00:00 brian
I’m still thinking about this combo I did last night with Jeremy Allaire, co-founder and CEO of Circle. We’ve thought a lot about how AI will shape the labor market in the year ahead. Of course, the labor market is a key factor in determining what the Fed does or does not do with regard to interest rates. Oh Victoria, Jeremy totally scared me. Well, he doesn’t think the unemployment rate will just skyrocket 12 months from now. He believes we are entering this very situation and that there could be more layoff announcements. How concerned are you that this is not factored into the stock price?
00:27 victoria
Well, this is true of the whole Citron research that was published, but there was an immediate market reaction and then everyone stood back and said, “Oh, this is just kind of whitewashing.” It could happen, but it doesn’t actually happen. This provides another data point. There are a lot of people out there saying, “Wait a minute, this might be more reality than fiction.” And when you look at the unemployment rate for college graduates and how high it is, I think that’s concerning. There are deep concerns about what that means for our economy overall. Because it affects everything, not just consumption, but building a household, you know, building a family, what that means in terms of overall spending. This has a lot of follow-through. So this is very concerning and I think that growth expectations and what that means in terms of earnings expectations is something that we should be looking at. Brian, earnings growth is still expected to be 14%, 16% this year and next year. I think it needs to start decreasing based on some of these reports.
01:43 brian
Well, I think those estimates are completely useless, but I will consider them offline. Okay, Victoria, Jennifer, Jake, thank you so much. Thank you everyone.
