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hi everybody welcome back to Ox talks it is Tuesday January 9th 2024 hope you're having a great day today a productive day thank you for uh being here watching the videos as I say on every show I appreciate the support for the channel I ask that each one of you please subscribe to the channel if you haven't already done so please like the videos hit the thumbs up button and the bell notification all those things uh uh help greatly to grow the channel let's continue to get the word out some stories I'm going to share with you today uh the economic climate in this country is deteriorating at a rapid pace and we're hearing it from uh directly from uh some big wigs uh so we need to pay attention to what's going on the markets looked shaky today uh and you know I think that the news is going to start getting getting around uh more particularly with the market uh that hopefully will digest the reality and will back off of the cheerleading uh for the stock market I'll get comments I know saying well the markets have been doing great and they have but here's the thing it's really really difficult to time the markets and for those of you that lived through the 2008 financial crisis and lost a 50% of your 401ks or 50% of your stock portfolios let me ask you this uh how successful were you at timing uh the the severe Market downturn uh I had a lot of friends that lost a substantial amount of their hard-earned dollars uh so don't get caught up in the the stock market cheerleading too much be very cautious uh don't have all your eggs in one basket so let me get right into some of the stories today the first one just came out a couple of hours ago uh it's from Fox Business very serious we talk about or we've discussed Jamie Diamond before you he comes out he's the the uh CEO of the largest bank I believe in the country and he doesn't always sugarcoat his words and we'll get into this article in a second but look at these guys know what's going on and they do drop breadcrumbs they will foretell uh what's going to happen what they believe is going to happen and the quality and the quantity of data that they receive on an hourly and daily basis is overwhelming compared to what we get uh and uh and the resources they're able to tap into at the highest levels across only the country but the world to to formulate their warnings if you will So Jamie Diamond says uh the economy is starting to look more like the 1970s he says uh the it says the head of one of the country's biggest banks is seemingly not convinced that the Federal Reserve can achieve a soft Landing as a result of their most U most aggressive rate height campaign since the 1980s it says during exclusive interview on mornings with Maria this is today Tuesday JP uh Morgan Chase CEO Jamie Diamond warned about the possibility of a looming recession while comparing the financial state to the turbulent period of 50 years ago when the nation endured a decade of high inflation he says quote I look at a lot of things and forget just economic models for a second $2 trillion dollar of financial deficit the infrastructure and the IRA act the green economy the remil mization of the world the restructuring of trade all of these things he says are inflationary he told this to Maria bomo he says uh and that looks a little more like the 1970s to me um I was uh I was uh very young in the 1970s but I do remember uh lining up uh you for in gasoline lines and I remember they allocated uh depending on your license plate whether it ended an even or odd number you couldn't get gas uh only certain days of the week depending on your license plate remember sitting in you know hourlong weights uh with my parents when I was five or six years old uh in the 70s mid 70s uh to fill up the car with gasoline so there were a lot of crisis in the 70s obviously but one of the things go back and do the research was high inflation so he is Diamond is hearkening back to a period 50 years ago and comparing it to today he says he the the article says he detailed the recession possibility of facing Americans Americans on this morning's interview he says it might be listen to this uh it might be a mild recession or a heavy recession um the CEO added I think they did the right thing to raise rates I think it was a little late and I think they're doing the right thing just to wait and see what happens it takes a while to see the full effect of that but all of those factors may very well push us into recession as opposed to a soft Landing so you've heard it from uh the head of the largest bank in the country that we may be looking at a quote unquote heavy recession forget soft Landing forget mild recession now this now Jamie Diamond is saying potentially a heavy recession the mere fact that a guy of his stature has now opened the door using that ter th those terms um should be a wakeup call for everybody uh you know should be wake up call for all of us on individual level I should be wake up call certainly for the markets says and he he says I'm a skeptic uh he said of rate hike expectations obviously all of us in business have known how to deal with the ups and downs uh uh of vicisitudes of the economy but I do think the cross currents are pretty high the money is running out rates are high quantitative tightening hasn't happened yet so warning uh shot across the bow from another one uh from Jamie Diamond let's talk about a layoffs in 2024 and I have mentioned in the videos that we did at the end of last year the three months of last year uh one of the main themes of my show starting out was try to own your own business Try To Be Your Own Boss try to be able to insulate yourself from the impact or effect of of your employer downsizing either cutting your hours reducing your pay or God forbid laying you off and terminating you from your position uh and and I've said as a business lawyer for a lot of years I've Been instrumental in helping clients to form small businesses many of which have done extremely well from uh professional businesses for doctors uh CPAs uh professionals like that but also construction businesses uh window cleaning businesses uh any kind of contractor type business you can think of uh you know across the array uh and the point is is embarking on what we're going to be just discussing here about anticipated layoffs this year in 2024 if you have the ability uh well number one if you are working for somebody else right now and not yourself uh if you have the ability to implement uh a uh strategy to start your own business we talk about even H even having a side hustle a way to generate an income stream outside of the paycheck that you get from your N9 to-5 and maybe you can even slowly transition to make your own business and your own Venture your 9-to-5 job uh let me discuss this article and actually what led me to this it was a it was a survey that was done by Resume Builder back I guess in early December of last year mid December of last year but there's an article on Zero Hedge today by Mike Michael Snider that reference this survey rather than repeating his article I just pulled up the actual survey and the article from Resume Builder and what this says is four in 10 companies anticipate layoffs in 2024 as suspicion of a recession in 2024 amounts workers fear for their job security it says to find out how many companies believe layoffs are likely next year this is in December of last year last month resume builder.com surveyed 96 businesses leaders at organizations