“People talk about bankers being amoral. They are starting to talk about tech people in similar language.”

Much like banks in 2008, tech giants are losing people's trust


Mon, Sep 10th, 2018 10:29 by capnasty NEWS

Nathaniel Popper of The New York Times looks at the similarities between Wall Street in 2008 and tech giants in 2018. Much like banks a decade ago, people are questioning the power and legitimacy yielded by tech giants, causing these platforms to lose their most valued asset: the trust of their users.

As was true after the financial crisis, the backlash against tech rises out of a public awakening to the integral role that these huge companies occupy in our society — with Facebook, Uber and Twitter playing the part that Goldman Sachs and JPMorgan Chase did a decade ago.

“People talk about bankers being amoral,” said Charlie Beckett, the director of the Truth, Trust and Technology Commission at the London School of Economics. “They are starting to talk about tech people in similar language. Where before they were kind of heroes — they were people who brought us these wonderful products — they are now starting to be blamed for the ills of the world.”



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