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https://www.youtube.com/watch?v=t-MTTwjlnuM

Amazon to Lay Off 9,000 *More* Employees After Cutting 18,000 in November

Charles Krupa/AP Photo

LUCAS NOLAN

20 Mar 20230

2:39

Amazon has announced yet another round of layoffs after letting go of 18,000 workers in November. This time the e-commerce giant will lay off 9,000 employees.

CNBC reports that Amazon, one of the world’s largest e-commerce retailers, is preparing to lay off 9,000 more employees in the coming weeks. CEO Andy Jassy made the announcement in a memo to the staff on Monday. This round of layoffs comes on top of the layoff of more than 18,000 workers in November.

Amazon CEO Andy Jassy (Isaac Brekken/AP)

Amazing is laying off employs to cut costs in the business. According to Jassy, the business made the decision considering the “uncertainty that exists in the near future” as well as the current economic climate. The second stage of the company’s annual budgeting process, known as “OP2” internally, has just been completed.

“The overriding tenet of our annual planning this year was to be leaner while doing so in a way that enables us to still invest robustly in the key long-term customer experiences that we believe can meaningfully improve customers’ lives and Amazon as a whole,” Jassy said in the memo.

The areas of Amazon’s business that are expected to be the most impacted are the company’s cloud computing, human resources, advertising, and Twitch livestreaming businesses. After going on a hiring binge during the coronavirus pandemic, the company is currently undergoing its largest round of layoffs ever. By the end of 2021, the company’s workforce had increased from 798,000 in the fourth quarter of 2019 to over 1.6 million.

Jassy, who succeeded Jeff Bezos as CEO of Amazon in July 2021, is also conducting a thorough analysis of the company’s expenses as it deals with the recession and sluggish growth in its core retail business. Amazon stopped hiring for its corporate workforce, shelved some test projects, and slowed the growth of its warehouses.

assy said that he is still optimistic about the firm’s “largest businesses,” which are its e-commerce business and Amazon Web Services. The company still plans to invest in new divisions this year despite its plans to operate more efficiently.

Following the news, Amazon’s stock fell more than two percent during Monday’s afternoon trading.

 

Read the full memo from Jassy at CNBC here.

Woke Vs. Woke: Google Employees Upset over Company’s Layoffs

Carsten Koall /Getty

LUCAS NOLAN

20 Mar 20230

3:37

In an open letter to Google CEO Sundar Pichai, more than 1,400 Google employees called for better management of the company’s mass layoffs. The letter calls on Pichai and his management team to remember the company’s code of conduct, which reads, “don’t be evil.”

Business Insider reports that Google CEO Sundar Pichai informed his staff via email in January that the company would be laying off about 12,000 employees and that he accepted “full responsibility for the decisions that led us here.” In an open letter, Google workers assert that “nowhere has the voice of the workers been adequately considered, and we know that as workers we are stronger together than alone.”

Google CEO Sundar Pichai looking down (NurPhoto / Contributor/Getty)

The workers want Google to think about freezing new hires and giving laid-off workers priority for open positions. Additionally, they want the employer to permit workers to complete pre-planned leaves like parental and bereavement leave.

Employees who have been laid off have spoken out about their experiences since the layoffs were announced. One husband claimed he and his wife were in “disbelief” when they learned they had both lost their jobs. Another ex-Googler who was caring for his mother’s terminal illness claimed to have lost his job to Insider.

One Google worker who made it through the layoffs told Insider that some of the people who were kept on were sobbing in meetings the day the layoffs were announced. Employees are furious about the layoffs and feel their concerns have not been adequately addressed by the company, according to the workers who spoke to Insider.

A request for comment from Insider made outside of regular business hours was not immediately answered by Google or the Alphabet Workers Union.

The open letter draws attention to the lack of openness and dialogue with employees during the decision-making process. The workers feel that their voices have not been sufficiently heard and that their combined strength is greater than their individual strength.

Breitbart News previously reported that one of the most high-profile layoffs was Google’s head of mental health and wellbeing.

One particularly affected employee was Kristin Maczko, who had served as Director of Google’s mental health and wellbeing team since July 2021. Nearly 15 years into her employment with the company, Maczko called her position a “dream job.” Maczko stated on her LinkedIn profile: “These last few days, I’ve experienced a wide range of emotions. I regret having to say goodbye to my many friends and coworkers at Google.”

Although she did not give an exact figure, Maczko added that many members of Google’s mental health and wellbeing team had also been let go. Google has not yet responded to requests for comment, raising concerns about how much the team has been impacted.