with over 10 with over 10 employees and it says for 2024 listen to these statistics or this these uh data points from this survey for 2024 38% of businesses business leaders surveyed say they think layoffs are likely at their organization of this group 22% say 30% or more of the workforce may be let go that's one in three jobs additionally 52% say their company is likely to implement a hiring freeze in 2024 Business Leaders at midsize companies 101 uh between 101 employees and a th000 employees are most likely to believe that they will have layoff that's 42% in small companies with 100 or fewer employees 28% says of Business Leaders believe the organizations will have layoffs at large companies over a thousand employees excuse me 39% believe they will have layoffs um and it says Business Leaders from industries that were surveyed with at least 50 respondents say layoffs are likely at the following uh rates it goes through some Industries gives a percentage let me read the list because if your job is in one of these industries uh does this mean it's going to happen no uh but look you should uh have your antenna up you should be paying attention to what's going on at the climate uh within your organization sometimes it's very very difficult to get that kind of Intel before you get your your Walking Papers but here's what the uh survey says construction 66% um this is the rate of layoffs at these these areas of employment construction 66% software 65% information 44% retail 44% finance and insurance 38% education 34% and health care and social assistance 28% say according to Business Leaders layoffs are likely next year due to a need to reduce costs that 69% of those surveys said that's what would uh would uh fuel the need for the layoffs uh anticipation of upcoming recession 51% of the those surveyed so the layoffs would be an anticipation of the recession meaning the Slowdown that we're seeing unfold now uh desire to increase profits 42% we've talked about this a company's goal is not to give you a job a company's goal is to maximize profit for its shareholders so when they talk about increasing profits they try to increase profits by reducing headcount you would think that's kind of counterintuitive if you have less people working for you less people producing for you how is that going to increase profits but you know that's the formula a lot of these companies use and you know for example the stock market will go up when news comes out that a company is firing a bunch of people the stock will go up why is that uh because the the shareholders believe that the company will then have more revenues uh and and and they will have more cash reserves um and then of course replacing workers with AI artificial intelligence 39% so I thought that was interesting although it talks about a survey that was done about 3 weeks ago I hadn't seen it back then so I wanted to share it with you because it deals with now current events in 2024 the last uh story I'll share today uh is from Freight waves uh posted today uh this is a California another trucking company is going Belly Up has now sought this is chapter seven bankruptcy protection that's not reorganization chapter 7 is liquidation this is a California based thirdparty logistics company which had 34 power units and 33 drivers files for bankruptcy liquidation um on Thursday uh it says Wise Choice Transportation corporation headquartered in Hayward California filed as petition in the US bankruptcy court for the Northern District of California it says founded in 2009 the company offered final mile less than truckload and full truckload services in the San Francisco Bay Area Wise Choice also provided warehouse and fulfillment Services before shuttering its operations Wise Choice listed its assets and liabilities is between 1 million and 10 million according to the bankruptcy petition it stated that it has up to 49 creditors and maintains that no funds will be available for unsecured creditors once it pays its administrative fees Eric Crespo is listed as the CEO of the trucking firm he has also filed for a personal bankruptcy protection according to the petition it says uh Wise Choice uh had posted gross revenues of around 3.6 million in 2023 a drop of around $600,000 compared to its revenues of 4.2 million in 2022 so again a further evidence of uh the economic decline uh the trouble the law of these companies are in uh the the trucking companies are getting hit especially hard because there's just less Freight being shipped uh there are less truckloads uh and there's less need for warehousing of all this merchandise so another casualty uh that we see here for the beginning of the year uh that's those are the three articles I wanted to share with you today that I thought were uh important I'll address real briefly so I don't go too long last well actually over the weekend I had taken some steps talking about some of the uh prep stuff uh if you do not have a landline or if you do have a landline if the cell phone service goes down if you're if you're Cellular Tower or you can't make a call from your cell phone or have communication if your landline goes down most people now don't even have landlines anymore um how are you going to communicate uh with people to get information uh if there is a uh an event in your area uh that precludes you from going outside and getting this information jumping in your car and driving down the street a lot of um people in the uh prepping Community or preparedness Community look to the ham radio ham radio operators uh operate uh you know they're able to communicate with each other off of those type of systems uh and it's something that you might want to consider I can do a whole show on that years and years ago I went and got my ham operat license so I was able to broadcast through the ham radio network and on the various frequencies uh it it's a very very in-depth topic uh but I did uh work on that system over the weekend I last night uh we have a local call in uh here on Monday evenings for the local ham Network you're able to call in to basically just check your equipment make sure everything is working U make sure you're getting a clear signal you can get a clear signal out and you're clearly be able to hear others communicating it's it's nice it's a peace of mind to know that you have an alternative way to communicate uh if something happens if there's a grid down situation uh or uh you know like a major earthquake or something like that uh so that's something I Implement again I'll deal with it if it interests any of you in a separate show or a separate video guys keep your workouts in I'm already uh down a few pounds of my holiday weight just over the last few days you'd be amazed when you start getting the water intake in uh you start cutting out some of the little snack items that you don't need on a daily basis that kind of creep into your uh routine over the holidays just doing a few things like that maybe walking an extra 20 minutes a day it'll it'll it'll it'll have immediate benefits for you and what happens when you see those benefits uh it will start to build your confidence to keep taking those next steps so I'll keep harping on the physical Fitness uh get your steps in today get your water in try to do some strength training if you can almost every day so with that being said I hope you enjoyed the video again thanks everyone for the support uh for the channel and I'll talk to all of you tomorrow bye
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