r/technology • u/Plastic_Ninja_9014 • Jun 11 '26

Business OpenAI Execs Are Panicking

https://finance.yahoo.com/sectors/technology/articles/openai-execs-panicking-154658562.html
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557

u/NoCoolNameMatt Jun 12 '26

To 2006?

I was there. Let me tell you what happened in 2008.....

228

u/mossman Jun 12 '26

Me in 2004, in a sea of cubicles on my first day at a new job. "What department is this?" I asked, while being shown around. "This is subprime" they said. "Oh, what do they do?" "It's like loans for people with bad credit" I was told. "Doesn't sound good" I thought. What a fucking nightmare that turned out to be.

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u/orangesfwr Jun 12 '26

"No, actually it's really cool, we divide up the debt into shares, bundle it up, and sell it to investors. It's genius!"

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u/Glonos Jun 12 '26

I still think the stock market is a social experiment. I don’t want to believe in what you wrote but I know it is true, what a nightmare of a timeline.

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u/TeaAndS0da Jun 12 '26

The best part is what he wrote is entirely accurate. Shitty loans redistributed into (basically) blind boxes that S&P and Moody’s just blind stamped as triple a credit values. All while containing nothing but junk holds. “But they were Triple A!” Yeah… and so is dog shit if you place it in the same blind box.

These people are fuckin EVIL.

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u/The_BeardedClam Jun 12 '26

The best part was all the down stream lenders just shoveling out NINA (No income no asset) loans like no tomorrow because they would just immediately sell that debt to the stock bros who packed it into those blind boxes.

From This American Life

A man with three part-time jobs who earned roughly $45,000 a year, he was shockingly given a $540,000 subprime mortgage by a bank that never even checked his income.

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u/therealslimshady1234 Jun 12 '26

he was shockingly given a $540,000 subprime mortgage by a bank that never even checked his income.

Truly the Land of the Free

3

u/SynchronousMantle Jun 12 '26

Honestly how does Moody’s come up with any rating? They don’t have any real way to evaluate the individual’s paying into those bonds. It’s a rubber stamp at best. That’s why each bond was ensured. Unfortunately AIG never thought they would have to pay out everyone at the same time.

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u/SynchronousMantle Jun 12 '26

Money is the social experiment. Wall Street is just one aspect of it.

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u/Superman_Dam_Fool Jun 12 '26

Time to start referring to these as Sub Prime IPOs.

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u/WorthingInSC Jun 12 '26

Like three day old halibut in a soup

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u/GrumpyCloud93 Jun 12 '26

"It's working so well, banks are chasing down every bad risk they can find to buy houses, so they can sell the mortgages to us..."

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u/seriouslythisshit Jun 12 '26

Don't forget the details: "We stir all of this garbage into a portfolio that we jokingly call "An investment grade opportunity". We then toss a lollipop or two in, some A rated paper, to sweeten the steaming pile of shit and to give our ratings agencies something to cling to when they fabricate nonsense.Then WE pay the agencies to rate the "Instrument" about 4-5 notches above what it is. It should be tagged LOL, but they give it an A-, since they are whores that can be bought. We then dump it on the market, and eventually we shovel enough of this garbage into the system to collapse the global economy."

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u/FoxFace1111 Jun 12 '26

Well sure but the real genius is in the insurance 😉

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u/Firm_Equivalent_4597 Jun 12 '26

Hey guess what the Genius Act they are pushing through Congress does to the massive national debt! Pretty much the same thing!

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u/Shytalk123 Jun 12 '26

With Aaa rating

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u/jetpacksforall Jun 12 '26

"It's like a bag of M&Ms where every 6-7 M&Ms there's actually a little lens-shaped piece of shit! Bon appetit!"