Many employees have expressed their confusion and frustration regarding the layoffs; some have said they received impersonal emails informing them of their termination. Many who were laid off felt suddenly cut off from their workplace when the company swiftly disabled the work laptops and accounts of those who were fired. An engineer who requested anonymity and has worked for Google for more than ten years told Insider, “It’s just not logical. People with years of experience, who are excellent workers, who had skills and knowledge, are being laid off, and they were just shooed out the door without even speaking to the managers who oversee them and have a true understanding of their capabilities.”

 

Read more at Business Insider here.

No One Is Immune’: Massive Layoffs Coming to ESPN

1

Yana Paskova/For The Washington Post via Getty Images

WARNER TODD HUSTON

20 Mar 2023355

2:23

Disney is preparing to lay off 4,000 employees, and it has been reported that many of those layoffs will be at its ESPN cable sports network and its other side entertainment divisions. And insiders say no one is safe.

According to the New York Post, the list of layoffs is set to be completed sometime over the next few weeks.

Insiders have leaked information about an initial wave of layoffs to affect the jobs of some 4,000 employees. But Disney CEO Bob Iger was talking about 7,000 total layoffs in February, Breitbart News reported.

Robert Iger, Chief Executive Officer of The Walt Disney Company, attends the 95th Annual Academy Awards on March 12, 2023, in Hollywood, California. (Neilson Barnard/Getty Images)

ESPN chief Jimmy Pitaro has sent down a memo to department heads to assemble their lists of employees that are deemed “redundant and disposable.”

ESPN President Jimmy Pitaro speaks at the espnW Women + Sports Summit held at The Resort at Pelican Hill on October 22, 2019, in Newport Beach, California. (Meg Oliphant/Getty Images)

Disney is set to eliminate the jobs as part of CEO Bob Iger’s $5.5 billion budget cut plan as the company faces repeated box office bombs, billions in losses over its streaming service, and political setbacks due to its radical left-wing policies in Florida.

The layoffs are set despite the company’s reported profits of $23.51 billion, which slightly exceeded expectations of $23.44 billion.

It was also reported that the company is scaling back spending on new programming and marketing.

ESPN staffers have also been told that all cost-saving measures are on the table, and no one’s job is safe, with the most vulnerable being the on-air personalities.

In any case, the coming layoffs will likely be far worse than the 2017 round of layoffs that were said to be a “blood bath” when 100, mostly camera-facing employees were trimmed.

There have been more extensive layoffs since then, too. In 2015, the company dumped 350 workers, and in 2020 the company released 300 workers.

Last year it was reported that ESPN lost another 10 percent of its subscribers and was down 8 million customers since 2020.

Iger has said that Disney plans to remove ESPN from cable and go “direct to consumer” sometime in the future, but no timetable has been set for that switchover.

Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston, or Truth Social @WarnerToddHuston

REMEMBER: ON TOP OF EVERYTHING ELSE YOU WILL BE GIVING YOUR JOB TO ONE OF JOE'S ILLEGALS BECAUSE THEY WILL BE HERE TO KEEP WAGES DEPRESSED.

All Hell Is Breaking Loose In The Stock Market As Major Threats Emerge

https://www.youtube.com/watch?v=00vR1f1wGrE

All hell is breaking loose on the stock market as major threats emerge in the system. Last week, fear of a financial crisis unleashed widespread chaos across markets, plunging bank stocks and sending shockwaves that could result in a disastrous selloff when trading resumes tomorrow. According to some big market players, conditions are looking a lot like those of 1929. Scary predictions and warnings about what will happen next for stocks don't stop coming, and angst over inflation, interest rates, recession, and systemic risks are making the odds of a brutal stock market crash look more imminent than ever. Financial markets were already facing a period of extraordinary anxiety over tighter credit conditions, worsening outlooks for businesses, and deteriorating economic conditions when a sudden string of U.S. bank failures exponentially raised the risk of a stock market crash in a span of just seven days.  Right now, investors across stocks, bonds, and commodities are in crisis mode. Several key indications are revealing signs of extreme stress, with some nearing levels last seen during previous turmoils. Optimism has vanished, and now investors are increasingly seeking insurance against a potential flash crash in stocks as they brace for more tumult in the market this week after worries over a banking system collapse shook asset prices over the last week. All of these developments prompted Tesla CEO Elon Musk to warn that there were frightening similarities between the collapse of Silicon Valley Bank and the crisis that triggered the 1929 Wall Street crash. "Lot of current year similarities to 1929," he said on Twitter Tuesday, in response to a thread by Ark Invest CIO Cathie Wood. In late October 1929, the Dow Jones Industrial Average plunged 23% in two days, signaling the start of the Great Depression. And now Morgan Stanley’s Mike Wilson is alerting about a potential 22% flash stock market crash by the end of this month. In a new note to clients, Wilson said he sees the S&P 500 falling to a low of 3,000 after the Fed meeting this coming Wednesday, representing a further 22% downside from current levels. Similarly, JPMorgan analysts added that if inflation stays higher than the Fed and investors would like, “it could spark further downside for a March sell-off that appears to have already kicked off.” On Friday, stocks plummeted as investors pulled back from positions in risky assets. The Dow Jones Industrial Average lost almost 400 points, to close at 31,861.98 points. The Nasdaq Composite slid 0.74%, and the S&P 500 lost 1.10% and is now 5% from February levels. Markets closed at a critical moment. “There’s nervousness into the weekend of: How does this all look on Monday?,” says Keith Buchanan, senior portfolio manager at Globalt Investments. “The market is nervous about holding stocks into that.” The big question at the moment is how far the contagion will spread in the coming days. Analysts are bracing themselves for another rash of selling Monday morning, and things could get a lot worse than they already are. We will soon find out if they are right. But whatever happens, this is all a sign of a much bigger crisis that will ravage the financial world in 2023. This won’t be just a banking crisis or a stock market crash. It will be an everything collapse that will repercuss for years to come.

