20 Oct Well, isn’t this a turn of events?
lol. jk, not really.
Microsoft-owned LinkedIn announced Monday that it cut almost 700 employees, with most coming from the engineering organization, according to a memo viewed by CNBC. Cuts also came in the company’s finance and human resources groups, according to a person familiar with the situation who asked to remain unidentified because they were not authorized to discuss the changes.
The reductions come as the business-oriented social network has seen year-over-year revenue growth slow for eight consecutive quarters. It grew just 5% in the second quarter, Microsoft said in July.
But wait a minute. I thought people’r’doin’ great? I thought we still had a rrrrrrrrrobust labor market and a rrrrrrrresilient economy? Meanwhile, back at the ranch, they themselves saw “year-over-year revenue growth slow for eight consecutive quarters.”
Let’s say it again: watch what they do. Don’t pay attention to the bullsh*t these folks put out for the unwashed masses like you and me. Watch what they do.
Even The Fed has had quiet layoffs!
Think about the number of times on my blogs and on my podcast that I’ve said: don’t pay so much attention to what the fat cats say – especially to those of us they consider to be the unwashed masses – but watch what they do.
Here we go. Prime case in point:
“Even the Fed is cutting jobs — for the first time in more than a decade”
I see. So even as they are trying to convince us they can be dovish on the economy and maybe rate hikes can stop awhile and maybe we’re in for a soft landing after all: they are cutting jobs. Funny how that goes, ain’t it?
Even as Federal Reserve Chair Jerome Powell reassures the public about the state of the US economy, the organization is quietly laying off workers at its own doorstep.
The Federal Reserve system is cutting approximately 300 jobs through the end of the year, a Fed spokesperson confirmed to CNN on Friday.
This marks a rare drop in headcount at the central bank, the first since 2010. The Fed system employs about 21,000 people across its 12 regional reserve banks.-CNN, Ibid.
Microsoft announced in January that it was cutting 10,000 employees, and additional ones following in July. The slimming down comes as Microsoft’s overall revenue growth has slipped, pushing CEO Satya Nadella to lower costs across the company.
These new layoffs are in addition to the 10,000 from January, a spokesperson said.
LinkedIn is now ramping up hiring in India, according to the person familiar with the matter.
-CNBC, Ibid. emphasis mine
Ahhh. Так интересно, да? So even as we see LI “influencers” (the very thought of which makes me laugh out loud sincerely) telling you to ask for more money and negotiate with hiring managers like we’re still in the throes of The Great Resignation, LI is trimming staff in the US to ramp up hiring in India, presumably to target workers for pennies on the dollar.
A narrative we’ve heard from the hot air & hopium crowd is that somehow, even in the face of living paycheck-to-paycheck and dealing with debt, we will see a massive rebellion against RTO. A nationwide strike! And I have been a voice in the wilderness telling you: no freakin’ way.
“At Amazon, employees staged a walkout this month over the company’s return-to-office mandate, which requires employees be in the office at least three days a week. The company seemed unfazed by the protest and is sticking with the mandate.” –https://finance.yahoo.com/news/paul-graham-says-remote-does-225728000.html
Well no duh. Not only will petitions and angry Slack channels and mad emojis not stop what’s coming, neither will walkouts. So even if somehow, against the odds, masses of people said, “Screw it. We’ll sit at home with zero income and wait for WFH to come back,” Corpo America is not gonna care. Scabs will cross the picket line and AI solutions would be implemented that much faster if it gained any steam at all.
I’ll repeat that last bit for emphasis:
Corpo America is not gonna care. Scabs will cross the picket line and AI solutions would be implemented that much faster if it gained any steam at all.
So let’s think about this series of events for a second:
The (artificially manipulated, IMO) markets are hot with FOMO & YOLO. ➡️ The Great Resignation happens. ➡️ The Fed prints up fiat currency like candy and then acts surprised when inflation occurs. ➡️ People want and need more money in order to make a job change. ➡️ Employers go along with it for a while but they grow frustrated. ➡️ The Fed admits it wants to boost unemployment. ➡️ The MSM and social media nitwits continue to gaslight you that all is well on Front Street while on Back Street they are pushing employees out the door. ➡️ If they need to hire, they choose an AI solution or look for folks willing to take significantly less money than the ones they trimmed.
Sound about right?