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AustenAllred's profile
Austen Allred
Austen Allred
Austen Allred
Verified account
@AustenAllred

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Austen AllredVerified account

@AustenAllred

CEO @LambdaSchool (YC S17): A CS education that's free until you get a job. I have made remarks that I do not agree with.

San Francisco, CA
lambdaschool.com
Joined December 2010

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    Austen Allred‏Verified account @AustenAllred Oct 23

    While this is true and it’s an important topic, it’s probably worth noting that the pension liabilities racked up by Sears are the main thing that caused the company to go bankrupt, forcing the pensions to go into default...pic.twitter.com/PMwwCKgYT7

    7:01 PM - 23 Oct 2018
    • 10 Retweets
    • 122 Likes
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    12 replies 10 retweets 122 likes
      1. New conversation
      2. Craig Henry  👨🏾‍💻‏ @cgnry Oct 23
        Replying to @AustenAllred

        See I thought it was Eddie Lampert, who carved up Sears and played around with its model as the quality of its stores deteriorated.

        1 reply 0 retweets 1 like
      3. Austen Allred‏Verified account @AustenAllred Oct 23
        Replying to @cgnry

        Yes, but after he was gone it would have been salvageable if it weren't for the pension liabilities

        1 reply 0 retweets 0 likes
      4. Craig Henry  👨🏾‍💻‏ @cgnry Oct 23
        Replying to @AustenAllred

        That is true. Reminds me of the Blue Sky Deal in Wall Street.

        0 replies 0 retweets 0 likes
      5. End of conversation
      1. New conversation
      2. Joseph Andelin‏ @josephandelin Oct 23
        Replying to @AustenAllred

        This also fails the "and then what?" test. So private companies should be forced to pay above the market rate for labor? These people forget 2nd order consequences.

        1 reply 0 retweets 0 likes
      3. Gates VP  💙  💜  💖  🏳️‍🌈‏ @gatesvp Oct 23
        Replying to @josephandelin @AustenAllred

        Forced to pay above market? No. There are lots of ways to alter the system to mitigate both of these negative outcomes. But we are still at the phase of quantifying the problem. People are still printing stuff about "wasteful millennials". We are coming to grips.

        1 reply 0 retweets 0 likes
      4. Joseph Andelin‏ @josephandelin Oct 23
        Replying to @gatesvp @AustenAllred

        Examples?

        1 reply 0 retweets 0 likes
      5. Gates VP  💙  💜  💖  🏳️‍🌈‏ @gatesvp Oct 23
        Replying to @josephandelin @AustenAllred

        Pensions: They keep failing. Even though they are heavily regulated. Our government has backstopped several. Successful pensions can be useful tools. But failed pensions hurt both companies and pensioners. Maybe it's time to offload pensions from companies? Change our laws?

        1 reply 0 retweets 0 likes
      6. Gates VP  💙  💜  💖  🏳️‍🌈‏ @gatesvp Oct 23
        Replying to @gatesvp @josephandelin @AustenAllred

        Low wage problems: Adults making $11/hour to subcontract with an Amazon warehouse are not making enough money. They can't cover their own health expenses, we need to subsidize them. Single parents may receive SNAP. They are eligible for housing assistance in some places.

        2 replies 0 retweets 0 likes
      7. Austen Allred‏Verified account @AustenAllred Oct 23
        Replying to @gatesvp @josephandelin

        Not that it's a huge difference, buthttps://www.cnbc.com/2018/10/02/amazon-raises-minimum-wage-to-15-for-all-us-employees.html …

        1 reply 0 retweets 0 likes
      8. Gates VP  💙  💜  💖  🏳️‍🌈‏ @gatesvp Oct 23
        Replying to @AustenAllred @josephandelin

        Definitely a step in the right direction. But they also had some good business reasons to do this. But it's still unsustainable. The US healthcare burden is about $10k/year/person. A parent with one child earning $30k has earmarked 2/3 of income for medical alone.

        0 replies 0 retweets 0 likes
      9. End of conversation
      1. Molten Steel‏ @_molten_steel_ Oct 23
        Replying to @AustenAllred

        Also, why are they comparing sears salesmen to amazon warehouse workers? Apples to oranges

        0 replies 0 retweets 4 likes
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      1. Joe Sanders‏ @joesanders33 Oct 23
        Replying to @AustenAllred @TheSouthWolf

        Businesses shouldn’t have to have anything to do with the retirement of their employees. Pay a freely agreed to wage/salary/commission and let the employees save for their own retirements.

        0 replies 0 retweets 3 likes
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      1. Pervy Sage‏ @PervySage10 Oct 23
        Replying to @AustenAllred

        Most people did not realize what it meant nor were they ready for the switch from defined benefit to defined contribution. Our society is built on the average worker not knowing how money works. This was done on purpose.

        0 replies 0 retweets 1 like
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      1. Ian Murphy‏ @murkycwaters Oct 24
        Replying to @AustenAllred

        Figuring out how to replace pensions will be a monumental part of moving the us economy forward in coming generations

        0 replies 0 retweets 0 likes
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      1. DavidG‏ @DavidGNI Oct 24
        Replying to @AustenAllred

        "Private equity buys a company and loads it with debt. Company folds... It was because of the pesky pensions." 🤔🤔 The pension liabilities were on the books when Lampert bought Sears. Perhaps he shouldbhave factored them into his calculations.

        0 replies 0 retweets 0 likes
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      1. David Skinner‏ @dmskinner Oct 23
        Replying to @AustenAllred

        Last time I was at a Sears it looked like mannequin zombies at a college off campus apartment yard sale. I think that was their problem... + pension liablities.

        0 replies 0 retweets 0 likes
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      1. Will Sanders‏ @Will_L_Sanders Oct 23
        Replying to @AustenAllred

        Maybe a partnership with amazon warehouse workers is something to explore for Lambda School 🤔

        0 replies 0 retweets 0 likes
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      1. Trickler‏ @TricklerHQ Oct 23
        Replying to @AustenAllred

        Thanks for pointing that out because it's important for people to hear that perspective.

        0 replies 0 retweets 0 likes
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      1. A‏ @nDoTweets Oct 23
        Replying to @AustenAllred

        The salesman to warehouse worker analogy doesn't make much sense to me. Sears salesman to UX dev is probably a better analogy.

        0 replies 0 retweets 0 likes
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      1. Ernest HODLway‏ @hodlway Oct 23
        Replying to @AustenAllred

        You could also provide for a family on one sole income. So much has changed since those days.

        0 replies 0 retweets 0 likes
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