It is ‘nearly unavoidable’ that AI will cause a financial crash within a decade, SEC head says::undefined
So do I collect my economic Bingo winnings after the 4th or 5th major crash of my adult lifetime?
You win the chance to afford to eat human or expired cat food you found on the body of someone you shot over a pair of worn boots.
I’m afraid your bingo winnings are going to be confiscated by the government in order to pay for more golden parachutes for the CEOs whose decisions led us here.
Bears have predicted 100 of the last 3 market crashes
This meme gets funnier and funnier every time I read it!
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And then we finally eat the rich, right?
Sorry, the best we can do is a small marginal tax increase on income over $1M and a 50¢ bump to the minimum wage.
Better spread out that wage increase over a reasonable period of time, like 10-25 years. Wouldn’t want to burden the precious job creators out there.
/s
50¢? Whoa now you arent trying to send us down the road of commies now are ya?
Better cut that raise in half at least
But, you know, after the economy revives by state simping for the private banks, maybe we’ll discuss it then
Well if we can’t tax 'em we could always literally eat them, and if we can’t afford food thanks to them killing the good paying jobs then maybe we will just have to eat them literally if we can’t tax them properly.
Fuck Gary Gensler. Dude tries to influence the market just to line his own pockets.
He should not be the head of the SEC.
Market manipulation? SEC should investigate him
Would you mind furnishing that statement with some links, articles, or some info to back it up? Iirc he’s ex-Goldman Sachs but he seems to be making moves that hedge funds / market makers do NOT like. Vs the previous guy who just let them do whatever they wanted.
If you want to see the actual baddies, look at the ‘self regulating’ agency which has gone to great lengths to hide swap data, and the company which enforced ‘position close only’ on a large number of stocks (kicking off the infamous GME saga). Hint: it wasn’t Robinhood. Robinhood was just one of many brokers who were instructed to set multiple stocks (not just GME) to ‘position close only’ aka no buying, only selling.
That is the job description of any regulator.
“Line your pockets with money from the people and entities you are supposed to reign in to protect the rest of the people who are subject to their actions so that your benefactors can prey on them.”
They’ve been fucking with automated trading for decades though, unless you’re going to try to convince me that there’s a human investing in a trillionth of a company for a hundredth of a second at a time.
It’s already caused “flash crashes” before. https://en.wikipedia.org/wiki/2010_flash_crash
The idea of investing in companies because you believe in them and want a share of their profits is sound enough I guess, but what it’s morphed into is nonsense. The result is a system where you have trillion dollar companies that never actually turn a profit in favour of “growth”.
The crash is already in motion and it was not AI that caused it. This is just getting us ready for who to blame when it crashes.
Many stocks have been far oversold and there is no way to reset it without the rich losing it all.
This is how they will reset it and protect the rich.
Is this before or after it destroys the economy for everyone but the super rich by replacing them and making them compete for fewer and fewer scraps? Sorry, there will be lots more new jobs created by AI probably, like AI wrangler, AI safety consultant and the like. Probably.
I always have a laughing fit whenever I see “Prompt engineer” used unironically in a job posting on LinkedIn.
I also think the term is granted way too much prestige, but a bit over a decade ago people also laughed at the notion of “Social Media Manager” being a real, high paying job
Who knows where this stuff will go
Even today the term Social media manager is still conflated with graphic designer, sales representative, customer information management, publishing, copywriter, photographer and creative writing, all the time.
I just applied for a Prompt Engineer job last week!
Honestly, it’s a legit position. Maybe not something that will last a long time, but to do it well you need to know what prompts to give.
The average person might put “cat on a speed boat” whereas someone’s job would need to know what “bokeh” is, what kind of camera lens you want to simulate with what F-stop, know the rule of thirds, negative space, etc.
The problem is whether someone is willing to pay for that extra knowledge or get their nephew to pump something out on their iPhone then say it’s good enough.
I have… feelings about LLMs being the big thing in AI/ml right now… because its really not much new. Maybe the transformer model kind of but ultimately LLMs are massive supervised learning neural nets trained on obscene amounts of data. And then other models use that pretrained “foundational model” to work and just tune their parameters. Which is why prompt engineer is becoming a thing.
Corpos are playing by the book here and trying to extinguish any competition before it begins by having people rely on their “foundation” models instead of innovating their own solutions
How many tutorials can you find for implementing LLM NLP tasks that dont include “import this model from X company” id wager its only maybe 33%
Part of what makes localized model engines and custom ML chips interesting is precisely their ability to enable small custom local models. Right now LLMs require so much computational power and massive amounts of data to be trained and operate that even the most expensive options lose money with every prompt query.
So, the reason every tutorial starts with “download this model”. Is because there’s a good chance you don’t have the hundreds of super computer cluster chips and the several hundreds of exabytes of scrapped and curated data needed to train a natural language processing model. There’s a reason there are only big players in this game.
Facts.
Even if you could design your own model… How do you acquire a dataset even a fraction of the size those pretrained models from the corps.
Then how do you train the model in a reasonable time. Other than relying on cloud computing which leads to the same problem of only corps can play this game properly right now.
I designed and collected/labeled the data for a relatively small deep CNN for my masters thesis and training it on 60000 images was taking over a dozen hours (this was 5 years ago at this point so that part may be misremembered) on a 1080ti.
Pretty sure that crash is more the fault of the greedy shits who think it’s normal for 4 folks to own 50% of the country while 50% owns 2% of the country. Don’t need AI to tell you that system isn’t sustainable.
