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Lyft lays off 17% of workforce, furloughs hundreds more

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Re: Lyft lays off 17% of workforce, furloughs hundreds more

#321

Post by bsanr2 »

bsanr2 wrote: post #71
baron_harkonnen wrote: post #63

Earlier quoted context omitted.

This will play our more like the dotcom burst than the 2008 crisis. For most younger people here this may come as a shock but tech jobs can disappear, for years. The job market in 2019 felt a lot like the job market in 1999, people rushing to get upskilled so that they could get into software and make ridiculous money. After the dotcom burst huge number of people left tech, or at least left the world of software deve…

Which is gonna suck for a lot of people in major metros, as those salaries were necessary to keep up with asset inflation post-2008. Wariness about the future, spiced with a tinge of schadenfreude.

I should point out, as I have no attachment to my karma, that the schadenfreude comes from the fact that those inflated asset prices were used to justify and fund gentrification and displacement. If a crash ruins a few of the entities profiting off that, well, chef's kiss.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#322

Post by m00x »

nimbius wrote: post #300
wonderwonder wrote: post #121

Layoffs are mounting, alternative work is limited, and the unemployment systems in many states are either broken or running out of funding. Add the federal governments indicated desire to let blue states go bankrupt and we are looking at a good combination to enter a depression. Its a pretty sobering time.

>Layoffs are mounting We just fired our cleaning crew this morning and cut hours for the entire shop floor. We are a mid-size, midwestern diesel repair shop similar to Western Truck Exchange. I used to just do valve work and major overhauls, now I carry garbage to the dumpster and fix the copiers in the front office too. >alternative work is limited non-existant out here really, but the real thing no one seems to be…

> Oh, those Trump Bucks? the $1200? Not me or a single person ive talked to has gotten that money.

That's awful. In Canada, most people got their CERB money within a week. It took 2 days if you already had direct deposit info on there. Some people are refusing to go back to work after the relaxed lockdown because the CERB is more than they make working a few shifts a week.

It's a bit frustrating that part-time workers are getting more than if they would work, but I'm happy that everyone is taken care of.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#323

Post by silentsea90 »

bfrog wrote: post #182

If they are really letting go of their hard found engineering talent its a serious signal that they don't believe this to be a short term issue. Assuming the highly paid engineers around the bay took a good deal of effort, and significant cost to hire.

Do note that laid off engineers are typically from teams that have overhired and where we don't have plans to grow, as well as engineers who did not get a good rating and are less promising. It is sad nevertheless.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#324

Post by rauchp »

cleandreams wrote: post #291
bilbo0s wrote: post #265

Earlier quoted context omitted.

The thing is, right now there seems to be a disturbing pattern of the world falling apart at the end of every GOP administration. This is problematic, because we still need the GOP so that we can vote out democrats when they mismanage the nation's affairs. We can't have one party, that's not safe for us as the citizenry for obvious reasons. At the same time, we can't have this, "the world ends", at the end of every G…

Single party rule in California has been an improvement. We have a functioning government. Kinda helps in a pandemic. When we got rid of our last Republican governor we paid down our debt and California entered this dire period with a big reserve. The notion that some sort of optimal condition is reached by trashing government is just a clueless and stupid idea.

"Single party rule in California has been an improvement."

I just moved to California so I don't have too much of a personal opinion yet but that sounds like a bold claim. From what I've seen, people over the age of 30 seem split on whether or not it's an improvement. You look at mismanaged cities like SF where there's insane homeless budgets but very little action and results and wonder if the monopoly on political power has made politicians here complacent.

Then there's the whole NIMBY thing. There's a whole lot of Democrats (arguably DINO's) that are very anti-building. They run under the Democrat banner so they'll probably keep getting re-elected. Obviously a solution here is people getting involved in local party politics to primary these candidates out, but that sounds like a miracle that'll happen as soon as we get nuclear fusion power plants.

The whole thing makes me wish 3rd party candidates were more viable in the US. This flip-flopping really sucks and creates a lot of chaos but political monopolies, from what I've seen, are able to hide mismanagement and bad policies really well. (Texas is probably a similar example from the other spectrum.)

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#325

Post by lonelappde »

mikepurvis wrote: post #165
wonderwonder wrote: post #121

Layoffs are mounting, alternative work is limited, and the unemployment systems in many states are either broken or running out of funding. Add the federal governments indicated desire to let blue states go bankrupt and we are looking at a good combination to enter a depression. Its a pretty sobering time.

