Step right up folks! Please don’t crowd! No need to shove, plenty here for everyone!

Welcome to the Bonanza Extravaganza of the Artificial Intelligence “BOOM.” Silicon Valley billionaires are now proposing a scheme to deliver an unbelievable windfall to “every citizen.” Tech titans like Sam Altman of OpenAI are pushing the federal government to create a “public wealth fund” to let us commoners be investment partners in building the AI wonderworld.

Lest you worry that this might be a corporate scam, note that Donald Trump, the deal-maker-in-chief, exults that letting the American public buy into the tech booms is a sure bet to “make them rich.” And Altman adds that a public investment fund would allow Joe and Jill Schmo to “participate directly in the upside of AI-driven growth.”

Wow – benevolent capitalism!

But wait – aren’t AI barons infamous greedheads who constantly rig the system for themselves, sneer at the public, and openly disdain government programs? Well… yes.

And wait again – they say We would “share in the upside” of AI, but what about the downside? Far from profitable, all of the industry’s powerhouses, including OpenAI, are losing hundreds of billions of dollars while carelessly adding trillions in new debt and – shhhh – quietly admitting that their razzle-dazzle computer fantasies might not work.

They won’t tell you this, but going bust is a real possibility. And that is why AI’s private-enterprise whizzes are now so desperately pushing us taxpayers to become their socialist “partners.” If and when they fail, your and my role is to save their bacon by demanding that “the public” deserves a government bailout.

Do something!

Want to help keep an eye on what Big Tech is trying to do with AI? Check out The Midas Project, a new AI watchdog nonprofit.

Jim Hightower's Lowdown is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit jimhightower.substack.com/subscribe