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What's with all the tech layoffs? (infosec.pub)

submitted 11 months ago by HanDman@infosec.pub to c/asklemmy@lemmy.ml

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Every day there’s more big job cuts at tech and games companies. I’ve not seen anything explaining why they all seam to be at once like this. Is it coincidence or is there something driving all the job cuts?

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[–] BaldProphet@kbin.social 9 points 11 months ago (1 children)

Which is ironic because one of the Fed's chartered purposes is to maximize employment. I guess maximizing profits is more important, even though it's not on the list.

[–] davel@lemmy.ml 16 points 11 months ago* (last edited 11 months ago)

Yup. From an article I linked to in another comment:

The Federal Reserve Board’s ostensible policy aim is to manage the money supply and bank credit in a way that maintains price stability. That usually means fighting inflation, which is blamed entirely on “too much employment,” euphemized as “too much money.” In Congress’s more progressive days, the Fed was charged with a second objective: to promote full employment. The problem is that full employment is supposed to be inflationary – and the way to fight inflation is to reduce employment, which is viewed simplistically as being determined by the supply of credit.

So in practice, one of the Fed’s two directives has to give. And hardly by surprise, the “full employment” aim is thrown overboard – if indeed it ever was taken seriously by the Fed’s managers.