Well, they're connected in a straight line, doubling the forward voltage, which means the power not siphoned off to the Gate is going to ground; if the input signal exceeds the forward voltage of the lower diode, half its waveform gets clipped to gnd — but what about the other half of the waveform? Is it swimming up-stream towards VCC via the upper diode's FV?
?
Help me ChuckObiDBone-Keknowbe, you're my only hope.
Serious deja-vu here, right now...