Utopia Talk / Politics / How to: fire 900-1500 staff via video!

earthpig GTFO HOer	Fri Dec 03 23:12:06 When he says "tHe mArKeT" shifted, what he's referring to is mortgage rates going up, causing refinance demand to go massively down. Mortgage rates are determined by Wall Street and the Fed, that's a non-controllable. And mortgage rates are the primary driver of demand for refinances. http://www.youtube.com/watch?v=X7GVklRqHRY A month ago, it was reported that the formerly fastest growing company in the space was suddenly bleeding $85m/quarter, on pace to lose even more the following quarter: http://www.housingwire.com/articles/better-com-reports-86m-loss-in-q2-as-margin-narrows/ Meanwhile, November 2021 was my 2nd best month ever. :P It turns out that having that baby and outgrowing the house/apartment is something that happens independent of mortgage rates. People may or may not want to refinance a house, but they always need to buy a house. Smaller inelastic demand v very volatile elastic demand, a community college teacher taught me about that one. 2018, when rates had jumped from 2017's 3.75% to the new 2018's 4.75%, was my previous-previous best year ever (before 2020, and then 2021, when my YTD beat my previous year total in August). Bring on the high mortgage rates! Though, I will say. The billionaire CEO in OP still wins, hands down. He just closed a $750m deal in exchange for firing all those people(1), a day after the deal was struck behind closed doors. I'm not a billionaire, and no one is going to pay me $750m to fire people on a zoom call right before Christmas. So he still wins in a lot of ways. Clearly. And because he's a billionaire, I bet his ass ain't even paying six figures in income taxes each year. Fucking 0.1%ers. (1) http://www.housingwire.com/articles/better-com-lays-off-los-secures-750m-cash-injection/
earthpig GTFO HOer	Fri Dec 03 23:15:48 Oh, also, the mortgage industry overall is imploding again. May need tax payer funded bailout soon, hopefully it's NOT handed out. If you're a small/medium size business owner that's been having problems with staffing, go poach some call center mortgage refi jockeys to flip your burgers.
TheChildren Member	Sat Dec 04 14:38:01 as i said many times, it dunt matter how u try 2 deny it, it dunt matter how u chose not 2 face da facts. how u hide ur head in da sand, how u look left or right. wageslavery is. and it sucks hard. findin employment sucks. job interviews sucks unemployment sucks only coz of da bad vibes society and family put on us. "why u dunt got job, wheres ur car, how come u have so little money"... in reality, men was supposed 2 live life as he sees fit. if he tired, he can sleep and take a nap. why not. just sleep under a tree. why not. who made these rulez today where u cant sleep under a tree like men used to do. pick and eat an apple and just stare at the sky. feeling healthy? good, plow da land. how come we gotta pay billz and shit and they just keep fuckin comin and pilin up. all these rules and da system is designed 2 make us fuckin slaves. slaves now, slaves 4ever.
murder Member	Sat Dec 04 16:39:58 Billionaires always win. Being a douchebag just makes it easier to use people to build ever larger stacks of cash.
Sam Adams Member	Sat Dec 04 18:04:15 Slaves? Im sure the shitty jobs given to shitty workers feel that way. Anyway back on subject, i feel like high interest rates are a good time to buy. Prices are lower and competitors are fewer. Get the cheapest closing with no points and refinance to something way better later when the rates drop.
earthpig GTFO HOer	Sat Dec 04 18:41:31 @SA - 2018 would be the best relevant experience I have with a higher rate environment. Joe's friend bought in 2017 and got 3.75%, Joe is now being offered 4.75%, what happens overall? For Joe, who knows, that's just one person. Overall, real estate continued to appreciate. It did slow down a very small amount. But real estate values did not drop in my area. You also have fewer sellers, because Sally Homeowner doesn't want to give up her 3.75% from 2015 or 2017 for a new home that comes with 4.75%, so if she was otherwise on the fence, that might be what decides it. It's far from some 1:1 correlation wherein the monthly payment going up 10% drops prices 10%. Not even close. But, less bidding wars, less drama, somewhat less competition? Yup, sure. But other than that your basic strategy of close with cheapest closing costs, rate be damned, knowing you're just going to refi in the future, isn't at all crazy. Since the 1980s, rates have broadly trended down. There was this notion between 2012 and 2019 that ~3.5% was the "floor," like it was some law of physics or something, and we now know that was dead wrong. Japan has negative rates. This is all colored by being in California, I can't speak to Chicago or Montana.
Rugian Member	Tue Dec 07 22:17:25 This story has blown up. Its a bad time to be named Vishal Garg right now.
kargen Member	Tue Dec 07 22:33:17 Sounds like the people fired were clocking in for an eight hour day but averaging about two hours a day. They were missing meetings with clients and other shit. Since they weren't working anyway I see no point in them being paid.
Rugian Member	Tue Dec 07 22:39:12 Kargen Objectively, it sounds like at least some of the employees were lemons who deserved to be let go. Subjectively, mass firings via Zoom are just not a good look. Ever.
obaminated Member	Tue Dec 07 22:48:11 Eh why? He needs to speak to 900 lazy workers individually to tell them all the same thing? You were cheating the clients and company out of money by taking advantage of covid shit? Goodbye.
Pillz Member	Wed Dec 08 04:35:13 It was like a 0/10 presentation. If you're laying off 900 people it should be Emmy worth
Rugian Member	Wed Dec 08 18:02:45 Obam If you're laying off lazy freeloaders, you don't start your presentation with "I am so sorry to do this, I cried the last time I had to do it and I really hate that this has to happen." Doing that gives the impression that the people being fired are being let go through no fault of their own. He should have instead been upfront about the reason. "Good afternoon you lazy shitheads, according to your computer activity you all only put in two hours of work a day even though we pay you for eight, so we're firing your unproductive asses. And feel free to post this video on YouTube, it'll show everyone the reason why you're being canned. GG, retards."
earthpig GTFO HOer	Thu Dec 09 00:14:09 Wow, front page on CNN.
murder Member	Thu Dec 09 13:25:08 earthpig scoops CNN! ;o)
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