Bernie Sanders is proposing .. a 50% govt ownership of AI companies

[Xebec]

"I will soon be introducing a bill to give the public a 50% ownership stake in the largest AI companies in America.

This would guarantee that the trillions created by AI are used to improve the lives of all of us — and block oligarch decisions that harm the American people."

The Public Should Own Half of the Big A.I. Companies » Senator Bernie Sanders

By: Sen. Sanders; New York Times Artificial intelligence will almost certainly be the most transformational technology in the history of the world. It will profoundly affect the life of every man, woman and child in our country. It will bring — and is already bringing — unimaginable changes to...

www.sanders.senate.gov

https://twitter.com/x/status/2061631422188626083

 

[Xebec]

I'm pretty sure this kind of thing has been tried before..

 

[blueone]

So... about 130 million Americans have their retirement funds in 401K, IRA, Roth, and HR-10 plans, usually with a significant fraction invested in S&P500 index funds (and many others), which have trillions of dollars worth of these stocks that would be taxed at 50%. I'm thinking there will be some pushback about that.

I'm glad Sanders proposed this, and hope that all of his high profile progressive friends in Congress and state governments get on board. It might finally be the end of their careers. Other idiotic economic ideas they come up with, like wealth taxes or unrealized gains taxes, don't hit such a broad cross-section of people so hard, but this one will. Thank you, Bernie, for being so profoundly stupid.

 

[DanX]

Why not 100% share of bank ?
Bank is much more important than AI .
China gives the public a 100% ownership stake in the largest bank companies in China.

 

[Barnsley]

So... about 130 million Americans have their retirement funds in 401K, IRA, Roth, and HR-10 plans, usually with a significant fraction invested in S&P500 index funds (and many others), which have trillions of dollars worth of these stocks that would be taxed at 50%. I'm thinking there will be some pushback about that.

I'm glad Sanders proposed this, and hope that all of his high profile progressive friends in Congress and state governments get on board. It might finally be the end of their careers. Other idiotic economic ideas they come up with, like wealth taxes or unrealized gains taxes, don't hit such a broad cross-section of people so hard, but this one will. Thank you, Bernie, for being so profoundly stupid.

The CEO of BlackRock, Larry Fink, admits that the trillions of dollars being used to build data centers and power grids will come from ordinary people’s savings accounts and pension funds, and says it is mandatory.

 

[blueone]

The CEO of BlackRock, Larry Fink, admits that the trillions of dollars being used to build data centers and power grids will come from ordinary people’s savings accounts and pension funds, and says it is mandatory.

I'd like to know how datacenter funding is going to come out of peoples' savings accounts.

Larry Fink is a contradiction of sorts. Though he is someone who became a billionaire in the US financial community, he is an active financial supporter of various progressive causes, most of which believe that capitalism is inherently bad. So weird. Whatever, but his worst actions, IMO, are using the voting rights of the stocks in various index funds to support various causes like useless and expensive climate impact reporting and so-called DEI initiatives in proxy votes. Both run counter to maximizing shareholder value, and in my thinking abuse the power of mutual fund and ETF management. So, personally, I refuse to have anything to do with BlackRock, and minimize my investments in mutual funds and ETFs. But I do admit that for most investors funds and ETFs are better investment vehicles than individual stocks, but if asked I tell them to stay away from BlackRock. IMO, Vanguard is a much better and more shareholder value-oriented source of index funds, so I recommend them instead.