Stellantis offering voluntary buyouts

[SC Maintenance]

I know you don't want to hear this but the under-employed are included in the official numbers.

https://www.bls.gov/news.release/empsit.t15.htm

Its tracked but its not in the headline job numbers - ie the monthly "unemployment rate".

So the unemployment rate is simply the percentage of people that want to work but have no job at all. The underemployed or part time employed are counted as employed in the headline number.

The published rate is a simply a survey. They contact 60,000 households - and ask - how many people in your household want to work, and how many have a job - part or full time. If you don't want to work, your not counted at all.

 

[SC Maintenance]

Congress overseas the Fed. Red or Blue for decades they've abdicated that responsibility because they don't want to be held accountable for taking away the punch bowl or "spooking" the economy.

How does congress oversee the fed? Not trying to be confrontational - but they don't oversee anything. Sure the fed chairman comes to the hill and answers questions. But congress has zero authority to change fed behavior, other than wait 14 years for a fed governor to retire and appoint a new one.

Perhaps your mistaking them for the treasury.

You can read about it from the fed themselves. The whole point is the government CAN NOT influence the federal reserve. You can decide whether that is good or bad.

https://www.stlouisfed.org/in-plain...Fed private,Reserve Banks and earn dividends.

 

[MrHorspwer]

How does congress oversee the fed? Not trying to be confrontational - but they don't oversee anything. Sure the fed chairman comes to the hill and answers questions. But congress has zero authority to change fed behavior, other than wait 14 years for a fed governor to retire and appoint a new one.

Perhaps your mistaking them for the treasury.

You can read about it from the fed themselves. The whole point is the government CAN NOT influence the federal reserve. You can decide whether that is good or bad.

Congress created the Federal Reserve through the Federal Reserve Act.

Congress also creates and maintains the Fed's objectives (most notably, the Fed's dual-mandate).

Any power that the Fed has, has been given by Congress or okayed by them. Congress can explicitly change Fed behavior, but it would require a new law or changes to an existing law, not a simple directive or decree.

The Fed has autonomy on their operations, so their is no Congressional oversight in their day-to-day, just that they're executing within the bounds of their authority (the Monetary Policy Report), which is why the Chairman has to report back to Congress twice a year.

 

[I<3oil]

Too many companies are bloated with excessive useless employees, and some don't have the volume in sales/profit to pay those weekly checks. Another thing many do is simply try to get higher paid employees out while replacing them with lower paid new hires... and wonder why product quality/support/.... drops like a rock.

There is nothing from Stellantis that I'd consider buying.

Maybe a Demon but that's obvi like lottery money

 

[billt460]

Why do they need buyouts? Just fire them after a 30 day notice. This will only raise the price of cars for millions. Unemployment is low, they should be able to find another job quickly.

You can't use the overall unemployment rate, because a lot of it is reflective of the unskilled, minimum wage job market. Politicians like our current leader, like to brag about how many "jobs" they have created. Along with a low unemployment rate.

It's all smoke and mirrors B.S. because most of them are unskilled, minimum wage positions..... Yet they all count as, "jobs". But they offer nothing for a guy who just lost his six figure position, and now replaces it with a position at Home Depot, because there is nothing else out there for him.

 

[Thermo1223]

Free market economy. Be thankful they're being offered a buyout. Times they are 'a changing.

The industry I work in, you simply get laid off. Strive to be an essential employee or as far back in line as possible when the axe falls, otherwise you join the unemployment line. Probably an old school mentality, but weeds out the freeloaders that are just looking for a paycheck while only half earning it.

After taking control of my facility I've tried to weed out problem workers with the mindset I'd rather they quit than having to fire them. I ended up firing one anyway and suspended some for other reasons. Those that are freeloading aren't screwing with my paycheck.

 

[BMWTurboDzl]

How does congress oversee the fed? Not trying to be confrontational - but they don't oversee anything. Sure the fed chairman comes to the hill and answers questions. But congress has zero authority to change fed behavior, other than wait 14 years for a fed governor to retire and appoint a new one.

Perhaps your mistaking them for the treasury.

You can read about it from the fed themselves. The whole point is the government CAN NOT influence the federal reserve. You can decide whether that is good or bad.

https://www.stlouisfed.org/in-plain...Fed private,Reserve Banks and earn dividends.

