Pushing Pause on AI & Bank Failures; Who’s to Blame? 03/30/23

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 30 March 2023

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

House lawmakers tore into top U.S. bank regulators at congressional hearings this week about how Silicon Valley Bank and Signature Bank collapsed practically overnight. Daniel Tarullo, former Fed governor and Harvard Law School professor, discusses what went wrong with Silicon Valley Bank, if de-regulation had any impact on the collapse, and who is at fault. Elon Musk and dozens of other technology leaders have called on AI labs to pause the development of systems that can compete with human-level intelligence. Michael Wolf, Activate co-founder and CEO, discusses his concerns with artificial intelligence but says you can’t stop the forward march of technology. Plus, CNBC’s Robert Frank reports some wealthy residents in Los Angeles are racing to unload their high priced homes before a new mansion tax goes into effect. In this episode: Michael Wolf, @mjw Robert Frank, @robtfrank Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Zach Vallese, @ZachVallese

Transcript

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0:00.0	Bring in show music please.
0:03.0	I'm C. NBC producer Zach Valise, today on Squack Pod.
0:08.0	An open letter on AI, tech leaders like Elon Musk are pushing for a pause on progress and others saying
0:16.4	it's all part of Tech's game. Activate CEO Michael Wolf.
0:20.9	You can't stop the Forward March of technology. Anytime somebody's
0:24.7	tried, they've lost. And Capitol Hill's bank hearings, the takeaway for
0:30.3	building a better financial system with former Fed Governor Daniel Tarulo.
0:35.0	Somewhere along the line there was definitely a supervisory failure.
0:38.8	The question that many members of Congress have raised in the last couple of days is whether there was also a
0:45.1	regulatory shortfall.
0:47.8	Those stories plus former Starbucks CEO Howard Schultz before Congress and LA taxes sparking a millionaire's sale.
0:56.7	C and B. C's Robert Frank.
0:58.8	There is somebody who paid $450,000 in the metaverse to be by Snoop Dog.
1:04.0	I thought it was Snoop Dog.
1:04.8	I didn't want to say it because I wasn't sure if it was Snoop.
1:07.6	It's Thursday, March 30th.
1:09.5	Squat Pod begins right now.
1:11.8	Stand Becky by in three, two, one, queue please.
1:17.0	Good morning everybody.
1:18.0	Welcome to Squackbox here on C.
1:20.0	We're live from the NASDAQ market site in Times Square.
1:22.5	I'm Becky Quick along with Joe Kernan.
	...

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