Thread: Goldman Sachs

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  1. #1
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    Goldman Sachs

    Cutting approximately 4,000 jobs, roughly 8% of worldwide staff.
    Good thing we have our new roof, winds are increasing, it's coming.

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    #2
    Where did you see this? Global or US???
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    #3
    Makes since. The investment banking arm is probably very slow as no one wants to bring a company public or buy a business in this economy. Morgan Stanly announced some layoffs a few weeks ago as well I believe. The sooner the layoffs come the sooner wage pressures will subside and then the Fed can pause.

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    #4
    Quote Originally Posted by apenland01 View Post
    Where did you see this? Global or US???
    https://www.bbc.com/news/business-64004299

    4,000 jobs, roughly 8% of worldwide

  5. Stocks/Investments Moderator boneil's Avatar
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    #5
    over 10 million jobs available in the US alone. Let me know when we have a jobs report that show losses.
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    #6
    Quote Originally Posted by boneil View Post
    over 10 million jobs available in the US alone. Let me know when we have a jobs report that show losses.
    I am seeing alot of posts on reddit that these openings are stale. I think they are leaving them up just to take a look see and maybe have an opportunity to pick up someone cheaper than what they have on payroll. Many people are saying they applied and got totally ghosted. I am somewhat skeptical of the numbers being reported for openings.

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    #7
    GS, Amazon, BOA, etc. are skeptical as well. It's here, it's going to be real, be ready.

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    #8
    Quote Originally Posted by TampaJim View Post
    GS, Amazon, BOA, etc. are skeptical as well. It's here, it's going to be real, be ready.
    Going to be alot of great buying opportunities in the first quarter of next year. Let the downturn begin.

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    #9
    Quote Originally Posted by NitroZ7 View Post
    I am seeing alot of posts on reddit that these openings are stale. I think they are leaving them up just to take a look see and maybe have an opportunity to pick up someone cheaper than what they have on payroll. Many people are saying they applied and got totally ghosted. I am somewhat skeptical of the numbers being reported for openings.
    This is very true. My company just had layoffs and announced hiring freeze, yet still many open positions listed on the careers tab...
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  10. Stocks/Investments Moderator boneil's Avatar
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    #10
    Wages are still rising. Wages don't rise when there is an abundance of workers and a lack of job openings. We have a lack of workers and an abundance of job openings.

    Take away 5 million job openings and we still have the same number of job openings as we did at covid lows.


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    #11
    Quote Originally Posted by boneil View Post
    Wages are still rising. Wages don't rise when there is an abundance of workers and a lack of job openings. We have a lack of workers and an abundance of job openings.

    Take away 5 million job openings and we still have the same number of job openings as we did at covid lows.


    They are going to get the unemployment rate up above 5%. So we either see increased rate hikes until we get there or we see higher unemployment. The unemployment rate is 1:1 with wage price increases. They killed real estate and the labor market is next. It will be a much quicker bear market if they kill it quick.

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    #12
    They (Fed) want your stocks (force selling at bottom prices), jobs (layoffs), and money (buying/consuming). Cyclical shift being teed up and this is just the beginning.

    Cash up, don't spend on non-essentials, and get ready for some bottom price shopping on some good companies!

    Good luck!
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  13. Stocks/Investments Moderator boneil's Avatar
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    #13
    I'm not sure we get to 5% unemployment or need it to. I think we can see more sustained month over month low to negative inflation data before we see 5% unemployment. And then the Fed can sit on it's hands for awhile. QT has been going for a bit now, money is coming out of the system. IMO, inflation is done. We only see significant inflation in year over year data. If nothing changed, I think we would see 2% or less inflation data next year comparing it to today.
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    #14
    Isn’t it funny that the Feds solution to the problem they created along with our politicians on both sides is to destroy the working class that have suffered the most in this insane wealth transfer with asset bubbles everywhere you look. I highly doubt we see 2% inflation even by their foolish calculations anytime soon. Goods and services will remain high for a long time. When’s the last time you seen grocery prices fall after going up in price (never). This is going to be hell for people when this starts coming unraveled.

  15. Stocks/Investments Moderator boneil's Avatar
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    #15
    Don't need prices to fall. The goal is 2% inflation, not deflation.

    The Fed certainly created problems, but it was the low interest rates that allowed the middle class to afford more expensive houses and or pay off debt quicker. Everyone was able to take advantage of low rates. I know we did.
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    #16
    Quote Originally Posted by ETexBasscat View Post
    Isn’t it funny that the Feds solution to the problem they created along with our politicians on both sides is to destroy the working class that have suffered the most in this insane wealth transfer with asset bubbles everywhere you look. I highly doubt we see 2% inflation even by their foolish calculations anytime soon. Goods and services will remain high for a long time. When’s the last time you seen grocery prices fall after going up in price (never). This is going to be hell for people when this starts coming unraveled.
    I think we will see most of the layoffs in the white collar jobs. There is still strong demand for lower paying service jobs and blue collar jobs. That could certainly change if housing collapses and people in the trades start getting hit. Alot of the companies like General Mills raised their prices in anticipation of continued inflation and they may really benefit is they can maintain the prices while having their costs flatten out.

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    #17
    Low interest rates coupled with wage stagnation are the accelerating forces behind the mess we are in now. The low interest rate environment fueled massive speculation resulting in asset bubbles in everything that are now popping. Even if prices stabilize, how are ordinary people going to live with 63% now living paycheck to paycheck. What happens when the paycheck stops?

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    #18
    Quote Originally Posted by ETexBasscat View Post
    Low interest rates coupled with wage stagnation are the accelerating forces behind the mess we are in now. The low interest rate environment fueled massive speculation resulting in asset bubbles in everything that are now popping. Even if prices stabilize, how are ordinary people going to live with 63% now living paycheck to paycheck. What happens when the paycheck stops?
    People overpaid for homes but felt good about it because they got low interest rates. I would be happier in buying a fairly priced home with a higher interest rate mortgage. You may be able to change your interest rate but you can't change the price you bought the house for.

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    #19
    Quote Originally Posted by ETexBasscat View Post
    Isn’t it funny that the Feds solution to the problem they created along with our politicians on both sides is to destroy the working class that have suffered the most in this insane wealth transfer with asset bubbles everywhere you look. I highly doubt we see 2% inflation even by their foolish calculations anytime soon. Goods and services will remain high for a long time. When’s the last time you seen grocery prices fall after going up in price (never). This is going to be hell for people when this starts coming unraveled.
    Im not sure I would consider investment bankers at Goldman Sachs to be the “working class”. The slowdown in hiring and many of the layoffs seem to be oriented more towards the higher wage earners.
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    #20
    Quote Originally Posted by NitroZ7 View Post
    People overpaid for homes but felt good about it because they got low interest rates. I would be happier in buying a fairly priced home with a higher interest rate mortgage. You may be able to change your interest rate but you can't change the price you bought the house for.
    THIS, THIS, THIS!!! Can't stress it enough for owner occupied homeowners....

    In 2006 bought a house for $240k and in the divorce in 2014 gave it back to the bank worth $168k. Basically paid $1,800 month rent for 8 years when the going rental rate for the same house was $900....
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