Rendered at 07:41:04 GMT+0000 (Coordinated Universal Time) with Cloudflare Workers.
jart 7 hours ago [-]
Says the man who actually widens the wealth divide. One of the biggest global risks right now is Larry Fink being out of prison.
bad_username 1 hours ago [-]
This is exactly why Larry Fink makes these statements: to singal the correct virtues and keep himself out of trouble. This is the modus operandi for most people who possess unfairly oversized influence today.
nirui 3 hours ago [-]
BlackRock helped to play one of the instrument, but there are many instruments in the game of finance.
See it this way:
In the old world, people produces actual product to get rich, the landlord, the factory owners etc. It worked out fine overall so the world accepted this game mode as an option, in addition to the old lord/emperor mode.
Then, some smart gamblers discovered that they can gamble on promises and expectations to get rich too, and it worked out good overall so the world again accepted it as a new game mode as an option too.
The wealth divide always exists, and historically can largely/only be destroyed by time and/or large scale disasters. But in the new gambler game mode, most people ain't in it (as in "It's a big club and you ain't in it" from George Carlin) and don't have the power to play it. It's a system don't reward honor, loyalty or labor. That's why most people are left out while the riches steams far ahead (then jets far ahead, then rockets far ahead, you get the idea).
bigcat12345678 6 hours ago [-]
Isn't this why this statement should be taken seriously?
But your statement implies the opposite, which is to ignore Larry Fink's warning. That appears irrational.
unixhero 4 hours ago [-]
No logically, it would be that Blackrock did not pursue its business any further.
jart 5 hours ago [-]
This is a man who's dedicated his life to enriching passive investors. The people building AI are working hard to push the frontiers of science and technology. They deserve to get rich. Because they're creating new wealth for all of us. Yet for some reason Larry Fink views this as a problem. That tells you all you need to know. His loyalty is to the idle ruling class that's so incompetent they need him to manage their wealth. Blackrock is a business that charges people a fee to take control of their shareholder voting rights basically, which is a power he's abused for years. Financial people don't build anything. Yet somehow the system gives him the authority to dictate decisions for the people who do. That system needs to change.
bluefirebrand 3 hours ago [-]
> Because they're creating new wealth for all of us
Let's not give them too much credit here. They are aiming to capture the vast majority of that wealth for themselves, the rest of us are going to be fucked
georgemcbay 5 hours ago [-]
> Says the man who actually widens the wealth divide.
Which doesn't make him wrong about the AI boom being a huge risk in making the wealth divide (already beyond gilded age levels) much worse.
Of course, because he is who he is the only solution he talks about is getting people to "invest in stocks", which, yeah that makes a ton of sense if you already have wealth since the current ruling class have shown that they will not, under any circumstances, let number go down even if none of the economics make sense (sure, they'll orchestrate a little dip here and there so they can profit massively off the insider information, but hey crime is legal bro).
But it does nothing for the many people who are really going to get squeezed here who are already living paycheck to paycheck and watching the water rise up to about their necks at this point.
Those looking for a deep explanation, this isnt as much about AI as it is about societal participation in prosperity.
palmotea 1 hours ago [-]
Well of course. The whole point of AI is devalue human intelligence (one of the last things someone can use to pull themselves up by their bootstraps) in favor of something a rich guy can buy more than you can imagine with money.
cindyllm 1 hours ago [-]
[dead]
cal_dent 5 hours ago [-]
Until housing is solved the wealth divide will continue to grow whether ai lives up to expectations or not. Higher wealth taxing funding UBI etc. will be largely ineffective without solving housing.
All this new fangled talk about ABUNDANCE yadda yadda I find quite silly. We already live in abundance, most jobs for instance already pay very livable wages for example. It's just not livable because of mainly housing (& more broadly renting & land prices)
HWR_14 5 hours ago [-]
Housing is causing a wealth gap. A private company or three being able to rent virtual employees for $100,000 a year and absorbing all white collar work would cause far more of a wealth gap.
BrenBarn 5 hours ago [-]
Very convenient how his solution is "bringing more people into the capital markets", also known as "more customers for my company".
LennyHenrysNuts 6 hours ago [-]
Well, he'd know I guess.
forgetfreeman 7 hours ago [-]
The majority of households in the US have no savings of any kind and rural suicide rates have jumped by nearly 50% in the last 25 years. Y'all have just about backed everyone into a corner already.
jart 7 hours ago [-]
That's all the proof you need they'll try to draft them into a kinetic ground war with Iran. It's better to burn out than to fade away.
bombcar 6 hours ago [-]
Legalize debt for all and all are in debt. Strange and surprising.
madaxe_again 5 hours ago [-]
And that’s just the U.S. - inequality there is comparatively low compared to an awful lot of the world. Brazil, for instance, is just nuts, and resultantly spends a lot of its time teetering around a political sinkhole.