15 Great Depression Foods We Will All Be Eating Again Soon

https://www.youtube.com/watch?v=14pjSrIZ-HA&t=321s

he reality of millions drastically changed after the 1929 stock market crash. All of a sudden, affluent Americans lost everything, middle-class families became poor, and poor households fell into misery. For over a decade, our citizens struggled to make ends meet and many of them didn’t have enough to eat.  Parents would skip meals to feed their children as they were forced to survive on next to nothing. Bread lines extended for miles, and food insecurity became an epidemic. Fast forward to today, and we have what experts call the biggest stock market bubble in history just ready to burst. Even though we have learned a lot since the 1930s, our leaders continued to make the same mistakes. And now more than ever, it’s looking like history is about to repeat itself. The question is: when everything collapses will you be prepared? According to a very detailed article published on Ask A Prepper by Katherine Paterson, for us to be truly ready for the challenges that are coming for us, we will all need to get creative with our meals. To understand how Americans survived the dark times of the Great Depression, we need to understand how to make our resources last. Back then, essentials including meat, eggs, and milk were in extremely short supply, and people often had to make a little go a long way, as explained by Paterson. We are already seeing the same shortages happening today. And it’s just a matter of time before another financial disaster throws our economy into disarray. With a little bit of preparation, you won’t have to panic when staples start disappearing from store shelves if you know how to adapt. You don’t need many different ingredients, and you definitely don’t need expensive foods to cook delicious dishes.  Culinary is something very important for our culture. It was through such hearty meals that people had the drive to keep fighting to get out of such challenging situations. Food connects us and gives us a sense of purpose and identity. That’s why it is so crucial to make preparations for when the essentials we rely upon aren’t available anymore. The warning signs of an impending financial and economic meltdown are everywhere. And once it happens, vulnerable supply chains can be broken in a snap of fingers.  Our leaders may have made the same wrongful decisions that put us where our grandparents and great-grandparents were almost a century ago. But that doesn’t mean we can’t make more conscious choices this time around. So get ready now while we’re still experiencing the calm before the storm, because when start to spiral out of control, it may be too late. That’s why in today’s video, we listed some very popular meals that previous generations used to eat during that era because those recipes may soon become handy for all of us as well. For more info, find us on: https://www.epiceconomist.com/

