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by IX-103
1239 days ago
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Why didn't the C-suite folks do better? Because their contracts hold stock prices above all else. That means that making any group of stockholders unhappy risks reducing their earnings. Many stockholders don't understand macroeconomics. Many see the news and start calling for action, however misguided. When enough demand action, the C-suite is forced to act, even when they know the actions are symbolic at best or counterproductive at worst. That's assuming they know best. The C-suite command their salaries not because of what they know, but because of who they know. So making economic predictions may not be their strength. |
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This is literally the opposite point of this:
If you don’t understand how economics 101 works, you probably didn’t deserve your high paying tech job,
Why not apply the same logic to tne C-suite folks rather than just individual contributors or the regular rank and file. Why are tech workers who exchange their labor and knowledge of working with technology dummies if they "don't understand the fed" (which I can guarantee you is not an expectation when working as a software engineer, product manager, etc.), but the C-suite gets a pass? Arguably the execs should understand how to navigate different economic climates if they get a leadership role, regardless of who they know. Also on an anecdotal note, every job I've ever gotten I've had to know someone, whether it be someone who works there or a recruiter, and I'm a worker in tech. So that argument doesn't hold up from my point of view.
Maybe you are an executive, or someone who has an acquired a taste for their carpet-protected rubber soles, and it's just a difference in opinion. But it seems to me by your own logic the executives are even dumber than the workers, there's really no reason for the original commenter to be so hostile. The whole point of the article is that it satirizes the decisions tech CEO's make because they are completely driven by the shareholder, but they are also major shareholders whose compensation is in equity.
Many stockholders don't understand macroeconomics
Including the C-Suite, they are forced to act out of their own self-preservation, which after a certain point, is just pure greed.