Balaji: In 2008, the banks were too big to fail. In 2023, the stats are too fake to tell.

TOO FAKE TO TELL?
In 2008, the banks were too big to fail.
In 2023, the stats are too fake to tell.

But here's why @DavidSacks may be onto something.

– They "beat" expectations 14 months in a row[1]
– They admit using statistical models to augment[2]
– They have a 600k… https://t.co/TnrWTTEsk6 pic.twitter.com/c2ebm3Axbh

— Balaji (@balajis) June 3, 2023

Here's @zerohedge on the statistical model that is apparently being used to generate more than a million fake jobs.

"the birth-death model has added 1.84 million jobs since last March, or a whopping 43% of all payrolls added during this period. This means that almost half of all… pic.twitter.com/BCE7AH4Z7W

— Balaji (@balajis) June 3, 2023

Here's the BLS revision[1], from an increase in labor productivity to a huge decrease. Appears people aren't being paid that much.

Remember, when a company restates financials, it's huge. But when the government does it…
[1]: https://t.co/O0pUKRTcyZhttps://t.co/csASaYfMbf pic.twitter.com/4uOoXSXGDs

— Balaji (@balajis) June 3, 2023