It's also based on the idea that Microsoft and Google and AWS are factories - and they aren't. It's easy to get ambitious and hire a bunch of people for growth

It's also based on the idea that Microsoft and Google and AWS are factories - and they aren't. It's easy to get ambitious and hire a bunch of people for growth targets that aren't viable without ZIRP. It's less so when you hire people to build orders you've largely already sold... Why should you keep hiring if you already over hired?