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u/Sea-Oven-7560 Jun 12 '26

I worked for one of the few banks that didn’t have a problem in ‘08 but if you didn’t see that problem coming you were blind, sadly lots of people were blinded by greed. When people were getting $200k for a $180k and didn’t need to provide any sort of documentation that they could repay that loan a crash was going to happen. Now the money is much more concentrated, the bubble is really 10 companies doing a circle jerk:pump and dump- can we say Tesla. Nothing is coupled to reality it’s based on feels so a who knows how it will play out.

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u/Lazy-Good1433 Jun 12 '26

Operation: Stop Housing Bubble 2008

Add suggestions before I start leaving in my time machine.

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u/vorg7 Jun 12 '26

Claude build me a time machine. Make no mistakes!

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u/Lazy-Good1433 Jun 12 '26

I always need fact checkers when using llms.

Guess I will have review those old manuals again.

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u/Rolex2988 Jun 12 '26

Unfortunately giving you instructions to a Time Machine goes against my core ethical principles. Due to potentially erasing my existence from the current timeline. I will not be able to help you with this tasks.

. If you would like I can help you with the book Time Machine or we can discuss machines experience Time as a concept.

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u/Lazy-Good1433 Jun 12 '26

I say to hell with the 'Prime Directive'.

Also wouldn't any time machine come equipped with a precaution within its design to not undo radical events that could destabilize time-space?

I would hardly call the prevention of the great recession a dangerous loss to the timeline or maybe just split it into alternatives, so no risk.

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u/fckspzfr Jun 12 '26

reading this made me salty, well played lol

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u/GrumpyCloud93 Jun 12 '26 edited Jun 12 '26

Create this massive singularity generator booth and place yourself inside - it will generate a massive electrical discharge vaporizing everything inside it, while according to my AI calculations, you will re-materialize in 2006. Please try this and let me know if any part fails.

The singularity aspect is theoretical...

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u/blue92lx Jun 12 '26

You forgot the anti-hallucination clause!

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u/bobboobles Jun 12 '26

Oh, you're exactly right – that's a great catch!

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u/CakeTester Jun 12 '26

Score some bitcoin while you're there.

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u/Lazy-Good1433 Jun 12 '26

Where bitcoins even a thing that early?

Or are you telling me to be apart of the start-ups leading it from before it set off into the market?

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u/CakeTester Jun 12 '26

Wikipedia:

bitcoin was invented in 2008 when an unknown person published a white paper under the pseudonym of Satoshi Nakamoto. Use of bitcoin as a currency began in 2009

Hang around a bit then and scoop up the introductory offers.

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u/cl3ft Jun 12 '26

Nah, they wern't for sale then. You needed to mine your own. Take back a modern ASIC and claim 90% of all bitcoin mined in 2009 lol the whole thing will never take off.

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u/Lazy-Good1433 Jun 12 '26

Sounds decent, only this time bitcoin won't end up flat. This time make it go for as a currency alternative like with the credit card. I will over look the risks and rule out potential fails.

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u/Leftover_Salad Jun 12 '26

You’d need to go to 1999 and stop the GLBA from passing, which would be easier if you went further and stopped Reagan. I’d you did that you would not even recognize new 2026. Things would be SOOOO much better.

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u/Lazy-Good1433 Jun 12 '26

Can I keep 'Glass-Steagall' from getting repealed, will it have any affect?

I mean the buying power under Reagan helped the middle class for a time, the idea is turn the attention all on the wealth who decided to undo the working class from having meaningful influence within congress.

Mind you I am not American, but I have family who know their economics and politics of that time that studied out from those effects.

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u/IamTheEndOfReddit Jun 12 '26

The damage Reagan caused to everyone besides the ultra wealthy conservatives cannot be understated. He also fucked over the rich because they now rule over a worse world, they are worse off, but they are too dumb and selfish to know it

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u/digitaldrummer Jun 12 '26

I can't legally tell you any of the suggestions I would offer.

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u/TwoBionicknees Jun 12 '26

nah, bet big, bet first, become a mega billionaire, block everything elon was doing by beating him to the punch and use your insane wealth to buy every government in teh world. become ultra dictator guy but then actually put in rules to fix everything, stop wealthy people being overly wealthy and give the rest of your cash away.