There was an interesting piece in this week's Atlantic on the motivation for having states declare bankruptcy: "Under the Constitution, bankruptcy is a power entirely reserved to the federal government. An American bankruptcy is overseen in federal court, by a federal judge, according to federal law. That’s why federal law can allow U.S. cities to go bankrupt, as many have done over the years. That’s why the financia…

The Atlantic author seems deeply confused. Not unexpected for David Frum. Puerto Rico is a territory, not in any state. A city is under state sovereignty.A state or a city can default. A city can declare bankruptcy under Federal law. There is no law allowing a state to go bankrupt and be managed by the Feds. Bankruptcy is an option , not a Federal power. McConnell isn't playing 7 dimensional chess, he just doesn't want to return tax money to Blue states and was just using language loosely when he said "bankrupt".

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#326

Post by vecter »

trimbo wrote: post #162
dodobirdlord wrote: post #7

Earlier quoted context omitted.

Paying people in stock and performance bonuses is ideal during a downturn. It doesn't cost the company anything to pay people in stock, since it just siphons off value from all existing stock, and nobody's getting their performance bonus!

With GAAP reporting, stock comp goes on the income statement and affects the bottom line. So it has a visible effect for investors, but no one cares about P/E anymore so...

Can someone explain to me how stock comp costs the company money, if it does? AFAICT it just creates equity dilution, but I might be missing something.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#327

Post by chrisseaton »

mbrameld wrote: post #306
chrisseaton wrote: post #292

Earlier quoted context omitted.

Well I went to look it up on Wikipedia and that's what I read. Not sure why there's such a big disconnect between what people expect you to think it means and what references tell you it means!

The reference does include the meaning as applied in this thread, you just have to read past the first couple sentences. You do understand that the same word can have different meanings depending on the context, right? Edit: because I think you just won't be able to get there on your own, look under the heading "Defined benefit plans" on the Wikipedia page for Pension. If you need help defining the words in that sect…

Not really sure why you're so worked up about this? I thought a 401(k) was a pension, since it pays you money when you retire, which is what a pension is to me. I went looking it up on Wikipedia which said it was as well. Can you see how I'd think it was a pension?

> If you need help defining the words in that section let me know

Well I must not understand the word 'pension' then, because it says multiple times that it's a 'pension'!

If you don't to explain it to me you're not obligated to.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#328

Post by selimthegrim »

cleandreams wrote: post #291
bilbo0s wrote: post #265

Earlier quoted context omitted.

The thing is, right now there seems to be a disturbing pattern of the world falling apart at the end of every GOP administration. This is problematic, because we still need the GOP so that we can vote out democrats when they mismanage the nation's affairs. We can't have one party, that's not safe for us as the citizenry for obvious reasons. At the same time, we can't have this, "the world ends", at the end of every G…

Single party rule in California has been an improvement. We have a functioning government. Kinda helps in a pandemic. When we got rid of our last Republican governor we paid down our debt and California entered this dire period with a big reserve. The notion that some sort of optimal condition is reached by trashing government is just a clueless and stupid idea.

Would that be the last Republican governor who actually tried to prepare for the pandemic with ventilator stockpiles and mobile hospitals?

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#329

Post by lonelappde »

Shivetya wrote: post #304
mikepurvis wrote: post #165

Earlier quoted context omitted.

There was an interesting piece in this week's Atlantic on the motivation for having states declare bankruptcy: "Under the Constitution, bankruptcy is a power entirely reserved to the federal government. An American bankruptcy is overseen in federal court, by a federal judge, according to federal law. That’s why federal law can allow U.S. cities to go bankrupt, as many have done over the years. That’s why the financia…

His unwillingness to not solve the state's pension problems should be applauded. the amount of unfunded liabilities is in the hundreds of billions of dollars and approaching a trillion if it has not passed that already. This all happened because the number of public servants who are pulling in over 100k has skyrocketed... 100k+ in retirement.. with millions past 50k! Think about that 50k in pay plus medical. These pe…

Should the Federal government return tax money it took from the people of New York to give to the people of Kentucky? Why or why or why not?

The Federal government can easily tax /discredit those wealthy pensioners to fund unemployment insurance, if they do choose.

Re: Lyft lays off 17% of workforce, furloughs hundreds more

#330

Post by lonelappde »

huevosabio wrote: post #181
mikepurvis wrote: post #165

Earlier quoted context omitted.

There was an interesting piece in this week's Atlantic on the motivation for having states declare bankruptcy: "Under the Constitution, bankruptcy is a power entirely reserved to the federal government. An American bankruptcy is overseen in federal court, by a federal judge, according to federal law. That’s why federal law can allow U.S. cities to go bankrupt, as many have done over the years. That’s why the financia…

This is a pretty grim path to follow. If States are to go bankrupt and subject to federal imposition of what debts must be paid, then it may push States to seek further sovereignity. An example being pressure to mint their currency. This is currently banned in the constitution, but if things get dire... they could simply ignore?

States already have sovereignty. They can simply decline to pay back bondholders.
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