AI boom risks widening wealth divide, says BlackRock's Larry Fink

_pdp_

I mean this is basically the foundation of any cyberpunk novel. You don't need to read that far ... just look at the works of Gibson, Neal Stephenson, Philip K. Dick and Richard Morgan. From Neuromancer and Snow Crash to Altered Carbon the theme is that technology is not salvation but as another axis of inequality.

forgetfreeman

The majority of households in the US have no savings of any kind and rural suicide rates have jumped by nearly 50% in the last 25 years. Y'all have just about backed everyone into a corner already.

jart

Says the man who actually widens the wealth divide. One of the biggest global risks right now is Larry Fink being out of prison.

SilverElfin

This is obvious and not an insight. The question is if people like the executives of Blackrock will agree to be taxed more heavily, to draw regulations to make competition more fair to small business, etc. Right now I don’t see anything useful happening.

TuringNYC

Here is the letter if you want the primary source: https://www.blackrock.com/corporate/literature/presentation/... And if you dont want to read, here is the hourlong audio: https://www.blackrock.com/corporate/investor-relations/larry... Those looking for a deep explanation, this isnt as much about AI as it is about societal participation in prosperity.

LennyHenrysNuts

Well, he'd know I guess.

mason_mpls

doesnt larry fink need a bailout

cal_dent

Until housing is solved the wealth divide will continue to grow whether ai lives up to expectations or not. Higher wealth taxing funding UBI etc. will be largely ineffective without solving housing. All this new fangled talk about ABUNDANCE yadda yadda I find quite silly. We already live in abundance, most jobs for instance already pay very livable wages for example. It's just not livable because of mainly housing (& more broadly renting & land prices)

canyp

It's almost like they are about to rediscover taxes.

BrenBarn

Very convenient how his solution is "bringing more people into the capital markets", also known as "more customers for my company".

fakedang

Would be nice if Blackrock weren't outbidding first time homebuyers to purchase residential properties to rent out at inflated rates.