Thread regarding Wells Fargo & Co. layoffs

very true words, thanks for posting

@3vti Exactly. Wages haven’t kept up with inflation. So two income families are necessary pretty much now unless you are one of those folks who got a big tax cut back in 2017. It’s been worse for the other 99% of us progressively since the 80s.

I'm trying to move from stressing and fretting and being angry to just accepting what I can control and what I can't. I can't control if they lay me off because I'm in not a hub city, but I can absolutely update my resume now and begin looking for opportunities outside the bank should that actually come to pass.

Ok electronics have gotten cheaper, everything else including those things that you use on a daily basis have increased (gas, food etc), more and more costs have been shifted onto workers (retirement costs), heath care costs have increased substantially. You can do the math yourself, but median wages haven't increased in the last few decades compared to inflation. I was born the in 80s and my father ( a boomer) was the sole worker in the house, my parents got divorced and when my dad re-married you can bet his wife was also working. Times have certainly changed, dual income households are necessary for most families.

Inflation abounds, but not "everything" is more expensive now. Buy much computer stuff in the 1980s, or large TVs?

@qjg+1bw3vYOU

Never be in a position where you need 2 working people to keep your home

With all due respect, dual income families have been the norm since the late 80s. Everything is far more expensive nowadays with far less security, even if you have adequate savings you still need 2 incomes not to struggle in these times, especially of you're raising a family. Just to put it on perspective daycare costs are absolutely insane, raising an child to adulthood (18 years old) cost well over $200k on average.

What is even more disgusting is Wall Street seems to like the layoffs as the stock price went up.

Just goes to show you how far removed Wall Street is from the regular folks on Main Street. It’s all a game to them but it’s real people’s freaking lives. As I said, disgusting.

@2bhu+1bw3vYOU and @2vyg+1bw3vYOU all your year's of experiences must have gotten you so far along! Thank goodness you came along to save the geezers from themselves.

The OP was simply, as they need to keep it simple for dullard's (...pause built in so you can look up the definition of a dullard...) such as you to convey an empathic perspective on the current state of affairs. If you are too evolved to warrant such actions simply move along.

PS, I'm sure your parents secretly appreciate you do not come by to visit (assuming you're still not under their roof).

Thanks wise one! I have a question. How much do you have to bribe on average to get your children to come visit you?

Cool! So today we learned that it's just a-ok to make broad generalizations and assumptions about people you've never even met.

Now tell us that story about the time you realized your entire career can be replaced by a chatbot written by someone who lives many time zones away.

Nobody’s forcing anything on you, little man. Go ahead, buy that car. Open that credit card and charge that cruise. You work hard. You deserve it. Stretch a little and buy that house. Put in that pool. Why not? The HELOC will cover it. And of course you’ll be pulling down a ten percent raise every year so the payments won’t be a problem.

Why live like a schmuck? You’re much too smart for that.

Dontcha just love it when the greys force their "wisdom" on you?

Wow. All I need now is another clueless poem from the trans Comms head.

Poster number 2 nailed it. At some point Americans just started assuming the career train and earnings never ends and you’ll perpetually earn more and more and more until you retire.

A family with Dual high incomes just perpetually upsizes their life and moves to bigger houses to the point even when a $100 unexpected expense happens they have nuclear meltdown like a minimum wage person getting an unexpected $100 expense.

Hey hun even though you and I have amazing jobs let’s buy a second jumbo house and rent out the first house and file our taxes as self employeed “investors” so we can lease a pair of $120,000 Tesla x and deduct the payments as a “company car “ and then take a home equity loan to fund our back yard overhaul so we can have it right now.....

“Nickel millionaires” my dad used to call them.
The $100,000 car has bald tires to the threads because you know. Takes a while to scrounge up for replacements.

I think becoming self-employed is about the only option or working for a smaller business that values people. Working for a large corporation, the winds change daily and you're just a number, a dot on an org chart. And when they decide to re do the org chart to try to look like they're effective, if you don't look good in the new design, you're laid off.

Large, publicly traded companies are all about the profits, bottom line driven, that's it.

For the last 20 years corporations have been hyper-focused and obsessed with quarterly profits above all else. And the last 20 years have been sweet if you were that ambitious (and/or ruthless) VP or Executive who had a plan to juice the quarterly profits by cutting or outsourcing jobs. For execs it's a big reward with no risk to them -- they'll land their next job by boasting about how much money they saved previous company.

I have lived it too. I’ve seen good, honest, hardworking people lose their jobs while others who were good at nothing but sucking up to the right people survived.

If anybody asked me what advice I might have for younger people it would be this - keep your fixed expenses low. Never spend money you don’t have and never be in a position where you need two working people to keep your home.

It can be hard not to let lifestyle creep eat up every raise when times are good - but good times are fleeting.

Financial crashes happen. Pandemics happen. Enrons happen. Wells Fargos happen.

Use the good times to prepare for the bad. It’s all you can do. Luckily, it works.

I forgot to add - if its any solace to those who were impacted, the company in question ended up being liquidated, and took down the parent company too. So, in the end, everyone suffered, except of course those higher-ups who managed to sell their slices or hide their wealth in other ways.

I don't know if there is any justice in the world, but at that time, I did feel that my misery at least had some company.

Again, IMHO.