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Wall Street Visionaries Provide Chilling Views on Next Big Risk

-cybersecurity

-The displacement of the workforce ([that’s] not being trained to participate in the economy).

- Devaluing Humans:
What we’re doing today is finding more and more ways to essentially reduce the need to have humans involved with work. So much of the investment in business in America is to essentially automate away human labor or, even more curiously, to devalue human labor.
Article:
what-do-wall-street-leaders-think-is-the-next-big-risk

Comments

  • edited January 12
    This has been ongoing for decades. The question is does Wall Street care and will it ultimately affect the bottom line? Henry Ford realized that if his workers didn't have a decent wage they couldn't buy his cars. So who will be left with purchasing power ultimately? Will only manufacturers of luxury goods for the rich and dirt cheap goods for the poor succeed as the middle disappears? Also, there is an old argument that technology creates as many jobs as it destroys. I'm not sure that is still true in this case or will be true when mass automation occcurs. What is fascinating to me is the analysts and money managers working on Wall Street who long celebrated automation in Main Street can easily be replaced themselves now with index funds and ETFs. You need very few human beings to run an index fund. So in a way there is a form of poetic justice occurring to those who love the "creative destruction" of markets. It isn't just blue collar people who can be replaced today. In fact if you hate the politics of Wall Street but still feel a need to invest for your retirement it's hard to think of a better way than to buy a zero or near zero-cost index fund and holding it long-term. You're essentially giving nothing to the house or the casino owners.
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