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.
After losing a staggering $4.2 billion in the 3rd quarter, GM has been forced to call off talks about it buying fellow beleaguered car maker Chrysler.
Cerberus Capital Management, the private company that owns Chrysler, is still on the hunt for some kind of public or private lifeline.
In a side note (in case you missed it here),
Cerberus is chaired by former Bush administration Treasury Secretary John Snow and its board includes Dan Quayle, who was vice president under former president George H.W. Bush.
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