# orderedItems[].object.content
I thought this SNL skit was very good. https://youtu.be/E1atbVu662s?si=ndeMCG rNo3eZ3HoN

# orderedItems[].object.contentMap.en
I thought this SNL skit was very good. https://youtu.be/E1atbVu662s?si=ndeMCG rNo3eZ3HoN

# orderedItems[].object.content
@bstacey
I wouldn't count them trying out though. People might get enthusiastic about something that promised more secure transactions or something. That was part of the whole blockchain pitch. And they have a history of selling tech cons that really made very little sense. I mean the generative AI pitch is a lie but it's a fairly coherent one. But most crypto businesses are a pretty transparent high tech facade on a pretty old (and illegal) unbacked securities business.
@xgranade @psistarpsiii

# orderedItems[].object.contentMap.en
@bstacey
I wouldn't count them trying out though. People might get enthusiastic about something that promised more secure transactions or something. That was part of the whole blockchain pitch. And they have a history of selling tech cons that really made very little sense. I mean the generative AI pitch is a lie but it's a fairly coherent one. But most crypto businesses are a pretty transparent high tech facade on a pretty old (and illegal) unbacked securities business.
@xgranade @psistarpsiii

# orderedItems[].object.content
@bstacey
I agree generative AI is basically ideal for running a con and quantum computing is not. That's why I am not sure quantum computing is where they'll go. People automate believe there's something sentient behind anything that can interact using language and it's just so easy to take advantage of that.
@xgranade @psistarpsiii

# orderedItems[].object.contentMap.en
@bstacey
I agree generative AI is basically ideal for running a con and quantum computing is not. That's why I am not sure quantum computing is where they'll go. People automate believe there's something sentient behind anything that can interact using language and it's just so easy to take advantage of that.
@xgranade @psistarpsiii

# orderedItems[].object.content
@xgranade
I mean some form of AI could someday do something useful. The term is very nebulous but arguably under a broad definition some versions of AI were doing things before the bubble (I think mostly AI has been a marketing term for a while). But the latest thing has been hyping up generative AI as being miracle tech able to do things it absolutely can't. Presumably quantum computing would get the same treatment.
@psistarpsiii

# orderedItems[].object.contentMap.en
@xgranade
I mean some form of AI could someday do something useful. The term is very nebulous but arguably under a broad definition some versions of AI were doing things before the bubble (I think mostly AI has been a marketing term for a while). But the latest thing has been hyping up generative AI as being miracle tech able to do things it absolutely can't. Presumably quantum computing would get the same treatment.
@psistarpsiii

# orderedItems[].object.content
@bstacey
If the tech giants are still around and trying to cling to their position there probably will be a next bubble. Financially the giants have been bankrolling the generative AI companies (except Apple). Often in the form of cloud computing credits they give as loans to the AI companies or trade for equity with the credits officially valued much higher than the cloud computing credits actually cost them.

# orderedItems[].object.contentMap.en
@bstacey
If the tech giants are still around and trying to cling to their position there probably will be a next bubble. Financially the giants have been bankrolling the generative AI companies (except Apple). Often in the form of cloud computing credits they give as loans to the AI companies or trade for equity with the credits officially valued much higher than the cloud computing credits actually cost them.

# orderedItems[].object.content
@bstacey
It'll sort of depend on how hard the big tech companies get hit I guess. And also on stuff like interest rates. Antitrust with teeth (very much still a maybe) could change the landscape too. It feels like these grifts are meant to paper over the fact that actual tech innovation has ground to a crawl and most of the stuff called innovation is things like SAAS and anticompetitive business practices that are more about controlling markets and jacking up prices.

# orderedItems[].object.contentMap.en
@bstacey
It'll sort of depend on how hard the big tech companies get hit I guess. And also on stuff like interest rates. Antitrust with teeth (very much still a maybe) could change the landscape too. It feels like these grifts are meant to paper over the fact that actual tech innovation has ground to a crawl and most of the stuff called innovation is things like SAAS and anticompetitive business practices that are more about controlling markets and jacking up prices.

# orderedItems[].object.content
@psistarpsiii
Oh wow I really misread that. I'm sorry. 💜

I kind of feel like the AI bubble will most likely pop in the next year. But maybe not, we'll have to see.

# orderedItems[].object.contentMap.en
@psistarpsiii
Oh wow I really misread that. I'm sorry. 💜

I kind of feel like the AI bubble will most likely pop in the next year. But maybe not, we'll have to see.

# orderedItems[].object.content
@psistarpsiii
The original term late stage capitalism I think was pretty closely associated with the Marxist determinist idea that capitalism would inevitably degenerate in a predictable way and cause a worldwide revolution destroying itself. Some people seem like they might mean that now, but that idea of a very predictable and inevitable historical progression got pretty discredited and is still pretty unpopular even on the far left.

# orderedItems[].object.contentMap.en
@psistarpsiii
The original term late stage capitalism I think was pretty closely associated with the Marxist determinist idea that capitalism would inevitably degenerate in a predictable way and cause a worldwide revolution destroying itself. Some people seem like they might mean that now, but that idea of a very predictable and inevitable historical progression got pretty discredited and is still pretty unpopular even on the far left.

# orderedItems[].object.content
@psistarpsiii
It seems like most people use it as just a name for capitalism in the 21st century or maybe neoliberal capitalism.

# orderedItems[].object.contentMap.en
@psistarpsiii
It seems like most people use it as just a name for capitalism in the 21st century or maybe neoliberal capitalism.

