My everything account. Ex -global equity PM . My snide mkt, econ & political comments - @NC798322.
South Burlington, VT
Joined August 2009
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No wonder people are hurting so much!
It was a great October jobs report, but that doesn't erase this painful fact: Inflation has wiped out all wage gains for 7 straight months.
Average wage gains in past year: 3.1%
Inflation: ~3.5% (we'll get the latest data Tuesday)
In fact, the inflation resurgence has been so strong that it's basically wiped out all wage gains since January 2025.
That was the key voting issue in the mid-term elections.
#economy #jobs #inflation
I’d like to see the tech bros put their billions into AI, to help with the cash flow deficits. Maybe it is they are just more wealthy on paper but they could cough up more funds, especially in taxes. Or maybe sell one of their yachts or multiple mansions.
It’s a one way bet. Which is likely to crater and hurt the general public far more than the tech bros.
🦔Bloomberg dug through thousands of filings and found AI now runs through almost every part of the US market. Tech makes up nearly half the S&P 500. About 44% of the stock held by more than 70 pension funds is tech too. And data center developers sold over $43 billion in junk bonds this year, up from zero before 2025.
My Take
Most people with a pension or an index fund never chose to bet on AI, but they own it anyway. Thursday made that pretty clear. Worries about slower data center approvals after the midterms knocked the Nasdaq 100 down as much as 6.4% at one point, and none of that had anything to do with whether the chips work.
Tech billionaires got $822 billion richer this year through early October, more than six times what everyone else on Bloomberg’s rich list gained combined. A teacher with a state pension holds a slice of that same bet and won’t see anything close to those gains. I expect Anthropic to list somewhere near the $1.5 trillion its investors floated, and that pulls even more retirement money into the same few names.
Hedgie🤗
And makes the Wall Street class wealthier at the expense of everyone else.
What other opportunities that seem to have returns. Tech has run out of opportunities - Ai was the big chance to continue economic domination of the economy.
The amount of money thrown down a rat hole is appalling. The entire rest of the economy has been starved for capex for 2
As what percent of assets?
Public pensions parked at least $578 billion of teachers’ and firefighters’ retirement money in AI stocks - right before they started tumbling
“On Wednesday, November 4, 2026, the Equable Institute, a bipartisan nonprofit, estimated that U.S. state and local pension funds held at least $578.1 billion in AI-related companies as of June 30, 2026.
Its upper estimate reached $706.6 billion…”
@247WallSt
Great just what we need more feckless deals and more financialization of the economy
Just spent some time catching up with an old coworker, who now works at the VP level at a boutique investment bank
Was asking him about analyst use of AI and thought his insight was quite fascinating
More people are using AI now vs just few months ago, and it absolutely cuts down a lot of time from mundane tasks
Just tedious things like arranging logos on a deck or managing a contact log for investors would require analyst resources behind it.
Now an Associate or VP with Claude can just do it by themselves with minimal effort
However, the work hours have not gone down at all for the analysts. Since senior folks know about the capabilities of AI, they are now staffing analysts across more deals at any given time
Not only that, MDs are chasing after new mandates more often than before.
Directors are coming up with new tasks for their analysts, like maintaining tear sheets or comp sets on niche verticals. VPs are asking for more pages and trying to show more analysis to clients than before
In summary, the duration of any single task has gone down because of AI.
However, this has been offset with new work that the firm and group simply never had capacity to do before
Instead of reducing hours, it has opened up room for his group to chase after more revenue and provide better/faster work to existing clients.
Suspect this is also what is happening across many industries and companies, not just in banking or finance
Walked away with the reinforced belief that the entire job loss narrative of AI is just doomerism
We are mostly hurting because of unforced errors. Not stopping the tech bros from acting as if rules did not apply to them was a conscious choice. So was letting Trump & cos grift. I don’t buy the “we couldn’t do anything” Those congressman need a new line of work!
