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On today’s show, we discuss:
- Jeff Bezos may return to helm Amazon, says forecaster of double-digit stock market losses last year
- Amazon workers joke about Jeff Bezos’s comeback amid Andy Jassy layoffs
- The 2023 Economy FAQ: Is recession inevitable? Will housing crash? Can tech recover?
- No recession
- Economist says his indicator that predicted 8 US recessions is wrong this year
- Beer sales drop as consumers balk at higher prices
- Is the US job market disinflationary now?
- What if inflation suddenly dropped and no one noticed?
- Natural gas falls to pre-Ukraine war prices
- Goldman no longer sees Euro-area recession as it lifts outlook
- Amazon to cut 18,000 jobs as layoffs expand in tech sector
- Salesforce to lay off 10% of staff and cut office space
- Crypto investments hit a 2-year low at the end of 2022
- ChatGPT creator is talking to investors about selling shares at a $29B valuation
- It’s never too late to get into shape
- The Menu
- Jack Ryan Season 3
- James Cameron on Smartless
- The Change-Up
- Madoff: The Monster of Wall Street
“Jeff Bezos spent 27 years at Amazon and has been gone for less than two. In 2023 he pulls a Bob Iger and returns to steady the ship.”
– Michael Batnick, Ritholtz Wealth Management
Will Bezos return to Amazon in 2023?
— Visual Capitalist (@VisualCap) January 6, 2023
And yet another boomerang CEO to start the year — Stitch Fix founder Katrina Lake returns. $SFIXhttps://t.co/cfbX6w4Wfh
— Julie Hyman (@juleshyman) January 5, 2023
This is the lowest peacetime unemployment rate in 75 years.
— Eddy Elfenbein (@EddyElfenbein) January 6, 2023
Nine months into the housing recession and the construction sector is still adding jobs …
— Dom White (@DomWh1te) January 6, 2023
BREAKING: Canada adds 104,000 jobs against the expectation of just 5,000 jobs.
— Amber Kanwar (@amberkanwar) January 6, 2023
What were we smoking: financial markets edition.
(Source: https://t.co/O27wPe9beb) pic.twitter.com/qrab50GAmo
— Monevator (@Monevator) January 5, 2023
"At the peak of the Tech Bubble, Info Tech never generated more than 14% of the S&P 500’s earnings. The profit contribution from Info Tech has increased over the past few years and the sector now accounts for 21% of S&P 500 net income." – GS pic.twitter.com/LVusjG5yCo
— Sam Ro 📈 (@SamRo) January 5, 2023
Markets columnist @johnauthers highlights a key phrase in the FOMC minutes where the Fed is crystal clear: Wall Street should forget about rate cuts in 2023. https://t.co/0GTGnpAUUZ via @opinion pic.twitter.com/wQTrnWf1Qz
— Steve Matthews (@SteveMatthews12) January 5, 2023
"Lower-income households are still seeing much faster spending growth than upper-income relative to 2019" -bofa, based on card spending over holiday shopping season pic.twitter.com/RPwO0aLuX1
— Gunjan Banerji (@GunjanJS) January 9, 2023
Decent labor report.
The most important component was wage growth, which continues to slow. This isn’t the 1970s. There is no wage price spiral. pic.twitter.com/XhbHIFpcXX
— Cullen Roche (@cullenroche) January 6, 2023
Payroll processor ADP says the median pay raise last year for people who stayed in current job = 7.3%
The pay raise for people who switched jobs = 15.2%
(Note that inflation was ~7% in the past year) pic.twitter.com/7Is048hBZZ
— Heather Long (@byHeatherLong) January 5, 2023
Amazon cuts in perspective https://t.co/Bn3BSBI5qS pic.twitter.com/ZDTQS2AKHq
— Alex Kantrowitz (@Kantrowitz) January 6, 2023
“In 2022 tech companies laid off more than 150K workers .. several companies could still announce belt tightening between now and earnings in early February.”
(via Truist, @Layoffsfyi) pic.twitter.com/0VeGO8tuV8
— Carl Quintanilla (@carlquintanilla) January 6, 2023
BREAKING: Prosecutors are telling lawyers connected to @SBF_FTX fraud investigation the case is so sprawling that it could exhaust resources of the southern district since it includes potential bribery, campaign contribution violations, market manipulation on top of theft & fraud
— Charles Gasparino (@CGasparino) January 9, 2023
Scoop w/ @avabmorrison: EDNY and the SEC are investigating Digital Currency Group and subsidiary Genesis. pic.twitter.com/BnI7qkKHlr
— Ally Versprille (@allyversprille) January 7, 2023
From the Cromford Report
Based on county sales data, not just MLS sales.
"Re-sale median sales price was $420,000, down 3.3% from December 2021"
"Newly built median sales price was $521,555, up 17% from December 2021"
— John Wake (@JohnWake) January 8, 2023
Microsoft really, really wants in on Open AI and Chat GPThttps://t.co/0RA7xYuNmR
— rat king 🐀 (@MikeIsaac) January 10, 2023
And some people say the movies are dying . . . pic.twitter.com/dyGfcHEMsv
— Dave Kehr (@dave_kehr) January 3, 2023
Gerard Butler and Mike Colter star in the official trailer for #PlaneMovie – in theaters January 13. pic.twitter.com/40vLMibniM
— Rotten Tomatoes (@RottenTomatoes) January 4, 2023
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