What we’re reading (8/6)
“How Amazon Consumed All Of Commerce” (Gizmodo). “[Amazon] controls a third of the world’s cloud computing tech while also being a market leader in home security systems. It develops vaccines and drones and is equally cozy with law enforcement and luxury clothing brands, and owns the leading platforms for gamers, movie buffs, and deeply dehumanizing on-demand labor. In 2019, the company’s sprawling worldwide warehouse presence took up more than 38 Pentagons-worth of physical space. Over the past two years, that footprint’s nearly doubled.”
“Before Crypto Lender Celsius Crashed, CEO Alex Mashinsky Was Known For Big Ideas And Battles” (Wall Street Journal). “For some 30 years, Alex Mashinsky barreled into whatever was the hot technology of the time, promising revolutions in long-distance calling, airport rides and, most recently, crypto. He often left a trail of unhappy friends, colleagues and investors. His latest venture, Celsius Network LLC, pitched itself as both safe and subversive. It was a way for regular people to tap the moneymaking potential of crypto, and to upend traditional banking. Last month, Celsius filed for bankruptcy protection, and its customers worry they might never get their money back.”
“Fed Governor Bowman Sees ‘Similarly Sized’ Rate Hikes Ahead After Three-Quarter Point Moves” (CNBC). “Federal Reserve Governor Michelle Bowman said Saturday she supports the central bank’s recent big interest rate increases and thinks they are likely to continue until inflation is subdued.”
“Why We Expect the Fed To Cut Interest Rates In 2023” (Morningstar). “We think the Fed is slowing the economy enough to help rein in inflation without provoking a major slowdown, and we're projecting annual real GDP growth rates to remain in positive territory. Although real GDP dropped in the first half of 2022, we don’t think this marks a true recession, and we expect growth to bounce back later in 2022.”
“The Labor Market Today Is Hotter Than During The 2008 Financial Crisis But Fed Tightening Will Weaken It, Bank Of America Says” (Insider). “The current labor market matches the hot conditions of the late 1990s and during the run-up to the 2008 financial crisis, but momentum has deteriorated and central bank moves are likely to stem upside further, according to Bank of America.”
