To understand the tech mindset is to see that the ultimate goal is domination. Silicon Valley elites apply a different standard to themselves because, quite simply, they believe that they deserve a different set of rules and expectations.
financial industry
Posted inEconomic Policy
How the AI Bubble Might Play Out
Investment in new technology always needs startup financing, and if AI is truly God in the machine, wide adoption will pay off over time. But that isn’t materializing, at least not yet.
Posted inEconomic Policy
Your Money Means Market Power for Banks
Deposits are the raw materials with which bankers play, the key to unlocking market power, as giants like Bank of America and JPMorgan Chase demonstrate.
Posted inEconomic Policy
Credit Unions Go Large and Go Rogue
Intended to bolster local access to lending, large credit unions today are swallowing up community banks. A Trump purge has reduced their oversight to one regulator.
Posted inMoney, Politics, and Power
The AI Bubble Is Bigger Than You Think
It’s not just OpenAI that looks overhyped. There’s a whole mountain of sketchy financial engineering underneath.
Posted inEconomic Policy
The Plutonomy Is Still Going Strong
For the last 20 years, analysts have known that this is an economy by and for the rich.
Posted inEconomic Policy
Crypto Bank Machine Operators Swindle Seniors
Once described as the ‘AR-15s of the financial services industry,’ crypto ATMs remain a hotbed for scams targeting vulnerable communities. But third-party fraudsters aren’t the only ones laughing all the way to the bank.
Posted inEconomic Policy
What If There’s No AGI?
The technological struggles are in some ways beside the point. The financial bet on artificial general intelligence is so big that failure could cause a depression.
Posted inEconomic Policy
Injecting Crypto Into the Mortgage Market
Trump’s top housing regulator wants to allow crypto to be used as collateral for mortgages.
Posted inEconomic Policy
Private Equity Ripped the Heart Out of Skateboarding
Multiple buyouts and bankruptcies have ruined iconic brands and hollowed out skateboarding culture. It’s our financialized economy in miniature.