The Plutonomy—AI Edition—and the Coming Crisis
Driven by speculative finance, stagnant wages, and AI hype, today’s tech-heavy economy mirrors the fragile plutonomy that collapsed into the Great Crash of 1929.
Only a tiny fraction of homeowners at risk for default on their mortgages have sought or received help as a result of the government's recent plan. Most of the modifications that have resulted have been adjustments to payments and interest rates, rather than to principle.
From the Washington Post:
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