Brad Gerstner

And if you look at people who are age 20 to 24, they're at 9.2% unemployment and it is spiking.

Why is it spiking?

I can tell you from the front lines, hiring young people and being at startups with young people in them and talking to them about their contemporaries,

As companies cut and they use AI to solve problems, they're saying hiring young people and training them is not as rewarding or efficient as training an AI to do the same task.

Yeah, I can answer that.

Yeah, for sure.

He did say that.

He did also say in his memo before that, that he thought there would be a lot of changes because of AI.

And they had the leak memo that they would not be hiring those.

But I'm talking here specifically about youth people.

And so I'll take Jassy at his word, those 30,000 people are just redundancies.

But what I'm seeing on the ground, because I work with startups, and I work with young folks who are in them,

Their contemporaries are not finding jobs.

And the companies that we see and the companies that are selling the technology solutions are getting rid of what I'll call the like entry level white collar work.

In addition to this, student loan delinquency is also going up massively.

They had a big hiatus.

In this case, I think you're wrong respectfully, even though you're the czar of AI.

I'm seeing it with young folks and I'm seeing it with the software that the companies I'm investing in are deploying in other companies.

But we'll see who's right in the coming months and that inflation back up to 3%.

And so this is going to make it particularly hard to cut rates because the reason, when we go back to slide number three there, the reason why