this post was submitted on 08 Jul 2025
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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.
The amount of power shareholders hold over every major (American) enterprise isn’t talked about in a way that presents a clear problem between increasingly expensive and shitty services, layoffs, anti-worker practices, political corruption and these shareholder groups. C-suite are part of this group but they’re also afraid of removal via hostile board takeovers and so easily justify acquiescing to shareholder demands. Perhaps it’s because the same investors hold the same sway over (American) media with the added benefit of using it to brand themselves as exceptional leaders. Lots to untangle there…
Sounds like some deliberately obscure concentrations of power.
The fear bit is really problematic though as scared people are not ideal decision makers.