Unintended Consequences

VicBee · Sep 6, 2023

https://www.thestreet.com/personal-...on-delivers-a-stern-warning-to-remote-workers

JPMorgan has a hard message for the staff
In July, Dimon told the Economist that 60% of workers were back in the office full-time, 30% had returned to working in the office at least three days a week, and 10% were working remotely full-time.

Managing directors returned to the office full-time in April after they were warned they could suffer consequences if they failed to do so.

Dimon doubled down on his hard-line stance in July, saying, “I completely understand why someone doesn’t want to commute an hour and a half every day. Totally get it... Doesn’t mean they have to have a job here either.”

But why?

A need for in-office mentorship, collaboration, and accessibility are cited as reasons for the push to return to offices.

But that may not be the only reason that Dimon and other banks, including Goldman Sachs are pushing to end remote work.

Banks are exposed to significant loans outstanding for commercial buildings that have become less valuable because vacancy rates have risen. If vacancy rates remain high because of remote work, rising interest rates and depressed valuations could cause delinquencies and defaults.

Banks are also more directly exposed because they've invested big money in commercial real estate. For example, JPMorgan is building one of the tallest structures in New York at 270 Park Avenue, a 1,400-foot (430m) tower designed with 70 stories and space for 15,000 workers.

schizo · Sep 6, 2023

VicBee said:
But why?

Don't you see that this will be key to ushering in the age of bots and AI? All of those remote workers will be the first ones to be replaced by the bots. In France and elsewhere (including the US), workers are currently demanding 30 hour workweek. Well, in the near future (and I'm thinking less than 10 years), most of them will get 0 hour workweek. And who will get the last laugh I don't even wanna speculate.

VicBee · Sep 6, 2023

schizo said:
Don't you see that this will be key to ushering in the age of bots and AI? All of those remote workers will be the first ones to be replaced by the bots. In France and elsewhere (including the US), workers are currently demanding 30 hour workweek. Well, in the near future (and I'm thinking less than 10 years), most of them will get 0 hour workweek. And who will get the last laugh I don't even wanna speculate.

I don't believe in your Machiavellian outlook. Bots and AI are products of the tech sector. Governments, the ones that people elect, will prevent the displacement of the workforce if and when the technology risks great damage to the population. This may take longer in business powerful America, but Europe will lead the way to ensure a protected transition from today's economy to tomorrow's bots and AI driven one.

schizo · Sep 7, 2023

VicBee said:
I don't believe in your Machiavellian outlook. Bots and AI are products of the tech sector. Governments, the ones that people elect, will prevent the displacement of the workforce if and when the technology risks great damage to the population. This may take longer in business powerful America, but Europe will lead the way to ensure a protected transition from today's economy to tomorrow's bots and AI driven one.

Be sure to bookmark this page and come back in 10 years.

In all seriousness, we're definitely heading that way. This is unavoidable IMO. We live in a very uncertain time, where the sociopolitical as well as psychological/cultural/religious underpinnings are being uprooted. This is not just about jobs.

VicBee · Sep 7, 2023

schizo said:
Be sure to bookmark this page and come back in 10 years.

In all seriousness, we're definitely heading that way. This is unavoidable IMO. We live in a very uncertain time, where the sociopolitical as well as psychological/cultural/religious underpinnings are being uprooted. This is not just about jobs.

Living in uncertain times in America, for sure. I'm not sure that is necessarily bad unless the anxieties of some groups lead to violence. What we are experiencing in America is its underbelly making itself known, thanks to Trump and co saying out loud what was kept hush hush with understanding winks for so many decades. What is surprising is the unexpected size of that underbelly and its willingness to accept anything its leader says.
However, today's America is more sophisticated than in the past and its population is generally more capable of smelling bs when it sees it. What it really needs now is a change of its democratic processes, starting with the electoral college and making room for a greater variety of political parties.

expiated · Sep 7, 2023

schizo said:
In all seriousness, we're definitely heading that way. This is unavoidable IMO.

When I look at history, I would be forced to bet that you're right given that, to the best of my knowledge, every attempt I know of to stop technological progress/advancement has been an utter failure.

expiated · Sep 7, 2023

VicBee said:
What it really needs now is a change of its democratic processes, starting with...a greater variety of political parties.

This is where, based on history, I believe the U.S. government CAN prevent change from coming. The best anyone has managed in this department is to replace one of the two major political parties with a different one.

VicBee · Sep 7, 2023

expiated said:
This is where, based on history, I believe the U.S. government CAN prevent change from coming. The best anyone has managed in this department is to replace one of the two major political parties with a different one.

You mean the Republican party taken over by the cancerous Christian nationalists?

2rosy · Sep 7, 2023

if we force people to work in office we support all the peripheral businesses around the office and cities thrive.

Specterx · Sep 7, 2023

schizo said:
Don't you see that this will be key to ushering in the age of bots and AI? All of those remote workers will be the first ones to be replaced by the bots. In France and elsewhere (including the US), workers are currently demanding 30 hour workweek. Well, in the near future (and I'm thinking less than 10 years), most of them will get 0 hour workweek. And who will get the last laugh I don't even wanna speculate.

People have been worrying about automation displacing jobs for 200 years, and unemployment today is at all-time historic lows.

In the future people will make $100,000 per year to write ChatGPT prompts for one hour per workday, and watch Netflix for the other seven.