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Don Smith's avatar

Randall, we had a good conversation about this over lunch, and I don't think there's an easy answer. Do they have a responsibility to society at large? I think we'd all say not directly. But what about to the people they've employed and are now looking to lay off? That's a harder question. I would say that there is a much stronger responsibility there. If you have massive economic power, there is a bigger burden on you.

I'm not supporting just taxing companies to the nth degree, as that will just go to unrestricted coffers. If there's a better outplacement process than what exists today, it should be supported. Cynically, a corporation should want to be able to say they're doing their part. More genuinely, they should treat their employees the way they'd want to treat a member of their own family. That doesn't mean employing them unproductively forever, but you can't just hand people a check for two weeks' pay and a link to an outplacement that just helps them tweak their resumes and cuts them loose.

I think we're going to have to demand as a society what happens here. It's going to be a chaotic couple of years, and the better we handle this, the smoother things will go as a society.

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