# orderedItems[].object.content
@psistarpsiii I'm not really sure what people using late phase capitalism mean by it when referring to the present. I can't find anyone who uses it who really defines it. It's a resurrection of a very early 20th century term which for a while referred to what was going on in the period from maybe 1890 to 1940 or so. Because it had clearly ended after WWII they tried to call the next period later phase capitalism, but it never really caught on.

# orderedItems[].object.contentMap.en
@psistarpsiii I'm not really sure what people using late phase capitalism mean by it when referring to the present. I can't find anyone who uses it who really defines it. It's a resurrection of a very early 20th century term which for a while referred to what was going on in the period from maybe 1890 to 1940 or so. Because it had clearly ended after WWII they tried to call the next period later phase capitalism, but it never really caught on.

# orderedItems[].object.content
The tech sector seems to be transitioning to a hype driven pure grift model. Self driving cars, cryptocurrency, the metaverse, and generative AI have all had their day. All of those are real things that have been sold as something they aren't, whether that's working at all or just working in certain ways or having certain applications that are complete fantasy.

I wonder what technology will be the next big grift after AI? Quantum computing maybe?

# orderedItems[].object.contentMap.en
The tech sector seems to be transitioning to a hype driven pure grift model. Self driving cars, cryptocurrency, the metaverse, and generative AI have all had their day. All of those are real things that have been sold as something they aren't, whether that's working at all or just working in certain ways or having certain applications that are complete fantasy.

I wonder what technology will be the next big grift after AI? Quantum computing maybe?

# orderedItems[].object.content
@artcollisions
We got a laser printer a few years ago and since then it's amazing how different it is now that it doesn't feel like that. Of course we also can't print in color, but that hasn't been a really big deal. My dad bought a color laser for his office he uses to print information sheets on health problems for patients so he just prints anything color we need and brings it home.

# orderedItems[].object.contentMap.en
@artcollisions
We got a laser printer a few years ago and since then it's amazing how different it is now that it doesn't feel like that. Of course we also can't print in color, but that hasn't been a really big deal. My dad bought a color laser for his office he uses to print information sheets on health problems for patients so he just prints anything color we need and brings it home.

# orderedItems[].object.content
@PetraOleum
I've read about MONIAC before and it's a really fascinating and incredibly clever device. From what I can understand it kind of made economic models very transparent, visceral, and interactive in a way you rarely see. I've long had a sort of quiet fascination with analog computers, though I haven't done much more than read about them.

# orderedItems[].object.contentMap.en
@PetraOleum
I've read about MONIAC before and it's a really fascinating and incredibly clever device. From what I can understand it kind of made economic models very transparent, visceral, and interactive in a way you rarely see. I've long had a sort of quiet fascination with analog computers, though I haven't done much more than read about them.

# orderedItems[].object.content
@PetraOleum
That's a really fascinating connection to make. But as far as I know they aren't connected. Also I think Bill Phillips was a pretty dedicated Keynesian economist and was probably pretty strongly opposed to trickle down economics as a policy concept.

# orderedItems[].object.contentMap.en
@PetraOleum
That's a really fascinating connection to make. But as far as I know they aren't connected. Also I think Bill Phillips was a pretty dedicated Keynesian economist and was probably pretty strongly opposed to trickle down economics as a policy concept.

# orderedItems[].object.content
It's really fascinating.

# orderedItems[].object.contentMap.en
It's really fascinating.

# orderedItems[].object.content
I don't know if Rogers was drawing on some previous source for a water based analogy to this particular school of economic policy, but "trickle down economics" does trace to that.

It's also interesting the way he talks about saving the banks. Back then before the FDIC when a bank failed depositors lost their money. So saving banks was directly tied to saving the assets of the groups that banked there.

# orderedItems[].object.contentMap.en
I don't know if Rogers was drawing on some previous source for a water based analogy to this particular school of economic policy, but "trickle down economics" does trace to that.

It's also interesting the way he talks about saving the banks. Back then before the FDIC when a bank failed depositors lost their money. So saving banks was directly tied to saving the assets of the groups that banked there.

# orderedItems[].object.content
"Mr. Hoover was an engineer. He knew that water trickles down. Put it uphill and let it go and it will reach the driest little spot. But he didn’t know that money trickled up. Give it to the people at the bottom and the people at the top will have it before night, anyhow. But it will at least have passed through the poor fellows hands. They saved the big banks, but the little ones went up the flue.” –Will Rogers 1932

# orderedItems[].object.contentMap.en
"Mr. Hoover was an engineer. He knew that water trickles down. Put it uphill and let it go and it will reach the driest little spot. But he didn’t know that money trickled up. Give it to the people at the bottom and the people at the top will have it before night, anyhow. But it will at least have passed through the poor fellows hands. They saved the big banks, but the little ones went up the flue.” –Will Rogers 1932

# orderedItems[].object.content
This is the passage that trickle down economics got its nickname from:

“This election was lost four and six years ago, not this year. They [Republicans] didn’t start thinking of the old common fellow till just as they started out on the election tour. The money was all appropriated for the top in the hopes that it would trickle down to the needy. [continued]

# orderedItems[].object.contentMap.en
This is the passage that trickle down economics got its nickname from:

“This election was lost four and six years ago, not this year. They [Republicans] didn’t start thinking of the old common fellow till just as they started out on the election tour. The money was all appropriated for the top in the hopes that it would trickle down to the needy. [continued]