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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

#391

Post by majormajor »

kortilla wrote: post #363
cleandreams wrote: post #291

Earlier quoted context omitted.

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.

California has gotten significantly worse over the last 10 years or so for residents though, even if some debt has been paid off. Rent control, nimbyism, etc all backed by the current government have made the housing market a hellscape. Nothing has been done to address the education system and huge pension liabilities either. The issue with Democrats in charge without any meaningful opposition is that none of the Dem…

> California has gotten significantly worse over the last 10 years or so for residents though, even if some debt has been paid off.

> Rent control, nimbyism, etc all backed by the current government have made the housing market a hellscape. Nothing has been done to address the education system and huge pension liabilities either.

Rent control and Nimbyism is not new in the last 10 years in CA. In fact, rent control in the state is less strong than it was in the past.

So you can't directly blame those for changes in the last 10 years.

What's changed in the last 10 years? A lot of incoming migration into high-paying jobs. And it largely sucks for everyone but those new residents who are making more than the existing residents. People who make less are increasingly starting to leave, but not enough to make a dent compared to the influx of newcomers with money. If you have money, you're still more likely to move to CA than away from it.

You think if all those people were wealthy Republicans instead of Democrats they'd be less-NIMBY? Right-wing suburbs in the rest of the country are NIMBY-central.

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

#392

Post by chasd00 »

ashtonkem wrote: post #376
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.

Pushing people off of unemployment insurance, which it’s generally assumed that some states are doing, all while there is no work to go to isn’t a recipe for a depression, it’s a recipe political catastrophe. In a weaker democracy this stuff would trigger a revolution, and I’m starting to get worried about ours.

this is why a lot of people have raised their eyebrows over the cost of shelter in place vs the risk of Covid19 infection. I'm glad it's becoming more visible, a few weeks ago you'd be shouted down for even suggesting the economic and political consequences of shelter in place could be catastrophic.

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

#393

Post by newfriend »

Gibbon1 wrote: post #368
kortilla wrote: post #363

Earlier quoted context omitted.

California has gotten significantly worse over the last 10 years or so for residents though, even if some debt has been paid off. Rent control, nimbyism, etc all backed by the current government have made the housing market a hellscape. Nothing has been done to address the education system and huge pension liabilities either. The issue with Democrats in charge without any meaningful opposition is that none of the Dem…

> Rent control, nimbyism, etc all backed by the current government have made the housing market a hellscape. The question is if California is soooo bad. Why are smart, intelligent people coming here? Why does capital still invest here? Part of the answer is other places in the US are slowly failing. So many of the problems have to due with California serving as a refuge from failed economic and social policy in other…

If California is so great, why are so many people moving away? [1]

California is being propped up by the tech industry because historically the biggest tech companies are headquartered here, which caused all the talent to be clustered here, and then new tech companies were forced to be here to attract that talent. Obviously, smart, intelligent people move here because jobs are here, and capital invests here because talent is here -- but things are changing quickly and other cities are becoming tech hubs.

If these other states have such "failed economic and social policies", why are so many people moving there?

The worst will be when Californians move to other states and then vote for policies that ruined the place they just fled.

[1] https://www.ocregister.com/2019/10/31/190122-more-people-lef...

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

#394

Post by mbrameld »

chrisseaton wrote: post #390
mbrameld wrote: post #389

Earlier quoted context omitted.

How am I doxing you if it's in your profile? People use names and titles in conversations the same way a 401k is a pension. I'm not sure you're qualified to judge genius. None of this is because you asked a question about pensions, is that honestly what you believe? Just in case it is: this is because you continue to insist that a 401k is a pension when it is not in this context.

> How am I doxing you if it's in your profile? That's what I just said... but why do you keep copy and pasting it into your comments and then deleting it? I really don't know what your problem is. But people can see you editing your comments so they know what you're writing even if you remove it later. People can also see you trawling through my comments to reply to unrelated things. For this reason I've flagged you…

I guess that's easier than admitting you're wrong. It's telling that you refuse to answer the questions that would illuminate your error. You asked me to explain it to you, why won't you let me?

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

#396

Post by njoubert »

vecter wrote: post #326
trimbo wrote: post #162

Earlier quoted context omitted.

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.

There are two ways to compensate with stock: purchasing stock on the open market with cash, or, hand out stock from a pool of withheld shares. The pool of shares might be periodically increased through creating new shares (and diluting) but this must be reported to the SEC and is only done infrequently.

GAAP reporting requires that stock compensation is written off as an expense. It does not reduce the company’s cash, but it does reduce the company’s earnings. Hence it changes the price to earnings figure.

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

#397

Post by samfisher83 »

vecter wrote: post #326
trimbo wrote: post #162

Earlier quoted context omitted.

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.

Its from Accounting assets = liabilities + equity. So equity = a-l. If you pay cash your assets go down so your equity goes down. If you give away equity your equity goes down. In either case you equity goes down.

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

#398

Post by bjustin »

bilbo0s wrote: post #254
seibelj wrote: post #211

Earlier quoted context omitted.

I would prefer that states have more power and we further decentralize authority away from the federal government. This will limit the see-saw that occurs whenever the president switches parties.

I wouldn't. There is a comfort that comes from the instability of party switches. The parties don't cooperate, which means less can get done. Anything that puts anyone in an area where one of the gangs of politicians can actually do something, is to be avoided. We've learned that the hard way in Wisconsin. As a general rule, it's always best to split up your government as much as you can.

The problem with less getting done is that it applies to all levels of government. Want to change your yard landscaping? Nope! Not when your neighbors, town, county, and state all have to separately approve it.

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

#399

Post by tehjoker »

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…

Seriously? We're going to blame old people for not wanting to live in poverty while the heights of the economy sequester trillions of dollars in a power law curve?

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

#400

Post by ashtonkem »

chasd00 wrote: post #392
ashtonkem wrote: post #376

Earlier quoted context omitted.

Pushing people off of unemployment insurance, which it’s generally assumed that some states are doing, all while there is no work to go to isn’t a recipe for a depression, it’s a recipe political catastrophe. In a weaker democracy this stuff would trigger a revolution, and I’m starting to get worried about ours.

this is why a lot of people have raised their eyebrows over the cost of shelter in place vs the risk of Covid19 infection. I'm glad it's becoming more visible, a few weeks ago you'd be shouted down for even suggesting the economic and political consequences of shelter in place could be catastrophic.

There is a 0% chance of me returning back to regular life until I feel safe, no matter what politicians say.

I think the advocates for reopening the economy vastly overestimate the ability for political leaders to do that via dictat.

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