A podcast about technology and political economy /// Agitprop against innovation and capital /// Hosted by Jathan Sadowski and Edward Ongweso Jr., Produced by J...
[Due to the relevance of this episode — and requests from listeners in LA — we decided to make this week the free episode.]
We get into the crossover between the LA wildfires and the FIRE industry – finance, insurance, real estate. Where most people see a hellscape of risk and loss, the FIRE industry also sees a landscape of opportunity and profit. First are reports of landlords and investors never letting a good crisis go to waste as the latter jack up rents for people who need places to stay after losing everything, while the former snatch up burnt homes using the discounts code “devastation.” Second we then get into the simple narratives and material dynamics of how the insurance industry is dealing with the wildfire’s aftermath by leaning into their victim complex while also hiking rates, restricting policies, denying claims, and agitating for regulatory changes.
••• We All Live in the Firestorm: Infinite Crisis and the LA Wildfires https://thetechbubble.substack.com/p/we-all-live-in-the-firestorm-infinite
••• Real Estate Vultures Eye Middle-Class Enclave of Ravaged LA https://www.bloomberg.com/news/articles/2025-01-15/fire-ravaged-altadena-attracts-real-estate-vultures-eyeing-deals
••• Experts say Los Angeles rental prices will ‘inevitably’ spike post-wildfires https://fortune.com/2025/01/11/los-angeles-rental-prices-will-inevitably-spike-post-wildfires-experts/
••• The costly calamity in Los Angeles https://www.ft.com/content/1ada4ad5-d992-42a2-89d9-99063883f91d
••• L.A. Is Burning. Will Insurance Companies Take Advantage? https://newrepublic.com/article/190048/california-insurance-los-angeles-fires
••• We Will All Be Paying For L.A.’s Wildfires https://www.levernews.com/we-will-all-be-paying-for-l-a-s-wildfires/
Standing Plugs:
••• Order Jathan’s new book: https://www.ucpress.edu/book/9780520398078/the-mechanic-and-the-luddite
••• Subscribe to Ed’s substack: https://substack.com/@thetechbubble
••• Subscribe to TMK on patreon for premium episodes: https://www.patreon.com/thismachinekills
Hosted by Jathan Sadowski (bsky.app/profile/jathansadowski.com) and Edward Ongweso Jr. (www.x.com/bigblackjacobin). Production / Music by Jereme Brown (bsky.app/profile/jebr.bsky.social)
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1:18:38
389. The Year of Polycrisis
We round up and run down many of the big themes that we think will be important in the coming year and demand our sustained critical attention. Our analysis spans from the new golden age of crypto to further consolidation in the (corporate) venture capital industry, from the ramping up of investment and partnerships in the market for military technology to the ways in which AI will keep growing as a story about the collisions between multiple massive interconnected infrastructures.
Standing Plugs:
••• Register for Jathan’s book launch in San Francisco on January 30th: citylights.com/events/jathan-sadowski-the-mechanic-and-the-luddite/
••• Order Jathan’s new book: https://www.ucpress.edu/book/9780520398078/the-mechanic-and-the-luddite
••• Subscribe to Ed’s substack: https://substack.com/@thetechbubble
••• Subscribe to TMK on patreon for more analysis in our premium episodes: https://www.patreon.com/thismachinekills
Hosted by Jathan Sadowski (bsky.app/profile/jathansadowski.com) and Edward Ongweso Jr. (www.x.com/bigblackjacobin). Production / Music by Jereme Brown (bsky.app/profile/jebr.bsky.social)
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1:30:13
Patreon Preview – 388. The On-Demand Degradation of Nursing
We get into an excellent new report on the rise of on-demand platforms for nursing, which have spurred further exploitation of labor and degradation of care in an industry that has already been hollowed out by suppression of worker rights and financialization by private equity firms. The destruction of healthcare wouldn’t be complete if tech innovators didn’t use re-skinned versions of algorithmic management software to make things even worse by further stripping the sector to its bare bones.
