Rich and powerful warn robots are coming for your jobs

GCmain

https://www.yahoo.com/news/rich-powerful-warn-robots-coming-jobs-011130242–sector.html

Some of the richest, smartest and most powerful humans have an important message for the rest of us as they convened this week to discuss pressing global issues: the robots are coming.

At the Milken Institute’s Global Conference in Beverly Hills, California, at least four panels so far have focused on technology taking over markets to mining – and most importantly, jobs.

“Most of the benefits we see from automation is about higher quality and fewer errors, but in many cases it does reduce labor,” Michael Chui, a partner at the McKinsey Global Institute, said on Tuesday during a panel on “Is Any Job Truly Safe?”

The four-day annual conference, which began on Sunday, has 3,500 invite-only participants exploring “The Future of Human Kind.”

Technology has not only done away with low-wage, low-skill jobs, some of the more than 700 speakers said. They cited robots operating trucks in some Australian mines; corporate litigation software replacing employees with advanced degrees who used to sift through thousands of documents prior to trials; and on Wall Street, the automation of jobs previously done by bankers with MBAs or PhDs.

“Anyone whose job is moving data from one spreadsheet to another …, that’s what is going to get automated,” said Daniel Nadler, chief executive of Kensho, a financial services analytics company partly owned by Goldman Sachs Group Inc .

“Goldman Sachs will be in here in 10 years, JPMorgan will be here. They’re just going to be much more efficient in terms of operating leverage and headcount,” he added.

Big banks have slashed tens of thousands of jobs in recent years as businesses like bond trading have become less profitable. Under tremendous pressure from investors to boost profits, but unable to grow revenue much, banks have increasingly turned to technology to reduce costs.

A Citigroup Inc report in March suggested that more pain is on the way for financial industry staff. Citi’s analysts predicted a 30 percent drop in banking jobs across the United States and Europe over the next decade.

Milken panelists noted technology’s impact on work far beyond Wall Street.

Martin Ford, an author and entrepreneur, argued that while the so-called gig economy has created temporary jobs for independent contractors, the next step is to get rid of them. The ride-hailing service Uber, for example, is investing heavily in building cars that do no need drivers, he said.

David Siegel, co-chairman of the quantitative hedge fund Two Sigma, blamed technology for income problems that have led to political upheavals around the world over the past several years.

“One of the big causes for the stagnation of middle class wages is essentially because of clever computer programs,” Siegel said during a panel about artificial intelligence.

Some panelists were less dire in their assessments.

Billionaire investor Steve Cohen said it would take awhile before robots replace stockpickers like himself. Kate Mitchell, co-founder of Scale Venture Partners, said freelance sites have allowed workers to supplement their income.

“It’s easy to villainize technology,” she said, “but there is a lot of opportunity there at the same time.”

———–

“Goldman Sachs will be in here in 10 years, JPMorgan will be here. They’re just going to be much more efficient in terms of operating leverage and headcount,” he added.”

oh phew..we wouldn’t them to be gone now would we??

“One of the big causes for the stagnation of middle class wages is essentially because of clever computer programs,” Siegel said during a panel about artificial intelligence.”

they know..

401

~ by seeker401 on May 10, 2016.

5 Responses to “Rich and powerful warn robots are coming for your jobs”

  1. Reblogged this on HumanSinShadow.

  2. THE ROBOTS MAY TAKE OUR JOBS, BUT SATAN SURE HAS THE SOULS OF THE RICH AND POWERFUL, THEY DO NOT FEEL HELL NOW, BUT IT IS A GUARANTEE IN THE LONG RUN AND AT THE END OF THINGS THEY WILL. WHERE THEY WILL GO, THERE SHALL BE NO LUXURIES, FOOD, HOMES, ETC…THEY CREATED THIS FOR US, AND THERE IS A PLACE FOR THEM.

  3. The stagnation of wages and loss of jobs in the U.S. is directly due to the dropping of Tariffs and the resultant imbalance of trade between the U.S. and other countries, it has nothing to do with “robots.” This is nothing more than a red-herring.
    As for “robots took urr jerbs!” that is true, if your job is a repetitive one in a controlled environment, that does not require any thinking or dexterity beyond that of a 5 year old or a chimp. But any job in a natural environment or even requiring the robot to walk up a flight of steps is a dangerous one for a “plastic pal.” The most advanced robots I’ve ever seen can do some remarkable things…for a robot…but they have not even come close to the ability to react to unforeseen incidents or the ability to solve complex problems due to insertion of random elements that a human can.
    And as for “the rich” warning us of this supposed threat, it is “the rich” that our existing computers could FAR more easily do away with, as their “jobs” consist mostly of sitting on their behinds and “owning things.”
    In a recent study, it was found that the decisions of major CEO’s were basically a hit-or-miss 50% chance of being correct…a simple electronic coin-flip could do just as well. In another study done a few decades ago, it was found that you could pick winners or losers on the stock exchange just as accurately as any broker by throwing darts at a list of Wall Street companies. I don’t even need a computer for that, just a dart.
    I can see machines replacing assembly personnel in factories, but not technicians. I can see computers replacing ALL the personnel on Wall Street, or the entire board room participants in every company, but not those that invent or innovate new products.
    And I can’t see robots replacing those that are called out to fix the robots when they malfunction, either.

  4. […] via Rich and powerful warn robots are coming for your jobs — Follow The Money […]

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