Transcription
I'M KYLIE ATWOOD AT THE STATE DEPARTMENT, AND THIS IS CNN.
TECH STOCKS IN THE U.S. FELL SHARPLY TODAY, WITH THE NASDAQ CLOSING MORE THAN 2% LOWER. NOW THE INDEX IS DOWN ABOUT 5% FROM ITS RECORD CLOSE EARLIER THIS MONTH. IT'S IMPORTANT TO SAY THAT SHARES IN THE MAJOR CHIP COMPANIES HAVE ALSO FALLEN FROM RECORD HIGHS. ONE ANALYST SAYS THE SELL OFF IS NOT CLOSELY TIED TO FUNDAMENTALS. INSTEAD, IT COULD SIMPLY BE INVESTMENT NORMALIZING AFTER REACHING VERY HIGH LEVELS.
NOW, PRESIDENT TRUMP SAYS HE'S ACTUALLY EXPLORING WAYS TO GIVE THE PUBLIC A STAKE IN AI COMPANIES. TRUMP HAS SUGGESTED THE GOVERNMENT COULD TAKE AN EQUITY STAKE IN THE IN THOSE MAJOR FIRMS. THAT'S PUTTING HIM IN THE SAME CAMP. GET THIS AS VERMONT SENATOR BERNIE SANDERS. SANDERS HAS INTRODUCED LEGISLATION TO CREATE AN AI SOVEREIGN WEALTH FUND. IT WOULD GIVE THE PUBLIC 50% OWNERSHIP IN THE LARGEST AI COMPANIES THROUGH A ONE TIME TAX PAID IN STOCK. SANDERS EXPLAINED HIS REASONING TO ANDERSON COOPER THE OTHER DAY.
"AI IS THE MOST TRANSFORMATIVE TECHNOLOGY IN THE HISTORY OF HUMANITY. IT'S GOING TO IMPACT EVERY MAN, WOMAN AND CHILD. RIGHT NOW, IT IS BEING OWNED AND PUSHED BY THE WEALTHIEST PEOPLE IN THE WORLD. MR. MUSK, MR. BEZOS, ZUCKERBERG, ELLISON AND OTHERS. GIVEN THE FACT THAT HUMAN BEINGS, AMERICANS HELPED BUILD AI, WE DESERVED A. TO BE ABLE TO STOP BAD THINGS FROM HAPPENING AND BE. WITH 50% OWNERSHIP OF THE STOCK. FINANCIALLY GAIN FROM THE PROFITS THAT AI MAY WELL CREATE."
THE NOBEL PRIZE WINNING ECONOMIST JOSEPH STIGLITZ JOINS US NOW FROM SPAIN. IT IS GOOD TO SEE YOU, AND WE THANK YOU FOR BEING ON THE PROGRAM. I WANT YOUR TAKE ON THIS. IS THIS A GOOD IDEA? AND WOULD IT ACTUALLY WORK LIKE A SOVEREIGN WEALTH FUND? AND YOU KNOW, THE OLD ADAGE IS ALWAYS THAT THE GOVERNMENT SHOULDN'T BE PICKING WINNERS AND LOSERS. IS IT A NOTHING TO LOSE SITUATION BY GETTING INTO THOSE AI COMPANIES?
WELL, FIRST, I, I AGREE WITH SENATOR SANDERS THAT WE HAVE A PROBLEM WITH AN OLIGARCHY, THAT WE DON'T HAVE ENOUGH COMPETITION. UH, THEY HAVE TOO MUCH INFLUENCE IN OUR POLITICS. UH, THERE'S A REAL PROBLEM. BUT THAT DOESN'T JUSTIFY MOVING TOWARDS ACTIONS WHICH WOULD EXPECT IN PUTIN'S RUSSIA OR CHINA. UH, GOVERNMENT DOESN'T ASK VOLUNTARILY, UH, FIRMS TO TURN OVER THEIR SHARES. WE HAVE A CORPORATE PROFITS TAX, WHICH IS AN ARRANGEMENT BY WHICH THOSE WHO MAKE PROFITS SHARE THOSE PROFITS. A PART OF THOSE PROFITS WITH THE REST OF US. OF COURSE, THE DISAPPOINTMENT IS THE TRUMP ADMINISTRATION HAS WEAKENED THE CORPORATE PROFITS TAX. BUT THE CORPORATE PROFITS TAX APPLIES TO ALL COMPANIES. I THINK, UH, ONE COULD ARGUE THAT ONE SHOULD HAVE A HIGHER CORPORATE PROFITS TAX ON COMPANIES THAT ARE MAKING MORE PROFITS, THAT PROGRESSIVE CORPORATE PROFITS TAX. BUT THAT'S NOT THE ISSUE HERE.