Unfortunately, it’s been the outcome of every system we’ve yet tried - wealth always accumulates. It has, so far, only been redistributed through violence - either direct action by the proletariat, or their mass slaughter in war, allowing redistribution amidst the survivors.
I’d love to imagine that this time we can find a different path, but ten millennia of precedent is a hard trend to buck.
SilverElfin 6 hours ago [-]
This is obvious and not an insight. The question is if people like the executives of Blackrock will agree to be taxed more heavily, to draw regulations to make competition more fair to small business, etc. Right now I don’t see anything useful happening.
fakedang 4 hours ago [-]
Would be nice if Blackrock weren't outbidding first time homebuyers to purchase residential properties to rent out at inflated rates.
fleventynine 3 hours ago [-]
You've got them mixed up with Blackstone.
fakedang 2 hours ago [-]
While Blackstone and other PE firms are involved in buying those assets directly (part of my old job), Blackrock is also indirectly involved by buying up massive portions of the REITs listed by these firms, which validated the business in the first place. Without the extremely insane amounts of money pumped by Blackrock, Vanguard and State Street into these structures, all for some measly 4-5% return (laughable for most sophisticated investors but apparently good enough for these guys), they were able to put the accelerant to the fire. Neither BX nor any other PE firm would be doing this model if a market didn't exist for it.
While I'm obviously biased here, imo Blackstone is much better still because you don't see Steve Schwarzman go around pontificating while using the voting rights of passive investors to force certain behaviors upon the boards of nearly every company.
_pdp_ 7 hours ago [-]
I mean this is basically the foundation of any cyberpunk novel. You don't need to read that far ... just look at the works of Gibson, Neal Stephenson, Philip K. Dick and Richard Morgan.
From Neuromancer and Snow Crash to Altered Carbon the theme is that technology is not salvation but as another axis of inequality.
mikestorrent 5 hours ago [-]
Yes, we were warned. It turns out we are not good at heeding warnings, at all.
bluefirebrand 3 hours ago [-]
Yup
People will downvote you for talking about fiction, meanwhile we're sleepwalking straight into the worst societies that fiction authors predicted
canyp 5 hours ago [-]
It's almost like they are about to rediscover taxes.
See it this way:
In the old world, people produces actual product to get rich, the landlord, the factory owners etc. It worked out fine overall so the world accepted this game mode as an option, in addition to the old lord/emperor mode.
Then, some smart gamblers discovered that they can gamble on promises and expectations to get rich too, and it worked out good overall so the world again accepted it as a new game mode as an option too.
The wealth divide always exists, and historically can largely/only be destroyed by time and/or large scale disasters. But in the new gambler game mode, most people ain't in it (as in "It's a big club and you ain't in it" from George Carlin) and don't have the power to play it. It's a system don't reward honor, loyalty or labor. That's why most people are left out while the riches steams far ahead (then jets far ahead, then rockets far ahead, you get the idea).
Let's not give them too much credit here. They are aiming to capture the vast majority of that wealth for themselves, the rest of us are going to be fucked
Which doesn't make him wrong about the AI boom being a huge risk in making the wealth divide (already beyond gilded age levels) much worse.
Of course, because he is who he is the only solution he talks about is getting people to "invest in stocks", which, yeah that makes a ton of sense if you already have wealth since the current ruling class have shown that they will not, under any circumstances, let number go down even if none of the economics make sense (sure, they'll orchestrate a little dip here and there so they can profit massively off the insider information, but hey crime is legal bro).
But it does nothing for the many people who are really going to get squeezed here who are already living paycheck to paycheck and watching the water rise up to about their necks at this point.
And if you dont want to read, here is the hourlong audio: https://www.blackrock.com/corporate/investor-relations/larry...
Those looking for a deep explanation, this isnt as much about AI as it is about societal participation in prosperity.
All this new fangled talk about ABUNDANCE yadda yadda I find quite silly. We already live in abundance, most jobs for instance already pay very livable wages for example. It's just not livable because of mainly housing (& more broadly renting & land prices)
https://en.wikipedia.org/wiki/Gini_coefficient
Unfortunately, it’s been the outcome of every system we’ve yet tried - wealth always accumulates. It has, so far, only been redistributed through violence - either direct action by the proletariat, or their mass slaughter in war, allowing redistribution amidst the survivors.
I’d love to imagine that this time we can find a different path, but ten millennia of precedent is a hard trend to buck.
While I'm obviously biased here, imo Blackstone is much better still because you don't see Steve Schwarzman go around pontificating while using the voting rights of passive investors to force certain behaviors upon the boards of nearly every company.
From Neuromancer and Snow Crash to Altered Carbon the theme is that technology is not salvation but as another axis of inequality.
People will downvote you for talking about fiction, meanwhile we're sleepwalking straight into the worst societies that fiction authors predicted