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The Fox News Rundown

"An Earthquake In The Financial System Unlike Anything We’ve Seen"

The Fox News Rundown

FOX News Podcasts

Politics, Daily News, News

3.41.7K Ratings

🗓️ 3 May 2023

⏱️ 32 minutes

🧾️ Download transcript

Summary

"The Rise of A.I.": Months ago, AI experts and prominent tech figures signed an open letter asking that all AI labs take a 6 month pause to ensure this technology is developing safely. The call to action was rejected by Big Tech however, and now “The Godfather of AI,” Geoffrey Hinton has left Google saying artificial intelligence poses a serious threat to humanity. Co-Founder of the Center for Humane Technology and former Google ethicist, Tristan Harris, has worked on artificial intelligence and has been outspoken about the negative impacts of social media in “The Social Dilemma” and now he is speaking about “The AI Dilemma.” He joins the podcast to explain the consequences of artificial intelligence developing without safety measures and the need for AI experts to help create meaningful regulation. But first, the Federal Reserve is expected to make its tenth consecutive interest rate hike on Wednesday, increasing already high interest rates by another quarter of a point. This comes on the heels of First Republic Bank collapsing on Monday, and some of the assets were sold to JPMorgan Chase. This marks the third major bank to collapse in two months and is the second-largest bank failure in U.S. history. Fox News Contributor and Senior Writer for The Wall Street Journal, Jon Hilsenrath, joins the Rundown to discuss what caused this latest bank failure, what kind of secondary shocks to the banking system could spur from the aggressive Fed policy, and the potential consequences of the nation defaulting on its debt. Plus, commentary from Competitive Enterprise Institute senior fellow specializing in environmental policy, Ben Lieberman. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

I'm Brad Bear.

0:01.0

I'm Maria Bartor-Rummel.

0:02.0

I'm Brian Kilmeade and this is The Fox News Run Down.

0:06.0

Wednesday, May 3rd, 2023, I'm Dave Anthony.

0:15.4

Another interest rate hike is expected today amid concern about failing banks and a possible

0:21.6

U.S.

0:22.6

default on our debt.

0:23.6

That is an earthquake in the financial system unlike anything we've seen in the last

0:28.4

20-plus years of financial turmoil.

0:31.5

I'm Jessica Rosenthal.

0:33.4

Americans are a bit skeptical of artificial intelligence according to a new Fox News poll,

0:38.0

but they're more skeptical, Congress can regulate AI and feelings depend in part on how

0:42.8

familiar people are with it.

0:44.7

Now that it's released, now that it's out there, we are seeing all the gloves come off

0:48.4

and all the companies are now racing to push this out there as fast as possible.

0:53.0

So now when I talk to people who are inside the company, they don't want that.

0:56.2

In fact, they feel deeply uncomfortable.

0:58.1

We speak to Center for Humane Technology co-founder Tristan Harris.

1:02.1

And I'm Ben Lieberman.

1:03.1

I've got the final word on The Fox News Run Down.

1:11.0

Interest rates may go up even more today.

1:14.2

The Federal Reserve has expected to implement another quarter percent increase.

...

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