Latest / Best of Business / Perspective with Ryan Bridge: Does JP Morgan's Jamie Dimon have a point about AI?

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Perspective with Ryan Bridge: Does JP Morgan's Jamie Dimon have a point about AI? · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from Newstalk zed B. Follow
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• 0:16
  Speaker 2: If you don't know him, Jamie Diamond is the boss
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  Speaker 2: of JP Morgan and quite a smart guy, which obviously
• 0:21
  Speaker 2: you need to be to run a bank. Well, one
• 0:23
  Speaker 2: would assume you need to be quite smart to run
• 0:25
  Speaker 2: a bank. I've mentioned him a few times on the
• 0:27
  Speaker 2: show because he just says some reasonable and practical things
• 0:31
  Speaker 2: about some big issues. And he's spoken about AI. He reckons,
• 0:34
  Speaker 2: we need to slow it down, calm the farm a
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  Speaker 2: little bit, and if we don't slow down, society he
• 0:40
  Speaker 2: reckons could tear itself apart. And he's not talking about
• 0:43
  Speaker 2: in ten years, he's talking about soon. And he gives
• 0:46
  Speaker 2: an example in the US, there are two million truck
• 0:49
  Speaker 2: drivers who could soon be out of a job when
• 0:52
  Speaker 2: driverless trucks hit the road. That's two million men and
• 0:56
  Speaker 2: women going from a pay packet of up to one
• 0:58
  Speaker 2: hundred and fifty thousand American dollars a year, too unemployed,
• 1:03
  Speaker 2: the skills not transferable. His answer, slow it down, phase
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  Speaker 2: the teen technology in rather than hit society all at once,
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  Speaker 2: and then you'll probably have to get some government payouts
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  Speaker 2: to compensate them. Otherwise, he says, you will get civil unrest,
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  Speaker 2: You'll get chaos in the streets. In New Zealand, we
• 1:21
  Speaker 2: have ubers, we have taxis. Right for a robo takeover,
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  Speaker 2: same goes for public transport. Robots will probably drive buses
• 1:30
  Speaker 2: before long, which will certainly stop the violence, unfortunately that
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  Speaker 2: they face, especially in Auckland and the driver's seat from
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  Speaker 2: nutty passengers, but it does leave them out of work
• 1:39
  Speaker 2: without a meaningful alternative or transferable skills. Driverless way mo
• 1:44
  Speaker 2: taxis in the US are taking off, and the serious
• 1:49
  Speaker 2: crash rate is about ninety percent better than we're humans,
• 1:54
  Speaker 2: I know. Go figure. The problem with phasing things in
• 1:58
  Speaker 2: slowly though pumping the brakes is that you miss out
• 2:01
  Speaker 2: on the productivity gains. And just because you pump the brakes,
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  Speaker 2: it doesn't mean that your competitors will. It doesn't mean
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  Speaker 2: that that other countries will do the same. And nobody's
• 2:12
  Speaker 2: going to get in the way of progress, are they,
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  Speaker 2: Which leaves us with the social problem that Jamie Diamond
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  Speaker 2: was getting it in the first place. How do we
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  Speaker 2: make sure the world doesn't go to hell in a
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  Speaker 2: handbasket when the robots come for our jobs and our livelihoods.
• 2:26
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