Max KennerlyJan 21, 2023

Layoffs and stock buybacks are usually perceived by investors as savvy business decisions by pragmatic leaders when in reality both are an admission by the board and management that they have no idea what they're doing.

Layoffs are an admission the company doesn't know how to use human resources.

Stock buybacks are an admission the company doesn't know how to use capital.

https://news.stanford.edu/2022/12/05/explains-recent-tech-layoffs-worried/

What explains recent tech layoffs, and why should we be worried? | Stanford News

As layoffs in the tech sector mount, Stanford Graduate School of Business Professor Jeffrey Pfeffer is worried. Research – by him, and others – has shown that the stress layoffs create takes a devastating toll on behavioral and physical health and increases mortality and morbidity substantially. Layoffs literally kill people, he said.

Stanford News
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@maxkennerly
The FED took away the punch-bowl and the party is over.
I hope all the well-paid tech workers used their privilege to support others in their community and build meaningful local support systems.
It would be really foolish to sell out to corporate censorship and neoliberalism before immense austerity is imposed on the population.

Federal Reserve Chairman Jerome Powell said Wednesday it will be almost impossible for the central bank to beat inflation without hundreds of thousands of Americans losing their jobs.

Fed officials expect the unemployment rate to rise to 4.4 percent next year, up from 3.7 percent in August, as they jack up borrowing costs and slow the economy, according to projections released Wednesday. https://thehill.com/policy/3658981-why-the-fed-is-pushing-unemployment-higher/

Why the Fed is pushing unemployment higher

Federal Reserve Chairman Jerome Powell said Wednesday it will be almost impossible for the central bank to beat inflation without hundreds of thousands of Americans losing their jobs.  Fed officials expect the unemployment rate to rise to 4.4 percent next year, up from 3.7 percent in August, as they jack up borrowing costs and slow…

The Hill
Jan 22, 2023 at 9:45amWeb