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   feld (feld@friedcheese.us)'s status on Friday, 27-Sep-2024 05:57:31 JST feld

   in reply to

   • mms :runbsd: :emacs:
   @mms
   
   - huge layoffs in tech as billions of dollars will vapor
   - a lot of companies will go bankrupt
   - recession in US and everywhere else
   
   
   But these are all net positives?????? We need a massive vaporization of money and a complete reset to sanity on the values of commodities, real estate, etc. Even if someone could promise that inflation is over and we could stabilize where we are *today* it doesn't change the fact that the housing market will still collapse because insurance companies cannot afford to insure properties at the current prices of labor and materials. You just can't take someone's house that was worth only $250k a couple years ago and pay out $700k to replace it when the next massive storm comes through. You gotta raise the rates or refuse to insure. They raise the rates, tons of people have to sell because they need insurance as obligated by their mortgage. Nobody else is gonna buy it in this scenario, so the bank has to deal with massive losses. Their LTV is all out of whack. Entire banks will go under from this.
   
   Not just from this, but from commercial real estate too.
   
   
   The crash and recession *is* the fix.
   • Embed this notice
     mms :runbsd: :emacs: (mms@mastodon.bsd.cafe)'s status on Friday, 27-Sep-2024 05:57:32 JST mms :runbsd: :emacs:

     I am afraid that a lot of bad things may follow the inevitable fall of open ai:
     - failure of legislation as Altman will not be charged for copyright theft
     - huge layoffs in tech as billions of dollars will vapor
     - a lot of companies will go
     bankrupt
     - recession in US and everywhere else
     - lack of trust towards nonprofits
     - complete ai winter. Perhaps even legit project will be destined to not be founded
     - free models will still make kiddie porn and other illegal activities
     - Altman will be the ritchest man on earth