This week on CounterSpin: The way we hear about the stock market is quite different from the vision many people still hold: that businesses strive to serve people’s real needs or desires, and investors are rewarded by that metric—not by convincing people that they might make a lot of money in the future, or by conspiring with powerful entities to ensure that shareholders profit, by whatever means.
This longstanding confusion and conflict are being showcased right now in the unasked-for push of artificial intelligence into so many aspects of our lives, and the aggressive build-out of energy-gobbling data centers to serve it—whether communities want them or not.
Now, questions are arising around whether the promises of endless growth of the AI industry actually make any sense. Is there an AI bubble? How would we know? And what happens, and to whom, when it bursts?
A new project engages questions, not just about price-to-earnings ratios, and historical comparisons, but about the predictable impacts—on, for example, workers’ retirement accounts—when the AI exuberance falls to earth.
Dean Baker is co-founder and senior economist at the Center for Economic and Policy Research, and the force behind their new project, called the AI Bubble Monitor. He joins us this week on CounterSpin.
CounterSpin provides a critical examination of the each week’s major news stories, and exposes what the mainstream media may have missed in their own coverage. Produced by the national media watch group FAIR (Fairness and Accuracy In Reporting).