Be Ready For Evictions As 50% Of American Workers Can’t Afford Rent Prices

https://www.youtube.com/watch?v=q9K6nYS1ES8&t=277s

Nearly half of all American workers can’t afford rent prices in most U.S. cities, according to a new report. They are at risk of becoming homeless this year as a nightmarish scenario unfolds in the rental market, analysts say. Evictions are spiking again, and in some states, eviction fillings have already soared 40% above pre-pandemic levels. Conditions are tight, with less than 5% of rental units still vacant across the country. As competition amongst renters grows, prices continue rising much faster than incomes at a time job cuts are also increasing. The combination is painting a dire picture for housing affordability, and it is threatening to disrupt the lives of millions of Americans. A new report from the National Low Income Housing Coalition showed that nearly half of Americans – or about 46% – do not earn enough to rent a one-bedroom apartment. Rents in the U.S. continued to rise in recent years as demand increased due to expensive home prices, and a worker now needs to earn about $21.40 an hour to afford a modest one-bedroom rental. The median wage in the US is about $21 an hour.  And this trend is not just happening in big cities. The report reveals that a two-bedroom rental – a reasonable size for a family – would stretch the budgets of renters in the vast majority of U.S. counties. In California, where the minimum wage is $14 an hour, the cost of housing is so high that the benefit of higher hourly pay is completely erased. Today, a person in California needs to earn $39.03 an hour to afford a two-bedroom apartment and $31.06 for a one-bedroom. That is to say, a minimum-wage worker in the state would have to put in 89 hours every week just to afford the one-bedroom and 112 hours to afford the two-bedroom. Nationally, the average fair market rent is $1,718 a month for a one-bedroom and $1,956 a month for a two-bedroom, according to the report. In contrast, the average renter’s hourly wage is $18.78, an income that can absorb only $977 a month in rent without being housing cost-burdened. A household living on one minimum wage income can afford even less, $377 a month, the organization showed. Meanwhile, a nightmarish scenario for evictions is unfolding in the U.S. rental market. A recent GOBankingRates survey found that roughly one-third of Americans, or 32.56%, are worried they won’t be able to pay for rent over the next three months as they face a job loss. The ripple effects that mass evictions can have on our society are beyond scary. The human toll of losing one's home, community, and sense of security cannot be underestimated. As more and more people are pushed out of their homes and into homelessness, the fabric of our society will start to desintegrate.  

In short, the housing crisis is a moral and political crisis, and we cannot afford to ignore the plight of those who are being left behind by our broken housing system. In the end, we must recognize that the problem of mass evictions and soaring rent prices is not a mere economic issue, but a human one. And our country's failure to act now will have dire consequences for generations to come. 

Middle-Class Americans Are On The Brink Of Bankruptcy As Hard Times Coming

https://www.youtube.com/watch?v=NSSmRgV9plU

Millions of American families have lost everything in recent years, and new data shows that middle-class households are going bankrupt at a faster pace than households in other income groups. A scarcity of well-paying jobs, astronomical price increases, and the runaway increase of mortgage rates in an age of stagnant paychecks have all contributed to the financial struggles of middle-class Americans. But at the end of the day, it all boils down to the fact that even with two incomes, becoming and staying in the middle class has never been harder. The current economic downturn is threatening to make things even more complicated for middle-income earners. They are standing on very thin ice, and the cracks are starting to show. Many of them are already on the brink and are likely to the pushed over the edge by an unexpected job loss or emergency expense in the months ahead, experts say. Middle-class Americans accounted for 66% of personal bankruptcies in the country in 2022. Today, many of the staples of middle-class life such as college education and homeownership carry with them more financial risk, requiring more borrowing and new riskier forms of borrowing, especially at a time of rampant interest rates. And now more than ever, consumer debt has become the go-to pressure valve for squeezed middle-class families. However, more consumer debt puts them in a precarious financial situation, economists say. “It is the people in the middle — not the richest or the poorest — who accumulate the most debt on their credit cards. It is these same people who seek relief in the bankruptcy courts,” highlights economist and management consultant, Amelia Tyagi. A generation ago, a typical middle-class family with one income committed about 54% of their pay to the basics — housing, health insurance, transportation, and taxes. That is, the one-income family spent about half its income to cover all the bills — “the essential expenses that must be paid even if someone gets sick or loses a job,” Tyagi says. In 2023, these basic expenses, including child care so that both parents can work, consume 75% of the family’s combined income. With 75% of income allocated for fixed expenses, the finances of today’s middle-income households have no margin for error.  “When we think of bankruptcy, we often think of celebrities who have gone broke, companies that failed, and crooks who are trying to cheat the system. But as it turns out, bankruptcy is most common among middle-class Americans,” says MarketWatch financial analyst Jana Kasperkevic. During an interview, bankruptcy lawyer Craig D. Robins emphasizes that nowadays, those who are most likely to file for bankruptcy are middle-class families of the baby-boomer generation – “the typical Long Island family,” he said. “We previously considered middle-class families as a stereotypical group noted for their financial stability and for the vitality they provide to the American economic system. It is the middle-class family, however, that now has become the stereotypical bankruptcy filer,” Robins outlines. Carrying high levels of debt during such uncertain times may push many of these households over the edge financially in the months ahead. As the recession unfolds, layoffs and the lack of job creation will continue to fuel the personal bankruptcy boom. That’s how you know when a country is broken. The foundation of our economy is desintegrating before our eyes. And many people will be shocked to find out that poverty may be just one headwind away.

15 Common Goods that the Middle Class Can Not Long Afford

https://www.youtube.com/watch?v=r6NGgUYYBwE