CEOs are preparing major layoffs as recession fears continue to grow. Mike Papantonio & Farron Cousins discuss more.
Transcript:
*This transcript was generated by a third-party transcription software company, so please excuse any typos.
Mike Papantonio: CEOs are preparing major layoffs as recession fears continue to grow. We did a story this past week where we talked about how corporations are using the whole infl, the inflation issue, the threat of recession to jack up prices.
Farron Cousins: Yep.
Mike Papantonio: It’s price gouging. They cover it up through price gouging. So here, what they’re trying to do is they’re trying to change the whole nature of how they go about, how they go about paying employees, how they go about hiring employees and, and what they expect out of employees. They’re, they’re, they’re tightening the reins on hiring people, and they’re tightening the reins on workers. And they’re saying, look, we gotta do all this to you. We have to do all this. We have to let you go. We have to put you on part-time. No, we can’t pay a full wage. That’s what they’re doing.
Farron Cousins: Yeah. And, and it’s absolutely ridiculous considering this is a recession that is coming. I mean, there, there’s little doubt the recession’s coming, but that was the goal of the Fed.
Mike Papantonio: Exactly.
Farron Cousins: With the raising of the interest rate. This is a manmade recession. The UN has stepped in and told the United States, you have to stop raising these interest rates because you are going to cause a global financial catastrophe.
Mike Papantonio: Right. Saw that story yesterday. Yeah.
Farron Cousins: And, and even still, they say, no, we’re gonna keep doing it. So these corporations use it as an excuse. They’re already making profits higher than they have in 72 years.
Mike Papantonio: Yeah.
Farron Cousins: And now they see, Okay, well, we can fire people.
Mike Papantonio: Right.
Farron Cousins: Put more money in our pockets. And when people know the firings are coming, they’re gonna tighten up a little bit because they’re scared.
Mike Papantonio: They, they have, they have a window. Right?
Farron Cousins: Yeah.
Mike Papantonio: So in the window, as you point out, they’re gonna price gouge. They’re gonna take the pricing of an item to a new plateau, and then never change it. That plat, once they get there, they’re gonna stay there. They’re gonna change the rules of what they do with workers. And you have the Fed that’s been warned time and time, and as you point out, now you got the global community saying, are you, are you guys really as stupid as you look? Don’t you remember Volcker? Remember?
Farron Cousins: Yeah.
Mike Papantonio: Volcker did the same thing with the same result. Greenberg, same thing with.
Farron Cousins: Greenspan. Yeah.
Mike Papantonio: Greenspan, excuse me. Greenspan. The same result. And I mean, it’s just like they don’t, this Powell cat, it’s like he doesn’t read a history book. Right?
Farron Cousins: Well, and, and, and it’s also, they just don’t care. They, they want the numbers to try to look better, but they’re gonna put millions of Americans out of work to do it.
Mike Papantonio: Yeah.
Farron Cousins: So then you end up with unemployment going through the roof, and that’s gonna look even worse for your party.
Mike Papantonio: I know.
Farron Cousins: So I don’t know what they’re thinking, but.
Mike Papantonio: Well, they’re trying to help. They’re, they’re trying to get a lot done before midterms, and it’s just blowing up in their face.
Farron Cousins: Yeah.
Mike Papantonio: That’s the problem.