The Federal Reserve Act is a creature of Congress. Congress mandated the primary goals of The Fed which are moderate rates, price stability and maximum sustained employment. The job of Congress is to make sure The Fed is adhering to these, often conflicting, goals. If the Fed isn't doing it's job Congress can pass additional laws if needed. Congress doesn't want the responsibility.

 

[atikovi]

But they offer nothing for a guy who just lost his six figure position, and now replaces it with a position at Home Depot, because there is nothing else out there for him.

Or maybe he was overpaid in the first place. Getting 6 figures for pushing papers around or coming up with ideas, instead of real physical work creating something.

 

[SC Maintenance]

Congress created the Federal Reserve through the Federal Reserve Act.

Congress also creates and maintains the Fed's objectives (most notably, the Fed's dual-mandate).

Any power that the Fed has, has been given by Congress or okayed by them. Congress can explicitly change Fed behavior, but it would require a new law or changes to an existing law, not a simple directive or decree.

The Fed has autonomy on their operations, so their is no Congressional oversight in their day-to-day, just that they're executing within the bounds of their authority (the Monetary Policy Report), which is why the Chairman has to report back to Congress twice a year.

Correct, congress could abolish the federal reserve today with a vote and the presidents signature, however the federal reserve act was last modified in 1977.

The chairman must report to congress twice a year regarding their activities - but its a Q&A. Congress has no authority to change their behavior - without a specific change of the federal reserve act. ie its not oversight.

 

[billt460]

Or maybe he was overpaid in the first place. Getting 6 figures for pushing papers around or coming up with ideas, instead of real physical work creating something.

You can't make those type of comments without anything being fact based. Most people who are "overpaid", do not remain so for long... Especially during times like these.

 

[PWMDMD]

You can't use the overall unemployment rate, because a lot of it is reflective of the unskilled, minimum wage job market. Politicians like our current leader, like to brag about how many "jobs" they have created. Along with a low unemployment rate.

It's all smoke and mirrors B.S. because most of them are unskilled, minimum wage positions..... Yet they all count as, "jobs". But they offer nothing for a guy who just lost his six figure position, and now replaces it with a position at Home Depot, because there is nothing else out there for him.

I honestly know only one person who was a 6-figure earner who lost their job in the past 3 years - my SIL who worked at AMC was downsized a few months ago and is having a difficult time finding a new job in TV. Otherwise, I don't know a single person who went from 6-figures to Home Depot. How much could these people possibly contribute to the numbers but more importantly how do you KNOW this happening because it is counter to my everyday life?

 

[edyvw]

How does congress oversee the fed? Not trying to be confrontational - but they don't oversee anything. Sure the fed chairman comes to the hill and answers questions. But congress has zero authority to change fed behavior, other than wait 14 years for a fed governor to retire and appoint a new one.

Perhaps your mistaking them for the treasury.

You can read about it from the fed themselves. The whole point is the government CAN NOT influence the federal reserve. You can decide whether that is good or bad.

https://www.stlouisfed.org/in-plain...Fed private,Reserve Banks and earn dividends.

I am not sure you want someone on 2 year or 6yrs (but the emphasis on ones with 2yrs) election cycle to affect the behavior of Fed.

 

[edyvw]

Correct, congress could abolish the federal reserve today with a vote and the presidents signature, however the federal reserve act was last modified in 1977.

The chairman must report to congress twice a year regarding their activities - but its a Q&A. Congress has no authority to change their behavior - without a specific change of the federal reserve act. ie its not oversight.

President in. theory could remove Chair (which is a loosely defined position, as Chair is also a member). But, in theory, it could. The problem is that it would end up at the Supreme Court pronto. It would be an earthquake decision that might push the economy into recession on its own.

 

[billt460]

............ How much could these people possibly contribute to the numbers but more importantly how do you KNOW this happening because it is counter to my everyday life?

Well for one I can read. And these are just the people who are being forced to take major pay cuts. Throw them in with the people who are getting outright canned, and you'll be racking up some pretty impressive numbers. Not all of these people work at Wendy's or Disney World

And a lot of these pay cuts are not just "factored in" from inflation either. They're real. And remember, it's not that bad YET. Wait until the end of the year rolls around.