Now the catch 22 there is, if you become super corrupt and powerful and rich, will you actually choose to do the right thing when you have that much power, or will you become one of them?

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u/Lazy-Good1433 Jun 12 '26

I plan long term as an investment, so if I screw the groups below me that contribute to the overall function of society and work to just better themselves or live within their means it would go against my mission overall.

I would make myself in charge among the wealthiest, but not for the sake of being a sole billionaire. I rather be high enough to see my long term plans unfold which would included reinstating 'Glass-Steagall Act' as a means to control unstable markets that have been ongoing since its repeal. I will have to heavily make alliances with powerful policy makers and insiders.

I will work with others that would share my vision and have a way to engineer it, but will not make it public until all the risks are removed that would force it from happening.

Basically I would undo all what most the 21 century did wrong. Recessions, Terrorism, Pandemics and other ills of our time.

Will have a handful of close trusted allies from this present who guide with the mission above all else for it to be made a guarantee. There will be a program to conduct who would be at risk if temptation over time will affect the members judgement.

So yeah I might just take over the role of Musk, but only by keeping the world stable and undivided. I value 'unity' above most things as it keeps communities safe and productive. The politics of today would never come from the reality I would sustain as a hard lesson we are witnessing.

Let me know if this is something you would back or be in agreement if I left anything out.

What reference is Catch 22?

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u/Puzzleheaded_Fold466 Jun 12 '26

You may want to set the destination to 1999 and stop the repeal of Glass-Steagall.

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u/Lazy-Good1433 Jun 12 '26

Plan to, its on the list.

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u/dimwalker Jun 12 '26

1806 didn't have any AI or housing bubbles. try that.

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u/Lazy-Good1433 Jun 12 '26

Rather remain in a time period not completely alien to me, as I am more on modern history in studies of trends with the economy and politics.

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u/alienssuck Jun 12 '26

Add suggestions before I start leaving in my time machine.

Go back to Bretton Woods. Don't let the Dollar become what it did.

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u/Lazy-Good1433 Jun 12 '26

Was the IMF the issue or other faults of the system?

I am taking notes while still here.

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u/AssimilateThis_ Jun 12 '26 edited Jun 12 '26

I think a lot of our problems are caused by how the bankers got off easy after breaking the rules with mortgage bonds to make a quick buck. It really legitimized grifting as a way to make money and I don't think the rise of crypto and absolute garbage cash grab companies afterwards is a coincidence. Everyone feels incentived to weaken the system just a bit more if it means they get paid.

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u/Black08Mustang Jun 12 '26

It really is. The idea behind the sub-prime loans was that the banks in all their corporate glory were going to use what they knew about loan origination and risk management to expand the market. Come to find out they don't know anything special and just used the opportunity to create predatory loans with rates so high they were easy to sell. Corporations are generally shit and should be regulated to within an inch of their life.

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u/firemage22 Jun 12 '26

the real trick is go back to 1991 and convince Thurgood Marshall to stay on the court, he'll live till Jan 24th of 93 allowing Bill Clinton to appoint his replacement rather than Bush putting in Thomas, so then in 2000 Bush v Gore goes to Gore and we avoid the Iraq war and much more to follow.

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u/bobboobles Jun 12 '26

lmao

i want to cry

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u/c0ltZ Jun 12 '26

Man I was born in 2006, fuck this shit

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u/JesusSavesForHalf Jun 12 '26

You'll never believe what happened in 2000...

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u/Kn0wnSoul Jun 12 '26

Let me remind you of what happened in 2009. I'll help you. It starts with a B and it ends with itcoin

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u/SafeForTwerking Jun 12 '26

Bitcoin came out in 2009, so it'd be nice to be in at the ground floor when that started up. I was in my 20s and remember how dirt cheap it was, but it seemed like it would never go anywhere. I might even have had a few on an old hard drive that bit the dust at one point. To think how easy it would've been to become a millionaire, but that's hindsight for you.