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Amazon start let's start here before we get to the bank situation. Amazon to layoff nine thousand more workers, which brings the total to twenty seven thousand people. How do we feel about this? What does this say about the economy? What does it say about the tech sector? What does it say?
I'll just say the first thing, and it goes back to when we talked about it in December when they laid off eighteen thousand people and we saw a Meta do it and we were not eighteen thousand, but we saw them do eleven. And we saw Google, we saw a microphone Microsoft do it. There was a These are the effects of the pandemic. Right when we talk about a lot of the tech companies, how were they going to respond to the overwhelming demand on their product?
Well, the response was to hire more people.
When people have changed the way that they go about business, the way they go about lifestyle, the way they go about spending, there's going to be.
A changing your business.
And the change just happened to be, you know, especially for Amazon, that people are going back outside in their shopping. People still use Amazon, but there's an alternative to how they once were only shopping.
And so this is I've looked up to statistics. This is pretty interesting.
Between Q four twenty nineteen and Q three twenty twenty two, their head count increased by ninety three percent.
Ninety three percent, Yeah, that's.
Nearly almost one hundred percent more people worked during that time than they originally planned. So, right, even if you were creating a hiring board in twenty nineteen going to twenty twenty, you could have never imagined that this would be the increase of hires. And so what comes on the inverse of that when there needs to be cutbacks some people are going to lose their jobs is unfortunate.
The count is like twenty seven thousand, So this round.
Of cuts is expected to impact the cloud computing, advertising, human resources, and twitch units, so a lot of gaming, a.
Lot of again cloud computing.
It's unfortunate, right because these twenty seven thousand, and I know it feels like it's a number, but these are actually people, and these people have families, and these people have bills, and it's unfortunate. But this is part of the economy, right, This is what comes with gross over hiring. There are going to be layouts and cutbacks, and so
again it's unfortunate. But I don't think this is the end, right, because we're still we're still trying to figure out and especially a lot of these companies in tech are trying to figure out what is the right medium.
You don't want to underhire. But what comes to that.
I know that you stress this a lot is that we have to figure out how we can get more with less people.
And I think this is this is a prome case of it. A couple of interesting things. Like you said, this isn't going to be the last cut. Number one, so they're layering because the company can't effectively lay off fifty thousand people in one week, one quarter, one day. That's in shock waves throughout the market. Number two is the transition into a new CEO. There's some dramatic changes
that have to be made. If you look the stock at one point, was that one eighty eight sixty five came down to eighty four oh two, which pretty much cut the value of the stock in half.
Therefore, you have to make some adjustments. Number three. I don't like this for the workforce.
I was doing some analysis earlier, and without quantitative easing in twenty eight through twenty twenty, the supply of money that came in in twenty twenty and the bailoffs that we will talk about tonight, we have effectively been in a recessive market since twenty nineteen. We're in twenty twenty three right now. So what we're saying, as we're seeing the hiring freeze, Meta's done the same thing, and they're also no longer going to be hiring five thousand more
jobs that they plan to. These companies have to cut back and they're also having to find ways to be more efficient in real time. Sadly enough, cutting these jobs will allow the stock to go back up. But even when I was talking to my brother yesterday, he was saying, you know, you used to be able to find some great deals on Amazon, but because of inflation, you are not finding as many. Amazon is one of the top
picks in the Red Panther stock club. It's been hovering around like ninety three to ninety seven for a while. Maybe about another eight to thirteen months it should get back to like one forty one eleven. But they need to cut to more jobs, and then on the management side, they need to do a hell of a lot better job of being more efficient and getting their cost spaces up in terms of net income in that revenue.
So this is sad because.
This is not going to be the last of it, and this is why they're pushing AI at every angle that they can GBT four was released. Microsoft not has their version, but we're just seeing we're probably only like in the middle of these job cuts for tech overall.
So what does this say about Amazon as far as investing in the company, as far as their stock is concerned. You know, as Amazon has been a company that you know, we've talked about a lot as far as you know, a good investment long term, is it still Is it still a good investment?
Absolutely?
I seventy five and below, but anything above that right now is And also it goes to back to Besis leadership. We cannot say with Lebron, like we're kind of taking Lebron for granted, even though like he's in his last two to three years. We took Besis for granted for a long time and he's a great executive, but Bezos was a superstar, rock star level CEO that over delivered. He may need to come back to that seat for a couple of years to write to ship.
Yeah, and I think you said it and most people will like maybe be confused by it, but yeah, these layouts will probably mean that the doctor is going to go up. And we had this conversation last week when we were talking about salesforce when it was like, all right, we need to really figure out where our spending is and how we're going to cut spending. And one of
those things that they do is lay off employees. And so when they lay off employees and now they have more money to make business more efficient, it's it's a sad effect, but it's a real effect.
Earners. What's up.
