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Howard Marks Says AI Terrifying for Jobs

Oaktree Capital Management LP co-founder Howard Marks told Bloomberg Surveillance he thinks the current market seems healthier than 2000, and he doesn't see "merit" in lowering interest rates much more. “I believe that the Fed should be passive most of the time and only come to the rescue if the economy is seriously overheated and tending toward hyperinflation or seriously underactive and not creating jobs,” Marks said in an interview with Bloomberg TV. “I don’t think that’s the case right now.” Artificial intelligence has created a “terrifying” outlook for employment, Oaktree Capital Management LP co-founder Howard Marks cautioned, and an assumed productivity boom fails to consider how many people will be able to afford the additional goods produced. “I’m concerned that a small number of highly educated multi billionaires living on the coasts will be viewed as having created technology that puts millions out of work,” Marks wrote in a blog on Tuesday. “This promises even more social and political division than we have now, making the world ripe for populist demagoguery.” -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X:   / bloombergradio   Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtReI Bloomberg Intelligence: http://bit.ly/3YrBfOi Balance of Power: http://bit.ly/3OO8eLC Bloomberg Businessweek: http://bit.ly/3IPl60i Listen on Apple CarPlay and Android Auto with the Bloomberg Business app: Apple CarPlay: https://apple.co/486mghI Android Auto: https://bit.ly/49benZy Visit our YouTube channels: Bloomberg Podcasts:    / bloombergpodcasts   Bloomberg Television:    / @markets   Bloomberg Originals:    / bloomberg   Quicktake:    / @bloombergquicktake