And Covid didn't have nearly as large an impact on this as some have made it out to. Most all the dust has long settled from that overblown fiasco.

https://www.shrm.org/resourcesandto...t-layoffs-executives-are-taking-pay-cuts.aspx

https://www.magnifymoney.com/news/pay-cuts-raises-survey/

https://www.foxbusiness.com/personal-finance/american-workers-inflation-pay-cut

https://nypost.com/2022/10/06/americans-saw-most-severe-pay-cut-in-25-years-under-biden/

 

[Slow Car Sport Mode]

Kind of the opposite of when Toyota gave us $5000 relocation bonuses to work there.

 

[PWMDMD]

Well for one I can read. And these are just the people who are being forced to take major pay cuts. Throw them in with the people who are getting outright canned, and you'll be racking up some pretty impressive numbers. Not all of these people work at Wendy's or Disney World

And a lot of these pay cuts are not just "factored in" from inflation either. They're real. And remember, it's not that bad YET. Wait until the end of the year rolls around.

And Covid didn't have nearly as large an impact on this as some have made it out to. Most all the dust has long settled from that overblown fiasco.

https://www.shrm.org/resourcesandto...t-layoffs-executives-are-taking-pay-cuts.aspx

https://www.magnifymoney.com/news/pay-cuts-raises-survey/

https://www.foxbusiness.com/personal-finance/american-workers-inflation-pay-cut

https://nypost.com/2022/10/06/americans-saw-most-severe-pay-cut-in-25-years-under-biden/

These articles support that inflation is wearing away at people’s earnings (yeah, that's obvious), not that 6-figure people are losing their jobs and ending up at Home Depot and that is a major factor in the bogus employment numbers. That was your statement.

 

[SammyChevelleTypeS3]

https://www.reuters.com/business/au...-exit-packages-33500-us-employees-2023-04-26/

Another CEO in denial. Sure , any company can be more efficient in some ways. The late great Big Three North American auto makers have been in denial for 40 - 50 years. They think they can continue to produce poor quality vehicles based on the lie "Americans always want to sell or trade about every 3-4 years" so why spend what it cost to make the high quality like cars from Japan and others? We all know people happy with foreign cars being kept by families in the 15-20 year ranges, but does anyone know of this with a vehicle made by the Big Three auto makers? Its a disgrace because it is not the line workers (who always get kicked in the teeth) then pay dearly for poor managements faults. Its is the fault of the inept managers and the poor business models these companies been stuck on for 50 years. CEOs dont care. All the CEOs need do is continue to blame wage roll workers for all the woes of the companies and then exit early with their golden parachute/bonus retirements after they burn the places to the ground. CEOs should have to sign a ten year incentive contract and get paid / retired based on success or failures. Not gonna happen.

 

[PF52]

We all know people happy with foreign cars being kept by families in the 15-20 year ranges, but does anyone know of this with a vehicle made by the Big Three auto makers?

Can we count ourselves, or does it have to be strictly other people?

 

[edyvw]

There is fundamental change in the economy (change is the only constant in life). It is capitalism. It is survival of the fittest. There are other contributing factors as why certain regions are struggling or why certain parts of the economy are struggling. Delivery companies are going toward landing. Some will experience hard landing (FedEx might) and some softer (Amazon). But nevertheless, they must streamline after running high during COVID.
Some other parts of the economy are running high. My wife is in healthcare information management and she had 3 calls yesterday for job opportunities without ever contacting those organizations.

 

[PWMDMD]

There is fundamental change in the economy (change is the only constant in life). It is capitalism. It is survival of the fittest. There are other contributing factors as why certain regions are struggling or why certain parts of the economy are struggling. Delivery companies are going toward landing. Some will experience hard landing (FedEx might) and some softer (Amazon). But nevertheless, they must streamline after running high during COVID.
Some other parts of the economy are running high. My wife is in healthcare information management and she had 3 calls yesterday for job opportunities without ever contacting those organizations.

Too many people make generalizations to fit whatever narrative they choose to believe. I saw the same thing 2009 where people were screaming how horrible it was and was going to be for years and years. Maybe it was horrible for some, but it was life as usual for me. Personally, I’m not all that worried about the next few years.