Chamath

Well, I think a lot of people are commenting on the fact that the only other two times where we've had a 50 basis point rate cut in modern history, it has been just before a recession. So I think this happened in 2001, 2007, right before the recession. And the Fed had to do a dramatic rate cut because they could see in the data that things were weakening.

Well, I think a lot of people are commenting on the fact that the only other two times where we've had a 50 basis point rate cut in modern history, it has been just before a recession. So I think this happened in 2001, 2007, right before the recession. And the Fed had to do a dramatic rate cut because they could see in the data that things were weakening.

So a lot of people are asking the question, well, is that what's going on here? Now, Powell's comments, though, are indicating that the economy is in good shape. He said the economy is in very good shape, basically indicating that they had tamed inflation and that they would look to cut another 50 basis points this year. So Powell's rhetoric is... in a way, at odds with the magnitude of this cut.

So a lot of people are asking the question, well, is that what's going on here? Now, Powell's comments, though, are indicating that the economy is in good shape. He said the economy is in very good shape, basically indicating that they had tamed inflation and that they would look to cut another 50 basis points this year. So Powell's rhetoric is... in a way, at odds with the magnitude of this cut.

So why didn't they just cut 25 basis points? I think people are trying to figure that out.

So why didn't they just cut 25 basis points? I think people are trying to figure that out.

Reading the tea leaves into why 50, because they could just do 25 a month for five months as opposed to 50.

Reading the tea leaves into why 50, because they could just do 25 a month for five months as opposed to 50.

Yeah, if the economy is hot, why wouldn't you tiptoe into rate cuts and just do 25 now?

Yeah, if the economy is hot, why wouldn't you tiptoe into rate cuts and just do 25 now?

And I think so much of this has to do with unemployment. We had that period where so many jobs were available. Remember, we talked about it here, 11, 12 million jobs available at the peak. We can debate the numbers, of course, but we all saw it where you just couldn't hire talent in America. There was so few people available to take positions. And man, has that changed.

And I think so much of this has to do with unemployment. We had that period where so many jobs were available. Remember, we talked about it here, 11, 12 million jobs available at the peak. We can debate the numbers, of course, but we all saw it where you just couldn't hire talent in America. There was so few people available to take positions. And man, has that changed.

And you get to see it on the ground in early stage startups where This whole narrative, I don't know if you saw it in your board meetings, but hey, we can't find a person. Hey, we're looking. Hey, that search is still going. We're still looking for a director of sales. We're still looking for salespeople. We're still looking for developers. We're still looking for operations people.

And you get to see it on the ground in early stage startups where This whole narrative, I don't know if you saw it in your board meetings, but hey, we can't find a person. Hey, we're looking. Hey, that search is still going. We're still looking for a director of sales. We're still looking for salespeople. We're still looking for developers. We're still looking for operations people.

Now it's the opposite. It's like, I just, I'm hiring producers here in Austin because I'm building my in-person studio. We had like... I don't know, a dozen viable candidates for this position. And I had a hard time picking between, you know, the top three. Now, that's distinctly different than my experience for the last five to 10 years, where you were like, how do we fill this role?

Now it's the opposite. It's like, I just, I'm hiring producers here in Austin because I'm building my in-person studio. We had like... I don't know, a dozen viable candidates for this position. And I had a hard time picking between, you know, the top three. Now, that's distinctly different than my experience for the last five to 10 years, where you were like, how do we fill this role?

So I think that employment has been broken. And that's the thing that has me concerned, because with all these people who came in through the southern border, and then you have people outsourcing to other countries, I wonder if Americans... are going to lose so many of these mid-paying jobs. And this will dovetail into our next story about Amazon making cuts.

So I think that employment has been broken. And that's the thing that has me concerned, because with all these people who came in through the southern border, and then you have people outsourcing to other countries, I wonder if Americans... are going to lose so many of these mid-paying jobs. And this will dovetail into our next story about Amazon making cuts.

I'm very worried about the hollowing out of the upper middle class, that elite group of $150,000 jobs that then employ nannies and spend money in the economy. I wonder, I don't know if you're seeing that in your company, Sachs?

I'm very worried about the hollowing out of the upper middle class, that elite group of $150,000 jobs that then employ nannies and spend money in the economy. I wonder, I don't know if you're seeing that in your company, Sachs?