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It'll be similar to the 1974 recession where you had a slip in economic output or a drop in GDP,

but you were actually still adding jobs.

Welcome to the Baron Streetwise Podcast. I'm Jackson Cantrell in for Jack Howe.

The voice you just heard is Jose Torres. He's the senior economist at Interactive Brokers.

This week, another wave of tech layoffs is Metacut's 13% of its workforce. Meanwhile,

strong October jobs numbers from the Labor Department are the wave of tech layoffs

a blip amid a strong job market or will they soon start to bleed into other parts of the economy?

We'll hear from Jose and a top private equity manager and my Baron's colleague, Alex Yul.

But first, an update on the latest crypto fiasco.

Listening in as our audio producer, Meta. Hi, Meta. Hi, Jackson.

Now, I just want to make it clear to listeners, you are not laying anybody off.

We're talking about Meta, the tech company, formerly known as Facebook.

Right. Okay, well, we'll get more into layoffs in a moment, but I first wanted to start with crypto.

This week, one of the most prominent exchanges in crypto, FTX, completely collapsed.

The fallout wiped off tens of billions of dollars in the crypto market and left users of FTX

unable to withdraw their funds.

Now, the collapse involved two companies, both founded and owned by crypto billionaire Sam

Bankman-Freed. One, a crypto exchange called FTX, and two, a crypto trading firm called

...