What we’re reading (11/18)
“Is This The End Game For Crypto?” (Paul Krugman, New York Times). “It has never been clear exactly why anyone other than criminals would want to do this [hold/trade crytocurrency]. Although crypto advocates often talk about the 2008 financial crisis as a motivation for their work, that crisis never impaired the payments system — the ability of individuals to transfer funds via banks. Still, the idea of a monetary system that wouldn’t require trust in financial institutions was interesting, and arguably worth trying.”
“Tech Companies Were Thriving, Now They’re Laying Off Thousands. Here’s Why.” (Wall Street Journal). “Tech companies saw exceptional growth in both revenue and employee headcounts through the pandemic. But now, they’re cutting thousands of jobs. WSJ explains the macro — and micro — reasons for the industry’s massive layoffs.”
“Bearish Bets Build In The Stock Market” (Axios). “A measure of sentiment from the options markets shows that bets on falling stock prices have sharply outpaced those expecting prices to rise. This measure, known as the CBOE U.S. equity put/call ratio, has hit the highest — or most bearish — level on record in recent days.”
“Get Ready For Bigger Paychecks: Record High Increases Expected In 2023” (CNN Business). “Employers are planning to increase their salary budgets by 4.6% next year, the highest expected annual jump in 15 years. That’s according to the latest international survey from consulting firm Willis Towers Watson, which included responses from 1,550 US employers. The survey was conducted from October 3 to November 4. A large majority of the organizations attributed the big bump to inflation and a tight labor market.”
“John Mack Wouldn’t Do Anything Differently” (Dealbreaker). “Almost a dozen years ago, we sought to crowd-source a title for outgoing Morgan Stanley chief John Mack's book. Alas, even with all of that time on his hands, the best he could come up with was Up Close and All In. And, according to one of his former underlings, it doesn’t get any better from there…Does it include that time he told New York Fed Chair and future Treasury Secretary Tim Geithner to ‘get fucked’ during the global financial crisis? Of course it does. How about the one where he got so drunk at the Waldorf that a future president of the United States had to carry him out ‘on his back’? Well, we haven’t read it, but we’re guessing probably not. Does it include any doubts about how he conducted himself leading up to and during said global financial crisis, which required an emergency $9 billion cash infusion from the Japanese to keep Morgan Stanley afloat? Definitely not.”
