No, AI Is Not Going to Take Your Job

Chris addresses concerns about artificial intelligence (AI) and job losses, highlighting that automation replacing jobs is nothing new in history. He recalls past fears about automation in the auto industry and banking, emphasizing the natural process of "creative destruction." While AI will indeed replace some jobs, Markowski explains that it will also create opportunities, particularly for those willing to learn new skills. Drawing from the dystopian vision in Pixar's WALL-E, he argues that a future without work is far from utopia, stressing the importance of overcoming challenges to find fulfillment. www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it will have on everyday Americans. Author,
investment banker, consumer advocate, analyst and trader Chris Markowski.

Speaker 2 (00:16):
Job losses and AI. So story comes out. My phone's
ringing off the hawk. Chris got to talk about this.
Artificial intelligence is coming for your job, your jobs. Forty
one percent of employers intend to downsize their workforce as

(00:40):
AI automates certain tasks. Out of hundreds of large companies
surveyed around the world, seventy seven percent also said they
were planning to reskill and upscill their existing workers between
twenty twenty five and twenty thirty do better work alongside AI. Ken.

(01:00):
We've heard this before. I remember in the eighties the
worries back then about the auto industry and robots taking
jobs and automation. And I remember the ridiculous comment that
Barack Obama made when he you know, I don't see

(01:24):
many bank tellers anymore. Well, yes, we don't see many
bank tellers anymore, Brock, because of ATMs. But banks hired
people in other fields. This is the natural EBB and
flow of things. I you know, I've been in this
my industry for such a long period of time. Again,

(01:49):
I go back and think about when I started and
writing out physical buy and sell tickets and options orders,
and having to have assistance basically keep track of all
of this with ink, writing this stuff down in holding pages,

(02:12):
I mean massive, massive trading room floors. It's all gone.
It's all gone, it's all you know, it's all gone away,
just like many jobs throughout history have gone away, more jobs,
more jobs have disappeared throughout history than most certainly are

(02:34):
around right now. That's just the realities of creative destruction. Yeah,
AI is going to eliminate many, many jobs. And again
I'm hoping and praying that it goes the way of
taking care of government jobs are making them more efficient.
We shall see. Yeah, I guess I get it. The

(02:57):
concern out there is and I was thinking about this
when I read this. This a future, you know, a
future where everything is automated, nobody has to work. You know. Again,
people have pitched that as some sort of utopia. I
think probably the best depiction of a society like that.

(03:23):
And again, it was odd, my opinion, it was unbelievable.
Unbelievable Pixar film Wally, highly disturbing, highly sir. It actually
came out in two thousand and eight, and it was
actually far ahead of the game in essence. I mean,

(03:43):
if you're not familiar with the movie, well, long story short,
human beings have to leave the Earth due to destroying
the environment too much consumerism, No more vegetation, nothing but
garbage everywhere. Okay, it sounds like some sort of eco No, no, no,
it's not more than that. But anyway, I'll talk about

(04:06):
the human part of it, not the robot part of it.
But human beings exist in a utopia spaceships where they
don't even have to walk anymore, and they're all over
rate and they're drinking, they're super big drinks, and they
got floating chairs take them away. And the other thing too,

(04:28):
is that they're on their screens all the time. They
don't understand the world around. And again this is going
back to two thousand and eight. Say they called a
lot of stuff in that movie. No, no, people, I
don't think that lack of work is a utopian type

(04:51):
of an existence that we want to live in by
any stretch. I do believe that human beings need to
overcome obstacles and goals in order to enjoy life. That
this this idea that AI is going to control and

(05:11):
I haven't haven't bought into that yet. Will it replace
a lot of jobs? Absolutely absolutely. If you think that
you might be one of those jobs, well again, I'm
sure blacksmiths weren't thrilled with the automobile coming along. We

(05:32):
live and also a day and age too that and
I'm not trying to be flippant here by any stretch
of the imagination. Where you can you can educate yourself.
There's never been a point in time where you have
the ability to learn a new trade and get a
new skill, whatever it may be, and as quickly as possible,

(05:56):
all right in front of you, all right in front
of you, take a class where ever you want. If
this is something that will issue, But no, do I
think that you know it's going to be this this
mass layoff all at once. Now it's just forty one
percent of companies plan to reduce workforces. Yeah, certain jobs
are going to go away. It's called productivity Watchdog on

(06:18):
Wallstreet dot com,