Regarding your report “US stocks fall as consumer confidence sinks most in four years” (FT.com, February 25), we suspect that 2.3mn federal employees worried about their jobs is a significant factor in the sharp drop in consumer confidence. In past downturns, government workers have been unconcerned about losing their jobs. Anecdotal evidence suggests they will not play the role of shock absorber for consumer sentiment as they have in the past.
Elon Musk and his young Silicon Valley acolytes seem intent to “move fast and break things”. We are all about to learn whether the tech industry mojo can put humpty-dumpty back together again.
Subir Grewal
Washington Square Capital Management, New York, NY, US
