The US economy depends more and more on enormous bubbles in the stock market and AI. The richest 10% of Americans drive half of all spending, while the real economy in many states is in recession. When the bubble pops, it could cause a severe crisis. Political economist Ben Norton explains.
Topics
0:00 Economy divided between rich & everyone else
1:36 Many US states already in recession
3:11 Biggest stock market bubble in history
5:31 90% of stocks owned by 10% richest Americans
7:23 Magnificent Seven (Mag7) Big Tech stocks
9:07 Ten Titans Big Tech stocks
9:58 AI bubble
11:46 (CLIP) Jeff Bezos: AI is in "good bubble"
13:26 95% of AI pilot programs fail
13:55 Investors keep buying overvalued stocks
15:12 Markets can remain irrational
15:26 Irrational exuberance
15:50 Dot-com bubble
16:28 US share of global stock markets
17:28 US vs Chinese tech company revenue
18:24 Tesla vs global automotive industry
20:49 Top 10 US stocks: 16% global market cap
21:07 Recession
22:23 Stagflation
23:04 AI capex contribution to US GDP growth
25:07 AI is eating the economy
26:01 AI drives up electricity bills
26:50 Trump shuts down renewable energy
27:42 AI adds more to GDP than shopping
28:49 US job growth collapses
32:13 Bifurcated economy
33:01 Outro
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