The tech industry will feel this if quarantine continues, it'll just be delayed. People here shouldn't fool themselves.
Apple stores are closed. Ad spending will collapse for Google and Facebook. Future financing rounds will dry up. Unless this is a short term quarantine effort, layoffs are coming for tech too.
Re:2020 Stock Market Crash
by ThrowawayR2 on Monday March 16, 2020 @01:35PM
(#22595047)
Yep, I'm on a team that's not a profit center and I fully expect most of my team and I to be laid off at the earliest moment that my employer thinks it won't take a PR hit from doing so. Anyone else feel the same?
Well, now I do.
Yes, you're right. For the economy, it would make perfect sense to simply let it kill a few weak and old people until we find a cure, while hoping it isn't too dangerous for the workforce. Destroying all airlines, restaurants, hotels, tourism etc. will have a disastrous effect on the economy, potentially causing political turmoil and war like in the 30's.
> what about the millions of people making ends meet as waiters, Uber drivers, AirBnb hosts, retail store clerks, and every other in-person job?
Unfortunately many of these are not even jobs, they’re now “contract positions” or “marketplaces” so they have no protection. We’ve traded away every backstop that could help in a crisis for convenience and investor returns.
The stock market is just the beginning - what about the millions of people making ends meet as waiters, Uber drivers, AirBnb hosts, retail store clerks, and every other in-person job? HN might not feel this much, as the tech industry is making a pretty easy switch to working remotely. But do not be blind to the facts: the overwhelming majority of the workforce doesn't have an emergency fund and won't be able to ride this out easily, if at all.