Good, let it all collapse. I want to see the 1% shit themselves before climate change kills them.
That’s not who suffers most in financial collapse.
Bingo. The super-rich love a financial collapse, it gives them a golden opportunity to turn disaster capitalist. All those foreclosed homes & businesses available at a knockdown price, nom nom nom.
I need to get off lemmy. Too many teenagers on here with their "burn it all down"s and "trust me, I have a super easy solution to a giant complex problem that has been plaguing humanity for generarions"s and "the bad guys are actually good guys, lol I’m so edgy"s
now now, no need to be dismissive of other age groups in this matter. I’m sure there’s plenty of non-teenager people that think the same way too. on the internet, nobody knows you’re a 74 yr old extremist
Is this suddenly a teenager platform whenever you want to infantilize the ones you disagree with?
No? It’s…just always a teenager platform? It’s not like the users change age from day to day.
Except for the fact that people literally do change age from day to day. Another day older.
Holy fuck, the level of immaturity and pedantry was even greater than I could have anticipated. Well done, you have out-teenagered yourself.
The only immaturity I see is the person throwing around ageist ad hominems in response to someone making a joke.
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So, how do we engineer a situation in which the richest suffer most? End of capitalism?
Greatly increasing taxes for the super wealthy and closing tax loopholes would be a good start.
If they haven’t done all this until now, what makes you think they’ll do it then?
The rich will get off unscathed with a blank canvas to work on, and the poor will pay the price, just like with every other market crash.
Invent a system of money in which they are no longer in control of it.
Historically riots, mobs, and terror have been the answer. See the origins of the luddites, saboteurs, the French revolution(s), the socialist movement, etc.
The luddites failed and the French revolutions ended poorly for everyone. Not exactly the best examples to draw from if you are trying to encourage violent rebellion.
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I was thinking more along the lines of mad max.
Financial expert predicts that (what is already) the longest bull market in world history will end within the next 10 years? And the thing that the world’s largest companies are investing the most in might play a roll in that?
Bold.
Lmao yeah. They need someone to blame for upcoming crash lol.
My thoughts exactly.
The SEC means: Security, and Exchange Commission. In case anybody like myself hates abbreviations, and have to look it up on Google to see what it even means
Thanks, TIL.
Also, I don’t even know why tf people downvote helpful answers like these. Bonus shit points if they also turn around and criticize Redditors for behaving a certain way. Ffs, man. /rant
Heavy doubt on this one.
There is still so much misunderstanding on the state of AI and its potential based on current technology (spoiler: reduce your expectations significantly). How can you expect anyone to make predictions with such misunderstanding.
That said it kinda seems like a financial crash is already happening, regardless of AI.
I think it’s tech illiterate people being amazed by chat gpt and shit, not realizing just how janky and limited it’s actual "artificial intelligence"actually is.
I don’t know why everybody keeps downplaying where AI is already at and the speed at which it is improving. It can already disrupt multiple industries with where image, voice, and LMM AI is at right now.
For me personally it’s not that I want to downplay it, it’s that I want to balance the scales. I see far more over-estimating of AI happening than downplaying.
The current form of AI is great as a tool and sadly there are definitely jobs out there that are nearly completely replaced by this tool. But that scope isn’t about to change much based on where we are currently at. Many jobs require actual intelligence to make judgment calls, and the current form of AI just isn’t going to cut it here as it has no real intelligence.
Of course, that won’t stop dumb business leaders from still trying to use AI here, but that’s an error in judgment that imo will correct itself over time.
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I’m not dismissing its usefulness for those scenario’s (see my response to Veltoss below). But people tend to way over-estimate what it is capable of.
Generating an office layout? Yeah absolutely, because that’s largely based on prior art, no real innovation required. Though as you noted you’ll almost certainly need to “steer” the AI because there’s so many variables and permutations that it cannot realistically come up with a perfect solution without real intelligence. It’ll require iteration from “someone” no matter how advanced it gets.
But AI as it exists right now won’t replace let’s say your office manager, who would probably be given the responsibility of planning the office layout. Because their job entails making lots of intelligence based judgment calls. That said; given they will get more AI powered tools to do their job there may be fewer jobs available overall because now your office manager at some big office won’t need an assistant anymore.
Note I am not saying that AI affecting our economy isn’t happening or won’t happen. I’m merely saying that any predictions people are making should be met with a heavy amount of doubt, because there is so much misunderstanding out there.
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But that’s plain fantasy at this point. The current form of AI is fundamentally not intelligent. Advancement of the current form of AI won’t change that.
The current form of AI is like the speech center of your brain. On its own it does not constitute a brain, nor will it ever “evolve” to be its own brain.
So the current form of AI may end up forming a small part of the whole, but that whole is as of yet still a fantasy.
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I’m not sure you fully appreciate what “advancement” means.
In this context I’d imagine you meant what the technology could evolve into. But what I’m saying is the technology is fundamentally incapable of being intelligent.
I imagine you think of “the technology” as just artificial intelligence in general. I’m talking about the actual technology in todays “ai”. The inner workings.
I mean, a few communities I’m a part of have been warning about this since c. 2014, so I think he’s actually correct in his prediction. I haven’t read the article, but I don’t think any solution he’d propose would be good regardless, so I think I’ll just save my time. TLDR: failing a real leftist paradigm shift, we need global welfare like 5 to 10 years ago and UBI.
We need ubi. But that funding for a ubi program needs future predictions of economics.