••• Pre-order Jathan’s new book! https://www.ucpress.edu/book/9780520398078/the-mechanic-and-the-luddite
••• Subscribe to Ed’s substack: https://substack.com/@thetechbubble
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••• Uber for Nursing https://rooseveltinstitute.org/publications/uber-for-nursing/
Subscribe to hear more analysis and commentary in our premium episodes every week! https://www.patreon.com/thismachinekills
Hosted by Jathan Sadowski (bsky.app/profile/jathansadowski.com) and Edward Ongweso Jr. (www.x.com/bigblackjacobin). Production / Music by Jereme Brown (bsky.app/profile/jebr.bsky.social)
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9:54
387. Getting Fleeced in Nature’s Casino
[Note: we explain TMK's new structure from 0:00-10:28, so skip that to get straight into the episode]
We dive into the market for catastrophe bonds (or, “cat bonds”) and talk about how this complex financial instrument is sold as the silver bullet for climate finance — especially for under-developed countries that are at risk of devastation from disasters like hurricanes, floods, earthquakes — which is meant to be an alternative to insurance for places that cannot access or afford policies. In reality, they have given institutions like the World Bank the perfect neoliberal policy for climate (in)action, they have provided extremely lucrative windfalls for hedge funds, and they have left people in devastated regions with nothing to show for their expensive premiums.
••• Pre-order Jathan’s new book! https://www.ucpress.edu/book/9780520398078/the-mechanic-and-the-luddite
••• Subscribe to Ed’s substack: https://substack.com/@thetechbubble
——
••• The Harsh Reality of ‘Hurricane Insurance’ https://www.bloomberg.com/features/2024-jamaica-hurricane-catastrophe-bonds/
••• The Risky Business of Predicting Where Climate Disaster Will Hit https://www.bloomberg.com/graphics/2024-flood-fire-climate-risk-analytics/
••• In Nature’s Casino https://www.nytimes.com/2007/08/26/magazine/26neworleans-t.html
Subscribe to hear more analysis and commentary in our premium episodes every week! https://www.patreon.com/thismachinekills
Hosted by Jathan Sadowski (bsky.app/profile/jathansadowski.com) and Edward Ongweso Jr. (www.x.com/bigblackjacobin). Production / Music by Jereme Brown (bsky.app/profile/jebr.bsky.social)
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1:27:27
Patreon Preview – 386. The FIRE Sector is Under Water
First we talk about the unholy trinity of Anduril, Palantir, and OpenAI working together to secure major contracts from the Pentagon for networking data systems and training AI models. Then we get into how Blackstone now owns the AI boom with $50 billion invested in data centre infrastructure and another $50 billion in the pipeline. Lastly, we chat about how the mortgage markets in the US, Australia, and elsewhere—the very cornerstone of entire economies and generational wealth—are once again facing systemic risk a lá the 2008 crash, but this time caused by climate catastrophes.
••• Pre-order Jathan’s new book! https://www.ucpress.edu/book/9780520398078/the-mechanic-and-the-luddite
••• Subscribe to Ed’s substack: https://substack.com/@thetechbubble
••• We saw a demo of the new AI system powering Anduril’s vision for war https://www.technologyreview.com/2024/12/10/1108354/we-saw-a-demo-of-the-new-ai-system-powering-andurils-vision-for-war/
••• Mind the Gap: Foundation Models and the Covert Proliferation of Military Intelligence, Surveillance, and Targeting https://arxiv.org/abs/2410.14831
••• Blackstone’s Data-Center Ambitions School a City on AI Power Strains https://www.bloomberg.com/news/features/2024-12-08/georgia-s-blackstone-backed-qts-data-center-hits-resistance-over-ai-power-needs
••• The Climate Risk to the Mortgage System https://www.nytimes.com/2024/12/07/business/economy/mortgages-climate-risk-fannie-freddie.html
••• Surging insurance costs are driving thousands of borrowers to breach their mortgage contracts https://www.abc.net.au/news/2024-12-10/insurance-costs-are-driving-thousands-to-breach-their-mortgages/104703586
••• How climate risks are driving up insurance premiums around the US – visualized https://www.theguardian.com/environment/2024/dec/05/climate-crisis-insurance-premiums
Subscribe to hear more analysis and commentary in our premium episodes every week! https://www.patreon.com/thismachinekills
Hosted by Jathan Sadowski (bsky.app/profile/jathansadowski.com) and Edward Ongweso Jr. (www.x.com/bigblackjacobin). Production / Music by Jereme Brown (bsky.app/profile/jebr.bsky.social)
A podcast about technology and political economy /// Agitprop against innovation and capital /// Hosted by Jathan Sadowski and Edward Ongweso Jr., Produced by Jereme Brown /// Hello friends and enemies
Listen anywhere that fine podcasts are distributed. Subscribe at patreon.com/thismachinekills to get premium episodes every week.
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