Dare Obasanjo

Two of America’s most iconic technology companies are in a tailspin. Both companies are victims of capitalism as they optimized for the short term and lost sight of the value of long term investments in technological prowess.

The American government will likely bail them out as it would be a national disaster for either to completely fail.

It also makes the Biden admin’s hostility to big tech seem absurd when you consider the alternative.

https://www.wsj.com/business/crises-at-boeing-and-intel-are-a-national-emergency-093b6ee5

Oct 22, 2024 at 3:01amWeb
Show threadklausfiend has movedOct 22, 2024
@carnage4life If you've read Peter Robison's excellent book "Flying Blind", Boeing put itself in this position through a series of miscalculations that cost the lives of hundreds of innocent people, and it deserves neither pity nor assistance. Frankly, the entire board going back a decade should be in the dock, and _if_ there's a bailout, it should involve replacing the entire C-suite.
Show threadTom Bellin Oct 22, 2024

@carnage4life In 5-10 years it's very likely that one or more of America's "big tech" companies will be struggling and the WSJ will write it up as a "national emergency."

The alternative to "big tech" is not "no tech."

Show threadJayOct 22, 2024

@carnage4life It will unfortunately follow the "privatize the profits, socialize the losses" mantra.

It's funny how that same thing also works in the ruling class v/s workers tensions. Ruling class can bet on something (like Alexa would be a new computing platform), and hire a ton of workers. If the bet works out, then the ruling class gets to keep $$ for it. And if the bet doesn't work out, then lay those workers off. So workers don't get the huge upside, but do get the downside!

Show threadHELLO, we're in troubleOct 22, 2024

@carnage4life
This is happening everywhere

***edit: that i know of first hand, pharmaceutical, software**

** It's not everywhere, but fuck, it's a lot ***

Show threadMonsieur Valentine 🇺🇦Oct 22, 2024

@carnage4life moral hazard ensues

Regulate buybacks, this hack is killing shareholder capitalism

Show threadAlexander DyasOct 22, 2024
@carnage4life Both companies deserve to collapse, without any state help (except for those who will lose their jobs as a result and who are entirely blameless). They should be held up as examples of how to fail when you’re ahead, how to put profits ahead of safety and R&D. Helping them out in any way will send the wrong message that you’ll be fine regardless of your greed and ineptitude.