Oracle Starts Job Cuts In US 41
Oracle has started to lay off employees in the United States, The Information said on Monday, citing a person with direct knowledge of the matter. Reuters reports: The publication in July reported that Oracle was considering cutting thousands of jobs in its global workforce after targeting cost cuts of up to $1 billion. The company had about 143,000 full-time employees as of May 31, according to its latest annual report. The layoffs at Oracle will affect employees at its offices in the San Francisco Bay Area, Monday's report said, but it did not mention the number of employees affected. The report also said layoffs in Canada, India and parts of Europe were expected in the coming weeks and months.
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Inflation is defined as an increase in the money supply.
An increase in money supply can be a factor leading to inflation, but ultimately inflation is defined as a reduction in the buying power of your money. That can occur for a myriad of reasons - supply chain disruptions, increases in the cost of labor, people cashing out their investments and spending them all at once, etc.
Not quite. See 24% increase in 2020 vs 1.3% inflat (Score:4, Informative)
> Inflation is defined as an increase in the money supply.
Not quite. Inflation is *defined* as a reduction in the purchasing power of the dollar. That is, how many hamburgers can you get for $20?
If the supply of dollars rises faster than the demand, the value of each dollar is reduced. Same as anything else. Handing out dollars to buy votes absolutely WILL cause inflation, if there wasn't increased economic activity requiring more dollars.
On the other hand, consider 2020. The supply of dollars was increased by 24%. Inflation was about 1.3%. Why? Because the demand for dollars also grew at about the same rate. The 24% increase in dollars was a response to economic growth. That's why it didn't cause inflation.
This, by the way, is precisely the reason why although cryptocurrency as a general concept might someday work, BTC specifically can never, ever possibly be useful as a currency. The supply of dollars needed to increase 24% to keep the value stable. That's not possible with BTC. The supply can never be adjusted to match changes in demand, so the price of BTC can never be stable at any value other than zero.
So if you define the terms (Score:1)
Inflation doesn't just mean too much money supply it means there's not enough goods for the supply of buyers. Money is and continues to be something we just made up to make it easier to organize our civilization. Even when we claim to back it with gold it was still something we just made up. Never mind the fact that the rea
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... I'm an OG Ron Paul Libertarian...
And you admit it? People are laughing at you right now.
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LOL.
I'm laughing at you right now, Ron Paul fanboy.
Ron did have some good points though; but the extreme libertarian views are still out of touch with reality... just like an anarchist (but only in economics.)
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Do you do anything with your time other than talk about how much you hate capitalism?
It's like there's a ladder on a wall, somebody says to you that if you climb it, you'll get some nice shit. But instead of doing so you argue that the ladder is oppressive, and somebody else should be forced to carry you up the ladder. Meanwhile other people have been climbing the damn thing and have ended up doing pretty well for themselves while you've still got nothing to show for your complaining other than a poorly xer
Sure, I'm a capitalist (Score:4, Interesting)
And there's another analogy for that ladder: pulling it up behind you. Boomers did it. Gen X is gonna try but I think they'll find the ladder the boomers left them is too decrepit to use. Gen M is too busy trying to build a ladder to do anything, and Gen Z? They're busy with explosives to blow the wall and everyone on it to bits. Maybe we should do something about that...
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Dude I'm a millennial. Some would say I did build my own ladder, so I'll let you have that one. But either way, the way I got here is still there, along with the job position I just left behind, which is open to whoever wants to apply for it. It pays quite well and has very good benefits too; I just found something even better.
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Congrats. But if someone isn't able to reach the ladder for whatever reason, they'll freeze to death on the street.
I'm benefiting from capitalism too, but if you're not able to see the problem, you're not paying attention or thinking at all.
Re: Sure, I'm a capitalist (Score:2)
First of all, what problem specifically? Second of all, why not build your own?
I don't think either of you realize just what kind of nothing background I came from. Literally D average from high school. Sure, I turned it around at community college, but anybody can do that, their acceptance rates are 100%.
Re: This is what the Fed wanted (Score:1)
Re:This is what the Fed wanted (Score:4, Informative)
Oh give me a break. This is because they're moving to Nashville. It's been something the city has been trying for, since late-2018 and only got real attention when the deal got penned. [tennessean.com] Oracle has been looking to shuffle off some of its cost and ditching the SanFran sales people for Nashville sales people was a sure fire way to do it.
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they probably heard about Nashville's culture of weaponized code enforcement [nashvillescene.com] and figured it'd be a great fit for Oracle
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According to the city, the first problem is the small fishing boat the couple has parked on a trailer in their front yard. That apparently isn’t allowed. Neither are the cars of friends and relatives who sometimes park off the driveway, slightly on the lawn.
Land of the Free, baby!
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No, that's not what this is at all. This just is Oracle knowing that it has enough lawyers but thinks it has too many engineers for its current business model. Oracle's business model looks somewhat like this:
1. Buy out a competitor
2. Threaten to force your customers into doing costly aggressive software audits unless they buy the competitor's product in addition to the one they already have
3. Do the same with the new product's customers to make them buy other Oracle products
4. Use the proceeds from steps 2
Re: This is what the Fed wanted (Score:2)
I can already see it now... (Score:1)
They will cut people who make the actual products but cut none of the useless bureaucratic employees.
Upper management won't ... (Score:5, Informative)
and can't get in the way of Ellison getting a few more private jets. The peons' heads must roll. FK Ellison.
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The company had about 143,000 full-time employees as of May 31,
And once again, there is no explanation of why they need 143,000 people. Why is it that every company seems to have 10 times more people than they need?
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141,000 of those are sales people.
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And once again, there is no explanation of why they need 143,000 people. Why is it that every company seems to have 10 times more people than they need?
Because people need to be able to earn a living to participate in the economy. Covid shutdowns, while making exceptions for "essential workers" already demonstrated that most people aren't actually doing jobs that are truly necessary beyond the fact they provide employment. Plus, if these companies didn't have a bunch of unnecessary workers, the fatcats at the top would earn even more obscene salaries than they already do.
Until you come up with an economic system that can function with most of society sit
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The company had about 143,000 full-time employees as of May 31,
And once again, there is no explanation of why they need 143,000 people. Why is it that every company seems to have 10 times more people than they need?
Oracle has 430,000 customers. Oracle has 13,000 customer support people and 18,000 implementation consultants. That means there are 31,000 people doing direct support for 430,000 customers, or one full-time consultant/customer support person for every 13 customers.
That also means that means every customer needs to spend at least one third of an employee salary, on average, just to break even. If you figure that the average annual salary is probably well over 150k, and they're only bringing in about $14k
How about (Score:3)
They cut a billion out of Ellison's compensation instead? He'd probably barely notice sitting on his private island, unlike the people who are being laid off. Hell, if Musk gets out of buying Twitter, he just saved a couple billion right there!
Oracle Burned Their Karma Like Cord Wood (Score:2)
wall street expects job cuts (Score:1)
doesn't matter if they are needed or not, wall street expects them.
ellison's wealth is tied up in the stock value. even a few dollars in stock price is worth milions
and since oracle isnt run efficiently anyway a few thousand people more or less matters not at all.
this is managing perception
Re: wall street expects job cuts (Score:3)
Zorg says (Score:3)
"Fire one million."
Tech industry is hemorrhaging jobs (Score:2)
Cut exec management compensation first (Score:5, Insightful)
Robinhood to cut 23% (Score:1)