Agree. Tesla stock totally defies logic.
sure every big company is preparing for the next big crash which will most likely happen this year
the stock market is in one of its biggest bubbles yet and is being artificially inflated
LMAO just look at the Tesla stock
its the biggest farce in stock history tbqh
and boeing? its kaput
Agree. Tesla stock totally defies logic.
Yeah those 2800 people should have just been CEO instead
Not quite a layoff but in the arena
"St. Clare's Hospital was everything to Jerry and Kathy Adach.
They married after meeting at the Schenectady, New York area hospital, where both worked, in the early '80s. Their two daughters were born there. The couple, who devoted a combined 59 years of service to the facility, had expected to retire with a good pension from the hospital.
That is, until last year, when their former employer — which went out of business back in 2008 — delivered a gut punch: Its pension plan was in financial distress and wouldn't pay a dime of their expected benefits.
For Jerry and Kathy, both 58, that means losing around $27,000 a year in planned retirement income — around a third of their combined income from the hospital.
"Last year, out of nowhere, they just said, 'We're done,'" said Jerry Adach, who works in information technology. "We wanted to retire at 62. We can't now."
"I banked on that pension," he said. "We can't make that up."
Federal retirement law typically puts a backstop in place to prevent this sort of doomsday financial scenario for retirees and near-retirees.
However, St. Clare's was affiliated with the Roman Catholic Church. Its pension, and those of other nonprofits throughout the U.S. with ties to religious en ies, are beholden to different rules that could ultimately leave people empty-handed or with reduced benefits.
"We have seen estimates that it affects about 1 million people," said Dara Smith, a senior attorney for the AARP Foundation representing many of the former St. Clare's workers.
https://www.cnbc.com/2020/02/13/dist...l-workers.html
Thanks, Roman Catholic Church!
Recession was high school for me so that was kind of the norm I grew up on and everything else just feels too expensive tbh.
It’s a short squeeze that’s gotten way too out of control.
... a business like any other.
Three issues will dominate the world's economy in your lifetimes.
Africa's economic ascendance.
End of cheap oil.
A.I.
We may get out into space in a big way, finally, in your lifetime about the time you guys are about 40. (assuming you are about 20 now)
A bit on the end of easy oil.
https://www.vice.com/en_us/article/8...-of-a-meltdown
There will be plenty of oil left, but what is in the ground will get increasingly expensive to get out, making oil over time less and less economical as an energy source. We will still need it for the chemical industry, but that shift will mean a lot of changes that the older folks here will not be ready for.
as for the US economy, expect the continued implosion of retail. If you want some interesting economic opportunity, look to something that repurposes all the squarefootage (think malls) for affordable housing.
The early collapses are making for some interesting URBEX opportunities.
There may be time to save the newer zombie properties with the right level of community involvement, and TAXES to develop it.
Lol Waldenbooks. How old is that picture
Dunno. I remain an optimist.
the pessimist in me thinks you are right about that. We'll see.
I remember going there with my grandmother on Saturdays as a kid to the one in Westlakes Mall
Dunno. Pulled up as part of a group of images in a "dead mall picture" search at Duck Duck Go.
https://qz.com/1032723/theres-much-m...-capita-level/
Put this into any search engine:
square feet of retail space per capita US
And see what pops up. It has all the earmarks of a bubble. Think about all the empty strip malls near you. They built and built and built, then e-commerce came along. Increasing supply at a time of falling demand, perfect storm.
Not going to bother with hotlinks, here are a few Urbex (urban exploration) videos of abandoned malls.
https://www.youtube.com/watch?v=QmNyVFibClQ
https://www.youtube.com/watch?v=n67s2r6fVKg
https://www.youtube.com/watch?v=Y8Ks9jl2lhY
Found searching youtube using this:
urbex malls
You don't really need to search. I know the rough timeframe. I wonder if it was next to an Orange Julius
I think retail won't completely implode. I think it will be restructured.
Funny the one store that doesn't really seem to fit into a mall setting but is always by far the busiest is the Apple Store
Is Urbex the name for abandoned building exploration? Sounds too much like the rubber manufacturer, tbh. But I ing LOVE this stuff and those videos. Started watching those a few years back, really neat (yes, I understand the gravity of all the urban decay) seeing things like Mike Tyson's mansion to the malls to abandoned theme parks and hotels. About as close to frozen time as we can get.
Me too. My wife puts up with me watching on our smart TV. Some of the places these people have been are awesome. Makes me wish I was a bit younger.
Proper People is the channel I have watched the most of. There are photographers out there that specialize in it as well.
sounds like a good "club" post.
I watch a few different explorers. I also like this one kid that does mini docs on some of the places that are abandoned landmarks and more famous places he's explored. Pretty cool stuff. The nostalgia strings get tugged on as well.
Los Angeles Times is offering buyouts to staffers with at least two years of employment
https://www.cnn.com/2020/02/20/media...uts/index.html
New York (CNN Business)The Los Angeles Times is offering its staff voluntary buyouts less than two years after biotech billionaire Dr. Patrick Soon-Shiong swooped in to buy the beleaguered newspaper in hopes of turning it around.
"The buyout offer is intended to give us a little more flexibility to create and hire new roles, and to give some staffers who are looking to make a change an opportunity to leave on their own terms,"
HSBC announced job cuts of 35,000 this morning
https://www.fastcompany.com/90465194...-wrong-at-hsbc
It’s the biggest bank in Europe by assets. The Wall Street Journal reports that the bank is abandoning some of its Western staff and operations, for a few reasons:
- Plummeting profits. Net profits for 2019 were down 53% from last year. “Parts of our business are not delivering acceptable returns,” said interim CEO Noel Quinn.
- Unstable markets. HSBC is deeply enmeshed in Hong Kong and China, which are rocked by protests in Hong Kong and trade tensions between the U.S. and China, as well as the Covid-19 outbreak.
- Brexit. While HSBC will maintain a global hub in London, the bank considers U.K. markets unstable and wants out.
Good twitter thread on workers left behind by the US economy:
Lime is laying off about 100 people and ceasing operations in 12 markets (incl. SA)
https://techcrunch.com/2020/01/09/li...in-12-markets/
Lime is shutting down in Atlanta, Phoenix, San Diego, San Antonio, Linz, Bogotá, Buenos Aires, Montevideo, Lima, Puerto Vallarta, Rio de Janeiro and São Paulo.
Between 2018 and 2019, compe or Bird pulled out of 38 markets and entered 36 new ones.
And while layoffs are not fun, Lime is not alone. Last year, both Bird and Lyft laid off employees working on micromobility. In March, Bird laid off up to 5% of its workforce and then cut up to a dozen Scoot employees in December. Lyft, similarly, also laid off up to 50 people on its bikes and scooters team in March.
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