Cisco is the latest tech company to implement mass layoffs, specifically 4100 employees, nearly 5% of its workforce. These layoffs were anticipated, but which employees would be affected was unknown. Even though these tech layoffs are massive for the industry, they’re not representative of the job market at large. Instead, they’re symptomatic of the strange circumstances present in our current economy. At the same time, Cisco has been actively hiring for new roles. The company says this is part of a restructuring, and workers it cannot place internally will receive severance packages.
Today marks the 100th episode of The Higher Standard, and Chris and Saied are celebrating by doing what they do best - diving into this news and what it means for the tech sector as a whole in the coming year.
They discuss the ongoing drama at Twitter, as the social media platform tries to redefine its policies in light of the recent purchase by Elon Musk. The most recent policy shift involves an abrupt ban of all links to Instagram, Mastodon, and other competitors.
Chris and Saied look at the deterioration of affordability in housing across the US, which is happening at the fastest pace in history. The problem is that home prices are still rising while interest rates on mortgages are surging higher, which is highly unusual.
They also discuss an investigation by the DEA, which alleges that a methamphetamine and cocaine gang operating across the U.S., Mexico, Europe and Australia used the world’s biggest cryptocurrency exchange Binance to launder tens of millions in drug proceeds.
Join Chris and Saied for this fascinating and informative conversation and help them celebrate episode 100!
What You’ll Learn in this Show:
- The two primary methods for measuring housing prices: Month over month and year over year.
- Why US agencies are now moving to track illegal use of cryptocurrency.
- Why the ideology of free speech has become very murky in recent years.
- Why Chris believes there will be a significant amount of layoffs in Q1 across many sectors.
- And so much more...
"Morgan Stanley warns that housing affordability is deteriorating faster than at any point in its data history — here are 2 easy ways to buck the worrisome trend" (article from Moneywise)
"Are housing prices going up or down?" (TheDataDeli via Instagram)
"Tech Layoffs: Cisco Announces Mass Layoffs - 4,100 Employees Cut" (article from Forbes)
"Twitter abruptly bans all links to Instagram, Mastodon, and other competitors" (article from The Verge)
"International drug conspiracy used Binance to launder millions, DEA investigation finds" (Forbes via Instagram)
"Goldman Sachs is planning to cut up to 8% of its employees in January" (article from CNBC)
"Homebuilder sentiment drops for the 12th straight month, but a bottom may be near" (article from CNBC)
"Roughly 1 in 3 workers is worried about a layoff — here’s where anxiety is highest" (article from CNBC)
"Twitter Reverses Ban to Accounts That Boost Competitors" (article from TheStreet)
"Washington Post chief announces job cuts – and refuses to answer questions" (article from the Guardian)