4 ms·
It seems pretty clear alot of Tech is completely irrelevant to the rest of the US economy.
by tekla 3y ago
It seems pretty clear alot of Tech is completely irrelevant to the rest of the US economy.
- I_Am_Nous 3y agoYep, if it wasn't clear before it is now. Meta's bloated bubble losing some air is only going to "hurt" Meta, it's not like they are a steel company providing rails for westward expansion or livestock for feeding America. Just like crypto it makes for a tempting hold when stock prices keep rising, but unlike many crypto hodlers investors aren't in love with the contents of their wallet and will dump anything at the first sign of trouble or need for some weekend money. The sooner we can realize material companies are still the most important the faster we stop making Mark Zuckerberg and the like wildly rich.
- owlstuffing 3y ago> Meta's bloated bubble losing some air is only going to "hurt" Meta Yeah. Thousands of people without a paycheck can’t possibly have an impact on the economy.
- plantwallshoe 3y agoCorrect, thousands of people without a paycheck won’t have a noticeable impact on an economy with 100,000,000+ workers
- yoav 3y agoThis. Also their pay check before being laid off likely gave them many years of cushion to survive the layoff and get another job, maybe outside of tech, maybe found a company and hire their friends that were laid off with them
- owlstuffing 3y agoAs if this isn’t a precursor to a much greater and extremely delayed tech layoff bonanza.
- I_Am_Nous 3y agoI dunno, at this point I feel like the economy hasn't crashed yet because no one wants it to. Companies could be regrouping for a couple of years to wait out the interest rate hike before resuming growth spending. If the market decides to pull back on tech (especially tech based on ad profiling/serving) it will definitely deflate those companies who haven't diversified in some way and correct the stock market pretty hard.
- droopyEyelids 3y agoA desired impact. It's called "cooling down the labor market". I personally think it's detestable but I don't have any say in it.
- I_Am_Nous 3y agoI'm empathetic to people losing their jobs, but those people were given their jobs in anticipation of further growth. Labor is almost always the easiest cost to reduce, but the value a few thousand people bring to the economy themselves via wages is dwarfed by the excessive overvaluation the Meta bubble generated.
- s1artibartfast 3y agoLike a butterfly flapping it's wings in a hurricane