gravitas_deficiency comments on It’s time to block reckless AI IPOs and tax billionaires: We cannot let the billionaire class take unprecedented risks with our future.

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[–] gravitas_deficiency@sh.itjust.works 24 points 1 week ago (3 children)

This is a billionaire problem as well as a deregulation problem (and of course, there is absolutely a feedback loop in play). Wealth disparity has become a vast chasm, and deregulation allows megacorps and billionaires to leverage their already insane wealth with the investments and retirement funds and pensions of the general public, via index funds and ETFs to continue to multiply their already nonsensically insane wealth.

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[–] apudgypanda@lemmy.zip 6 points 1 week ago

yeah, the size of the chasm will continue to grow exponentially too, as they have more and more power and weight to throw around. It will accelerate until things become untenable, and that won't be fun for anyone involved, be it the 99% or the rich, just for different reasons

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[–] zarathustrad@lemmy.world 3 points 1 week ago (1 child)

Don't forget that selective regulation can be worse than none.

The stage is already set to use regulatory capture to protect tech monopolies in the name of security and safety.

Can't have these useful tools in the hands of citizens who are not engaged in maximizing shareholder value.

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[–] gravitas_deficiency@sh.itjust.works 2 points 1 week ago

I mean, yeah. We have selective regulation - and selective enforcement of said selective regulation - already. If you’re trading enough significant figures, the SEC demonstrably does not give a flying fuck what you do in the vast majority of cases.

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