The US economy depends more and more on enormous bubbles in the stock market and AI. The 10% of richest Americans drive half of all spending, while the real economy in many states is in recession. If the bubble pops, it could cause a severe crisis. Political economist Ben Norton explains.

VIDEO: https://www.youtube.com/watch?v=rXCVrLPTUHQ

Topics

0:00 Economy divided between rich & everyone else

1:36 Many US states already in recession

3:11 Biggest stock market bubble in history

5:31 90% of stocks owned by 10% richest Americans

7:23 Magnificent Seven (Mag7) Big Tech stocks

9:07 Ten Titans Big Tech stocks

9:58 AI bubble

11:46 (CLIP) Jeff Bezos: AI is in "good bubble"

13:26 95% of AI pilot programs fail

13:55 Investors keep buying overvalued stocks

15:12 Markets can remain irrational

15:26 Irrational exuberance

15:50 Dot-com bubble

16:28 US share of global stock markets

17:28 US vs Chinese tech company revenue

18:24 Tesla vs global automotive industry

20:49 Top 10 US stocks: 16% global market cap

21:07 Recession

22:23 Stagflation

23:04 AI capex contribution to US GDP growth

25:07 AI is eating the economy

26:01 AI drives up electricity bills

26:50 Trump shuts down renewable energy

27:42 AI adds more to GDP than shopping

28:49 US job growth collapses

32:13 Bifurcated economy

33:01 Outro