Umm because of tariffs OR tax cuts? How much is AI related? How about polling which shows border states and farm states hit hard by tariffs? We can play this silly game all day. Tariffing Canada like China then going back and forth, cutting side deals, creating uncertainty was the biggest unforced error of Trump 2 and you can’t rationalize your way around it
You can do both at the same time. Criminal behavior cannot go unpunished. Aggressive legislation to help the American people is needed and can go on at the same time as our corrupt gov’t is held accountable. The corruption is like a tax on the American people. End tariffs first,
Why should Congressional Democrats investigate corporate America if their mandate is to deliver real economic change? Because investigations are a key catalyst for securing reform and legislation. For much of the last century, Congress used to be the main institutional player working to secure an economy that serves working people. A key tool was oversight. Lawmakers routinely investigated complex markets and major corporations, identifying problems and exposing wrongdoing. A major goal of these investigations was to learn what was driving certain problems and figure out how to fix them.
After Democrats took back the House during the first Trump administration in 2019, I joined the House Judiciary Committee as a staffer on the Antitrust Subcommittee. Under the terrific leadership of @RepJerryNadler and then-Rep @davidcicilline, we pursued an 18-month investigation into Amazon, Apple, Facebook, and Google, securing key evidence of how their business practices were undermining competition and harming people, setting the basis for both lawsuits and proposed legislation.
A few lessons from that experience:
1. The quality of legislative oversight depends on the staff and the support of top members to confront power. Committee and Subcommittee Chairs that are focused on getting answers and unafraid to take on powerful corporate interests will make the difference between oversight that doesn’t surrender to their evasion tactics and oversight that aims low or flames out.
Even a relatively small number of dogged, talented lawyers ready to dive in can make a big impact. In the 1930s a single congressional lawyer, Ferdinand Pecora, helped reshape our entire banking system by subpoenaing records and interrogating top financiers, including J.P Morgan. The investigation exposed self-dealing, market manipulation, and tax avoidance, and laid the groundwork for foundational New Deal legislation, including the Glass-Steagall Act and the Securities Exchange Act.
2. Eliminating bottlenecks to moving investigations forward is key. For example, the House should make sure that Subcommittee Chairs can issue subpoenas rather than needing the sign-off of the full Committee or its Chair. A credible threat of sending subpoenas is critical for credible oversight.
3. Ensuring that members can develop the muscle to effectively interrogate CEOs requires investing in real preparation. In the lead up to the hearing with Bezos, Pichai, Cook, and Zuckerberg, the Antitrust Subcommittee spent months reviewing millions of documents collected from the firms, interviewing affected parties, briefing members on key evidence, and conducting practice hearings. Members came into the hearing deeply informed and able to rebut and call out CEO dissembling. The result was some of the most effective member questioning of executives we’ve seen in decades. @TheProspect wrote up a great overview: prospect.org/2020/07/30/triu…
4. For decades, institutional capacity in Congress has been extremely weak. Much of this traces back to the Gingrich Revolution, which was effectively the 1995 DOGE-ing of Congress. Republican leadership fired over 600 professional staffers, eliminated the Office of Technology Assessment, and gutted research capacity. None of that capacity was ever meaningfully restored.
As a result, members have way fewer resources to develop serious expertise or go deep on a new topic. Members should start rebuilding that capacity so the institution can fully play its Article I role, where Congress can again do serious policy development and legislating and serve as a real check on the executive and judicial branches.
5. AI markets should be high on the list of investigations. The business decisions of the major AI firms have huge public ramifications, yet the public is at a severe informational disadvantage when it comes to how these markets work and the choices these firms are making. A congressional investigation will help ensure future legislative action is based on a more complete view of what is going on rather than selective and partial corporate disclosures.
2) protect people from the tech bros and AI second. Housing legislation quickly and tee up tax reform for the next Congress by funding the IRS up to full level. Bolster securities regulation. Plenty of Representstives and Senators who could be more productive. Lots of energy 3)
I think the stock market higher is going to be a heavy haul as the AI story fails to deliver.
Now he was an example of a very wealthy man who decided to serve the common man and not his “class.” I like his last big fight was against Obamacare and for a 2)
Jay Rockefeller, heir to famed dynasty and healthcare advocate in US Senate, dies at 89 - reuters.com/world/us/former-…
If nothing - bad optics will cast a pall on the whole AI universe. Diametrically opposite to Trumps viewpoint. Introduces uncertainty
Democrats planning flood of AI bills when they take control of Congress - reuters.com/business/media-t…
