought” Xai), is only going public with about 5% of it’s shares, so theoretically they can just trickle more shares on to the market to get bought up by index funds, and because supply of actual shares is artificially constrained, it will lead to massive overvaluation of those shares, taking up a disproportionate amount of money going in to index funds.
It’s actually fucking criminal that this is being allowed to happen, but because the rules for index funds and IPOs are set by financial institutions and stock exchanges, with very limited oversight by the government, they can just do this.
If the government were to take these 50% shares, it would kind of throw a wrench in the plans, since it would give the government the ability to sell those shares on to the market and stop the over valuation that allows them to take disproportionately from the index funds.
If this ever passed, I bet we’d see a pretty quick devaluation in these things.
I’m okay with that. The bubble is going to burst eventually.
The biggest flaw, aside from it having to succeed in our corporate owned Congress, is that it would require these companies to actually make money, and based on the technology we have today, that seems unlikely to happen anytime in the next decade. At least not without some major technological breakthrough. But it’s better than nothing I suppose.
50% too low.
Wouldn’t this make everyone interested in the bad business practices that would increase the profits?
check my math:
0.5 x 0 = 0
I see what you’re going for, but… No thanks.
This kind of bill is the only way we ever get any kind of UBI and the closest thing to taxes these companies ever pay.
I forget how pro state people are on here sometimes. Is no one concerned what the fascist government will do with that stake?
The fascists currently own that stake anyway, what’s the difference?
I mean they own way too large of a stake but a big portion is mutual funds currently. If we just transfers the fascists stake to the government it’d be a wash to me
americans arent being honest with themselves about how bad the state of their nation is in.
