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The company is performing poorly and when that happens, management always cuts costs (jobs). Why would they hire when they are losing money?
Bank of America at it again vol. 10k jobs to the grinder
- Thread in 'General' Thread starter Started by finnns2003,
- Start date
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BOA picking Rick Perry.
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Capitalism a Love Story was a strong movie I gotta say... Made around the time of the 2008 elections I watched it like 2 years ago and remembered being disgusted and now I watched it again yesterday and there was so much evil being committed I was almost in tears at some points. I must have felt guilty or something that I had forgetten so much of this. I watched inside job, definitely gotta watch it again, and a big thank you for directing me to those other movies I will definitely have to check them out. I recommend everybody check out Capitalism a Love Story, Michael Moore is one of a kind, and of course to check out those movies that Sneak King pointed out. Thanks againOriginally Posted by Sneak King
You think that's bad?!?! Watch these movies in this order; "Hot Coffee" (HBO Special Documentary, so if you've got OnDemand and HBO, you can catch it through O.D.) "Inside Job" (Your guide to the market crisis of 200. "Too big to Fail" (Pretty sure also prodced by HBO, but it is a detailed reenactment of theevents of "Inside Job". Not that they are direcely piggybacked off of one another, but just a portrayed version of the facts in "Inside Job".
I've learned more from these three movies in the past month than I could have EVER learned on my own about this stuff...And I WORK FOR THE AFOREMENTIONED COMPANY...CORPORATE!!!
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Disclaimer: I haven't seen any of these documentaries
I don't understand why people view capitalism negatively? It's a large reason we have all our freedoms.
I don't understand why people view capitalism negatively? It's a large reason we have all our freedoms.
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Take off that Colbert avy. You clearly don't ever watch the show.
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I'm not talking about the conservative politics. I'm talking about pure economics, but thanks for your insight.
sonoftony
Supporter
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thank god i wised up and left BOA years ago. this is rediculous
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You're right. He's never done a segment on income inequality.
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Basically Hank Paulson made 700 million dollars as Goldman Sachs CEO, then became the Secretary of the Treasury, and screwed over the middle class with the housing crisis and financial crisis while allowing his former associates at Goldman Sachs make billions and billions of dollars off of the American people's misery. At least thats what those movies suggested and proved. I'm sure someone else can explain in greater detail and clarity.
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Capitalism a love Story was a very insightful film.
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Uhh... they are not performing poorly. Do you READ?
Bullet points, let's see if they work
-Low taxation rates
-Bailout money (just got another $500 million for bad loans)
-Profitable in 3 of the last 6 quarters
Share price fell so that's an excuse to cut 10k jobs? Again, absolutely not. You are a disgrace to Colbert.
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Oh yeah and after he screwed the people over with the housing crisis and financial crisis, he stole over 700 billion dollars of taxpayer money as his final heist in the form of the bailout package.
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Profits are down year to year, specifically in trading. So traders, back office workers, and investment bankers get cut. Unfortunately a lot get cut that shouldn't because they are good performers, but because they lack the connections to elite universities or have slightly worse resumes they get the axe.
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It's amazing that people still have this mentality in this day and age, even after the bank bailout a few years back.
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True, and that's not right. Adding to unemployment only makes things worse, structurally, in this country. Keep compounding unemployment, yeah that's the ticket!
In other countries, execs take cuts in pay when the company is not "performing well". It's the honorable thing to do. Here, the bank is being bailed out time and time again, and look at the results. More job cuts.
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Color me pessimistic in terms of the U.S and our job outlook, but this is the way things are going to be until we produce things tangibly. Period. The true unemployment rate is something even more ridiculous. Tack on another 100-500 basis points on the govt's figure. How is it calculated? Oh yeah, those looking for jobs and has a time function too?
We as a country aren't investing in education throughout the states, therefore, in part, the service providing jobs that have barriers to entry will continue to be highly sought after meanwhile we'll have (another) extreme gap between job classes (i.e. - minimum wage, manufacturing, service providing, etc).
Until THAT changes, you're ALWAYS going to see companies cut jobs as an immediate reaction to equity markets/profits. It's all correlated, plus, from the companies standpoint as long as there's high unemployment (which there will be for my above reasons) they can pick the fruit from the tree at their own will if they need to "grow" again.
The job infrastructure of the U.S. is beyond terrible and this is the new age.
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LazyJ, put 2 mil where your mouth is; this guy did:
http://www.zerohedge.com/...erica-will-be-4-november
http://www.zerohedge.com/...erica-will-be-4-november
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Originally Posted by presumed
Capitalism a Love Story was a strong movie I gotta say... Made around the time of the 2008 elections I watched it like 2 years ago and remembered being disgusted and now I watched it again yesterday and there was so much evil being committed I was almost in tears at some points. I must have felt guilty or something that I had forgetten so much of this. I watched inside job, definitely gotta watch it again, and a big thank you for directing me to those other movies I will definitely have to check them out. I recommend everybody check out Capitalism a Love Story, Michael Moore is one of a kind, and of course to check out those movies that Sneak King pointed out. Thanks againOriginally Posted by Sneak King
You think that's bad?!?! Watch these movies in this order; "Hot Coffee" (HBO Special Documentary, so if you've got OnDemand and HBO, you can catch it through O.D.) "Inside Job" (Your guide to the market crisis of 200
I've learned more from these three movies in the past month than I could have EVER learned on my own about this stuff...And I WORK FOR THE AFOREMENTIONED COMPANY...CORPORATE!!!
That movie has in it the Bishop who performed my baptism
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damn i work there. Time to jump the ship
i stopped banking with them prior to working there. Im aiming to go to a chase or citi bank. but at the moment
bofa is reimbursing me for school. regardless, im probably quitting sometime next year
i stopped banking with them prior to working there. Im aiming to go to a chase or citi bank. but at the moment
bofa is reimbursing me for school. regardless, im probably quitting sometime next year
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im gunna say this here because this now the third thread in the past two days that has had this thought popping into my head...
2012 might be a self fufulling prophecy... as we get closer and closer the economy tanks harder and harder and people r starting to lose faith in the government monetary system period...
first it was with the healthcare reform, then the bank bailouts... and all the while people are growing more n more fed up not sure who to blame etc.
then come the natural diasters, tsunamis, quakes, tornadoes in the midwest....
now we are beginning to see civil unrest... London riots, flash mobs, verizon strike
the whole thing is like a bad movie plot... if some cataclysmic event should so happen to occur around 2012 i think most of r reactions will be "welp saw this comin"
2012 might be a self fufulling prophecy... as we get closer and closer the economy tanks harder and harder and people r starting to lose faith in the government monetary system period...
first it was with the healthcare reform, then the bank bailouts... and all the while people are growing more n more fed up not sure who to blame etc.
then come the natural diasters, tsunamis, quakes, tornadoes in the midwest....
now we are beginning to see civil unrest... London riots, flash mobs, verizon strike
the whole thing is like a bad movie plot... if some cataclysmic event should so happen to occur around 2012 i think most of r reactions will be "welp saw this comin"