🚨This is how you turn a crash into a great depression. This is a public bailout of the worst bubble in history. “It’s a concept out there that’s so much money and it’s so big… where the American public essentially becomes a partner with the companies… the American people can benefit from the success of AI and by doing that they’re going to like it better…”

Bernie Sanders has cited AI safety experts in arguing a partial turnover of equity is inadequate - what’s needed is the government controlling +50% of the AI giants

Bannon agrees:

Having the government acquire shares of OpenAI or other AI giants would be an enormous shift

Altman is floating only a portion of shares

Idea would be to make OpenAI benefits more broadly felt while retaining control over the company

FT: The proposal suddenly of a sovereign-wealth-style fund got more attention inside the White House after Sam Altman visited Capitol Hill this week.

The likely mechanism is that AI firms donate a small slice of equity into a public wealth fund, and that fund passes gains to Americans through accounts or dividends rather than the government directly running the companies.

This would differ from the $9B stake the Trump administration took in Intel last year, because people would hold shares individually instead of the US govt owning equity directly.

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ft .com/content/8559a3f9-86de-4a1c-8a75-6623e83e6a00

@jstein_star Haven’t even done the IPO yet and already looking for a bailout and government backstop

@jstein_star 👇

@jstein_star Too Big to F-AI-L

@jstein_star So the tax payer is on the hook if OpenAI shits the bed. Great

@worldflood1 these idiots are gonna push us past that point tho

@jstein_star Ok but if I’m the US government I don’t want the worst one (OAI)

@jstein_star when bernie and bannon land on the same ai policy, maybe the idea isn’t “bold regulation” so much as “nationalize the datacenter and call it safety.” power grabs wear lab coats now.

@jstein_star Government owning shares in companies as routine "investments" is a road map to autocracy & miles away from a democratic republic that believes in free markets. America as we've known her for a great & successful 249 years will cease to be & fail under Trump on her 250 birthday.

@jstein_star Only Nixon could go to China, only Clinton could do welfare reform, etc

@jimstewartson We’re close, so close to 1929

@jstein_star @NOTUSreports Government OR those *inside* government? Recent history would suggest the latter….

@jstein_star @MollyJongFast It’s just full on state communism now.

Congrats MAGA, you’re the communists you’ve been screaming about.

@jstein_star What if the they set up some system where the companies sent a certain percentage of their profits to the federal government every year in quarterly installments? Maybe the states could also choose to tax the companies if they operate in that state.

@jstein_star @TheStalwart Former USA will be copying Russian federation in many aspects of its re-industrialization after the collapse.

It will be too “scary” for transition American gov to copy successful communist China right away so they’ll do next best thing

@jstein_star Worth noting what 'ceding' means. Treasury gets equity without spending appropriations. Once USG holds a stake in OpenAI, breaking up the company or capping compute cuts a government asset. Antitrust enforcement just got a structural conflict of interest built in.

@Boobalaa1954 yes, except we won’t have a choice