UH, THE ISSUE OF SHARING OUGHT TO BE DONE, UH, IN A WAY, THROUGH A RULE OF LAW. AND LET ME TELL YOU, I WOULDN'T TRUST THE TRUMP ADMINISTRATION'S ADMINISTRATORS TO MANAGE A SOVEREIGN WEALTH FUND IN THE NATIONAL INTEREST. WE SEE OVER AND OVER AGAIN THE KIND OF FAVORITISM THAT THEY GIVE TO THEIR CRONIES, INCLUDING TO THE OLIGARCHS.
OKAY, NOW, GOING THOUGH, TO THIS CONCEPT THAT IT SHOULD BE SHARED. AND I HEAR WHAT YOU'RE SAYING ABOUT A CORPORATE TAX, A CLOSE TECH CEOS ACTUALLY LIKE THE TAX SYSTEM BECAUSE THEY SAY IT BASICALLY ENCOURAGES AND INSPIRES MORE INNOVATION AND MORE PROFIT. I DO WANT TO GET TO THIS BOOK THAT YOU, YOU KNOW, RESEARCHED PROBABLY THREE YEARS AGO, CAME OUT MORE THAN TWO YEARS AGO. IT'S CALLED THE ROAD TO FREEDOM AND THE GOOD SOCIETY. NOW YOU'RE THE ONE WHO PUT FORWARD THE CONCEPT OF PROGRESSIVE CAPITALISM. IS THERE A WAY THAT YOU BELIEVE ANYTHING TO DO NOW WITH AI OR QUANTUM COMPUTING CAN BUILD ON THE CONCEPT THAT YOU PUT FORWARD IN THIS BOOK? IN TANGIBLE WAYS. THE CURRENT TRUMP ADMINISTRATION NOTWITHSTANDING?
WELL, YES, I THINK THERE ARE MANY WAYS. I MEAN, FIRST, WE NEED TO INCREASE THE CORPORATE PROFITS TAX. REMEMBER, THE CORPORATE PROFITS TAX ALLOWS THE DEDUCTION FOR ALL R&D. UH, DEDUCTION FOR INVESTMENT. IT DOES NOT DISCOURAGE R&D AND INVESTMENT. IT SHARES THE MONOPOLY PROFITS WITH THE REST OF AMERICA. SO RAISING THE CORPORATE PROFITS TAX IS PART OF THE ANSWER. WE ALSO NEED TO REGULATE THEM BECAUSE ONE OF THE REAL CONCERNS HERE IS THE INTEREST OF THE OLIGARCHS IS NOT WELL ALIGNED WITH THE INTEREST OF THE UNITED STATES CITIZENS. AND WE'VE SEEN THAT NUMEROUS WAYS IN WHICH THEY HAVE UNDERMINED OUR POLITICS. UH, CREATED MIS AND DISINFORMATION. UH, CREATED PROBLEMS AMONG OUR YOUTH. UH, A WHOLE HOST OF, OF PROBLEMS. THE IRONY IS THE TRUMP ADMINISTRATION'S RECENT EXECUTIVE ORDER MADE IT VERY CLEAR THAT THEY WERE NOT GOING TO REGULATE THESE AI COMPANIES. SO IT'S A REAL VICTORY FOR THE AI COMPANIES.
YEAH, IT IS A DIFFICULT THING TO REGULATE, ESPECIALLY AS SO MANY ARE JUST STARTING TO COME TO TERMS WITH THIS TECHNOLOGY. JOSEPH STIGLITZ, WE WILL LEAVE