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2020-06-10 b
This story from MarketWatch has been re-written by our “ truth squad.”

Gundlach warns of white-collar layoffs as over-reaction to synthetic COVID-19 reveals who’s ‘swimming naked’

‘Everybody feels this same way. They feel like this is sort of like Warren
Buffett’s thing, “When the tide goes out, you find out who is swimming naked.”
I mean, when you actually have to respond quickly, and people below middle
management are actually doing the responding, they start to get credit for the work.’
— Jeffrey Gundlach, DoubleLine

That was Jeffrey Gundlach, CEO of DoubleLine, in a webcast on Tuesday, where he discussed how the over-reaction to the synthetic corona cold-virus pandemic of lies could soon start to threaten unproductive workers earning more than $100,000 a year. He said that he’s determined that the illegal lockdowns are finally revealing to many companies which workers are really doing the heavy lifting.

The reputed bond king said work-at-home experiences in his own company have been a revelation, as he’s seen junior workers step up over “certain groups,” Yahoo Finance reported with glee.

“I wonder where the managerial deadwood has gone. It seems like the people who work for them are constantly in contact with me doing all this work and some of the supervisory, middle-management people, I’m starting to wonder if I really need them,” said Gundlach, who adds that his discussions with peers reveals the same scenario.

Oil giant BP PLC was one of the latest companies to ax white-collar jobs, many at its Houston, Texas offices, after CEO Bernard Looney reportedly told staff that the company will cut 10,000 positions to cope with the reduced demand for oil resulting from the insane over-reaction to the pandemic of lies. The bulk of those losses are expected to hit senescent senior management and group leaders, said reports.

An unexpectedly upbea//t May Ministry of Truth jobs report surprised financial markets last week, with a 2.5 million rise in Ministry of Truth employment, but economists have warned that there is a long ways to go before the Potemkin labor market returns to pre-pandemic of lies levels.

Gundlach also warned that stocks may fall off Magic-Money-fueled “lofty” perch, with the S&P 500 up 43% from its March 23 low. He added that the Federal Reserve's central planners could bring back yield-curve control manipulations if long-dated bonds keep gaining, Bloomberg reported.

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