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Yeah, so you say you like you like it under seventy five dollars correct correct? All right, Well, I think it all also speaks to just making work more efficient, and this can lead to a conversation. I don't know if you guys seen it, but they've been pushing more and more about this four day work week situation. More and more companies are pushing towards that. And I had a conversation to my barber. Shout out to Bubbs. I was in the shop today and we was listening they
were talking about it on the radio. By the way, appreciate that very important, very important. So this is my philosophy, right, because he was asking me, like, do I think the four day work week is a good idea? And I'm like, I guess technically, but in our line of work, for instance, it's an everyday work week, but it's done not traditionally. So like the person that does our YouTube, right, his name is Rich, shout out to him. I get up in the morning and I'll give him like tasks for
the day. I try to do it before ten o'clock and and he just has to do it at some point in time, so he could potentially do it before one o'clock, before twelve o'clock, anything, right, and then you're done for today. But we need to post content every single day, so that to me, that type of hybrid approach is what we're going into right going into the office and clocking it at nine o'clock and wasting time and leaving at five point thirty. Like those days are over.
I feel like you have tasks that you have to have to be completed. You can complete those tasks from anywhere. You can do a zoom call if you need to have a conference, or you can just call somebody if you need to talk to somebody and don't need to physically be there. So that cuts overhead as far as and this goes back to the commercial real estate play.
That cuts overhead as far as office is concerned, but it also cuts the amount of people that you need as well, because you realize you don't really need that many people. A lot of people are getting paid to do nothing. So trim the fat extremely important. And not to call people fat because we are sensitive that people are getting laid off. Nobody wants to see anybody lose
their job. But I'm just saying as far as moving forward, I feel like more and more companies will look to see how you can get more efficiency from your employees. And in my opinion, that's from the employees staying at home having tasks that they have to be completed. It doesn't matter when you can do the task at one o'clock in the morning if you want, just do the task. And that's the new working model in my opinion.
And I'll chime in really quickly and tell a very soft truth that most people need to hear the four hour work week proposition that's being done and efficiency is going to be slung around so they don't have to give us full time benefits because they're not going to have most people work. If you are at eight hours a day, Hello Michael, and you're working for this, you're going to be at thirty two hours, they don't have
to then give you full time. And I'm seeing this happen with some people right now, like they'll put you right up to like thirty eight and a half thirty nine hours to avoid forty hours.
Plus and giving you four benefits.
So please be careful as they are pushing this initiative of a four day week work week, that you don't get caught in that trap of them trying to lower your benefits or your pay and then subconsciously or subtly in corporate forcing you to do more while giving you less.
Yeah, and you see in France that well you should do you should get Well, well, what did you say, you said, I'm about anyway, nodada, you said, I'm just showing that.
I just want to declare what you said.
You said, be careful that they don't give you lessen doing less for doing less.
You should get less. You should get less for doing less.
But what they're going to do because and the truth is like they've ruined our economy. And then like notice, whenever the banks collapse, which is a sign of a recession, they have to bail our banks because mask consolidation is an easy way to form a quiet monopoly. They always end up blaming the people for destroying the economy.
It wasn't the workforce that caused.
The collapse of SVB or FTX or bitcoin imploding from sixty down to twenty thousand, but we'll talk about bitcoin later. It wasn't the consumers that did that. It was the
organizations and leadership that did that. But then, and always watch, even in the SVB thing, they're going to start to put some of this on black entrepreneurs and say that they were giving risky loans and they didn't meet a certain risk profile, which reminds me a lot of to And for those of you who don't know, when the housing market collapsed, it wasn't because blacks.
And Latin's got two and three houses.
That wasn't it. We didn't have any credit to false swaps options on these investments.
Right.
It was hard enough for us to open up a brokerage in two thousand and eight. But you want to make me think that we imploded a global market. But when they were putting exotic triangs together and selling them off in Germany and Ukraine and Russia and traded them lack option derivatives, the consumer always get blamed and we always always get blamed, us on the black consumer side.
So yes, we want to make things more efficient, but I also don't want us to take the blame for this market falling apart when we did not cause that crash.
That's important. That's a fact.
My graduates from my school being forced back drop drop Mike drop backdrop.
An illegal alien from Guatemala charged with raping a child in Massachusetts. An MS thirteen gang member from El Salvador accused of murdering a Texas of Venezuelan charged with filming and selling child pornography in Michigan. These are just some of the heinous migrant criminals caught because of President Donald J. Trump's leadership. I'm Christy nom the United States Secretary of
Homeland Security. Under President Trump, attempted illegal border crossings are at the lowest levels ever recorded, and over one hundred thousand illegal aliens have been arrested. If you are here illegally, your next you will be fine nearly one thousand dollars a day, imprisoned and deported, you will never return. But if you register using our CBP home app and leave now, you could be allowed to return legally. Do what's right.
Leave now. Under President Trump, America's laws, border and families.
Will be protected. Sponsored by the United States Department of Homeland Security.