The most frustrating part of all of these layoffs is that it seems more or less understood that if the fed lowers rates, we'll be back to irresponsible hiring.

The most frustrating part of all of these layoffs is that it seems more or less understood that if the fed lowers rates, we'll be back to irresponsible hiring. This belief that there is a sing "right strategy" for the given economic conditions completely ignores switching costs, both for individuals (whose lives are upended) but also for companies (imo the coordination overheard of hypergrowth likely means that companies are less productive in the short term).