You don't have to prove that AI is a bubble--that's widely acknowledged.
But--on the rest...well I have pretty distinct memory of a week in 2008/2009. Congress was considering bailing out all the big banks that had caused the crisis. They voted on it on a Monday, and I called my Congresswoman and said that if they passed this thing, they should expect the pitchforks and tumbrels. I was angry and intemperate, and I know that mine was just one of millions of calls from across the political spectrum. Congress voted it down. Then came a full-throated media campaign to persuade us all that if the bailout didn't happen, the economy would collapse and the universe would terminate. Friday they voted on the bill again, and passed it. And we DIDN'T surround the capital with pitchforks--which was a mistake. Since then things have gotten worse for most people--I am skeptical of that graph--you might think this time we'll go string up the culprits--but progress has been made since 2008 in dividing us into two camps blaming each other for everything. I've read that the idea is that when the bubble burst, a winner of the AI race will emerge, and they're wasting all this capital (of many kinds) in the hopes of being the last one standing, who gets the eventual riches. But in any case, I expect the bubble bursting could save us from many of these data centers, but they will, even if at taxpayer expense, build the panopticon so they can collate all the info they have on each of us, figure out who the potential leaders are, and if there IS an uprising, they can crush it, just take us out with drones--concern for legality is already pretty much gone, they're hardly going through the pretense. The fakery and fuckery has eroded Trump's base significantly and that will probably continue, but history shows a solid base of 30% supporting fascism is enough.
Excellent analysis conecting the inequality trends to future bailout fatigue. The Gini coeffcient staying flat in the US since 2008 is almost worse than it getting worse because it means the post-crisis reforms did literally nothing. I worked at a consulting firm during the '08 crash and remember clients who lost their homes while bank executives got bonuses, so the institutional memory you mention is super real.
You don't have to prove that AI is a bubble--that's widely acknowledged.
But--on the rest...well I have pretty distinct memory of a week in 2008/2009. Congress was considering bailing out all the big banks that had caused the crisis. They voted on it on a Monday, and I called my Congresswoman and said that if they passed this thing, they should expect the pitchforks and tumbrels. I was angry and intemperate, and I know that mine was just one of millions of calls from across the political spectrum. Congress voted it down. Then came a full-throated media campaign to persuade us all that if the bailout didn't happen, the economy would collapse and the universe would terminate. Friday they voted on the bill again, and passed it. And we DIDN'T surround the capital with pitchforks--which was a mistake. Since then things have gotten worse for most people--I am skeptical of that graph--you might think this time we'll go string up the culprits--but progress has been made since 2008 in dividing us into two camps blaming each other for everything. I've read that the idea is that when the bubble burst, a winner of the AI race will emerge, and they're wasting all this capital (of many kinds) in the hopes of being the last one standing, who gets the eventual riches. But in any case, I expect the bubble bursting could save us from many of these data centers, but they will, even if at taxpayer expense, build the panopticon so they can collate all the info they have on each of us, figure out who the potential leaders are, and if there IS an uprising, they can crush it, just take us out with drones--concern for legality is already pretty much gone, they're hardly going through the pretense. The fakery and fuckery has eroded Trump's base significantly and that will probably continue, but history shows a solid base of 30% supporting fascism is enough.
Excellent analysis conecting the inequality trends to future bailout fatigue. The Gini coeffcient staying flat in the US since 2008 is almost worse than it getting worse because it means the post-crisis reforms did literally nothing. I worked at a consulting firm during the '08 crash and remember clients who lost their homes while bank executives got bonuses, so the institutional memory you mention is super real.
But…but…this time it’s different.
(It’s the popping of the hydrocarbon bubble that keeps me up at night.)