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The Robots Are Coming for Wall Street
Key Excerpts from Article on Website of New York Times


New York Times, February 28, 2016
Posted: March 14th, 2016
http://www.nytimes.com/2016/02/28/magazine/the-robots-are-co...

The Bureau of Labor Statistics released its monthly employment report at 8:30 a.m.. [Daniel Nadler] sat at the kitchen table in his one-bedroom apartment ... as the software of his company, Kensho, scraped the data from the bureaus website. Within two minutes, an automated Kensho analysis popped up on his screen. At 8:35 a.m., Kenshos analysis would be made available to employees at Goldman Sachs. In addition to being a customer, Goldman is also Kenshos largest investor. "People always tell me ... I used to have a guy whose job it was to do nothing other than this one thing," Nadler said. Within a decade, he said, between a third and a half of the current employees in finance will lose their jobs to Kensho and other automation software. If jobs can be displaced at Goldman, they can probably be displaced even more quickly at other, less sophisticated companies, within the financial industry as well as without. In late 2013, two Oxford academics released a paper claiming that 47 percent of current American jobs are at "high risk" of being automated within the next 20 years. So far the burden of job losses is stopping just short of the executive suites, even as the gains in efficiency are worsening already troubling levels of income inequality.

Note: Global elites capture most of the rewards of technological advancement. This results in growing inequality.


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