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Preventive Incantation

It doesn’t matter how one feels* about AI as a technological problem, as it is much more of a financial problem, a threat similar to others that preceded it but special in its own special way. Purveyors already know the limits of the technology but dangle the potential profits as unlimited.

Because all the convenient confusion can be difficult to parse, a cultural interpretation of the crisis requires urgent attention. And thanks to Short Attention Span Theater – the single, unwavering truism threading society together – it needs to be brief and concise. Enter The Great Crash, 1929 by John Kenneth Galbraith into evidence:

…there is deep faith in the power of incantation. When the market fell many Wall Street citizens immediately sensed the real danger, which was that income and employment – prosperity in general – would be adversely affected. This had to be prevented. Preventive incantation required that as many important people as possible repeat as firmly as they could that it wouldn’t happen.  This they did. They explained how the stock market was merely the froth and that t he real substance of economic life rested in production , employment, and spending, all of which would remain unaffected. No one knew for sure this was so. As an instrument of economic policy, incantation does not permit of minor doubts or scruples.

To the mighty extent that AI hype runs riot, our savvy age turns the power of incantation into cynicism verging on a new art form. Machine learning is so deeply ingrained into every sector that it simply must work and cannot fail, to coin a phrase. It must be powerful if important people are warning that it might take over.

Meanwhile, circularity: Tech giants investing in each other’s AI products and projects, driving valuation and demand for power, water, chips, and data centers, and inflating the perception of market consensus. We love the miasma of mortgage-backed securities in the morning.

Circularity > singularity.

Image: Screenshot from Bloomberg March 20, 2026

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Playing Makeup, Wearing Guitar

That’s from the Replacements.

This is from Rolling Stone, and no less a travesty – who knows, maybe more.

A comprehensive energy and climate bill – the centerpiece of President Obama’s environmental agenda – is officially dead. Take it from the president’s own climate czar, Carol Browner. “What is abundantly clear,” she told Rolling Stone in an exclusive interview on July 8th, “is that an economy-wide program, which the president has talked about for years now, is not doable in the Senate.”

The Spill, The Scandal and the President: How Obama let BP get away with murder.

But the failure to confront global warming – central not only to Obama’s presidency but to the planet itself – is not the Senate’s alone. Rather than press forward with a climate bill in the Senate last summer, after the House had passed landmark legislation to curb carbon pollution, the administration repeated many of the same mistakes it made in pushing for health care reform. It refused to lay out its own plan, allowing the Senate to bicker endlessly over the details. It pursued a “stealth strategy” of backroom negotiations, supporting huge new subsidies to win over big polluters. It allowed opponents to use scare phrases like “cap and tax” to hijack public debate. And most galling of all, it has failed to use the gravest environmental disaster in the nation’s history to push through a climate bill – to argue that fossil-fuel polluters should pay for the damage they are doing to the atmosphere, just as BP will be forced to pay for the damage it has done to the Gulf.

Tim Dickinson blogs about all the news that fits from the Beltway and beyond on the National Affairs blog.

Top environmental groups, including Al Gore’s Alliance for Climate Protection, are openly clashing with the administration, demanding that Obama provide more hands-on leadership to secure a meaningful climate bill. “We really need the president to take the lead and tell us what bill he’s going to support,” says Fred Krupp, president of Environmental Defense Fund. “If he doesn’t do that, then everything he’s done so far will lead to nothing.”

Get your dose of political muckraking from Matt Taibbi on the Taibblog.

But Obama, so far, has shown no urgency on the issue, and little willingness to lead – despite a June poll showing that 76 percent of Americans believe the government should limit climate pollution. With hopes for an economy-wide approach to global warming dashed, Congress is now weighing a scaled-back proposal that would ratchet down carbon pollution from the nation’s electric utilities. It has come to this: The best legislation we can hope for is the same climate policy that George W. Bush promoted during the 2000 campaign. Even worse, the “utilities first” approach could wind up stripping the EPA of its newfound authority to regulate carbon emissions from power plants.