Huge Boost to Welfare Industry

[patrickt]

"(Reuters) - Bank of America Corp is speeding up planned job cuts as revenue continues to decline amid new regulations and a tepid economy, the Wall Street Journal reported. The second-largest U.S. bank intends to slash 16,000 jobs by year-end, putting it a year ahead of a plan to eliminate 30,000 under a cost-cutting program called Project New BAC, the newspaper said, citing a document given to top management."
http://news.yahoo.com/bofa-speeds-plans-cut-16-000-jobs-wsj-175953062--sector.html

Democrats celebrate tremendous boost to welfare industry, food stamps, unemployment benefits, SSI Disability payments, and registered Democrats.

Coal industry, housing industry, banking. Who's next?

Congratulations, President Obama.

[coolwalker]

There are layoffs and roumors of layoffs and still Obama gets an A from the uninformed.

[bladimz]

"(Reuters) - Bank of America Corp is speeding up planned job cuts as revenue continues to decline amid new regulations and a tepid economy, the Wall Street Journal reported. The second-largest U.S. bank intends to slash 16,000 jobs by year-end, putting it a year ahead of a plan to eliminate 30,000 under a cost-cutting program called Project New BAC, the newspaper said, citing a document given to top management."
http://news.yahoo.com/bofa-speeds-plans-cut-16-000-jobs-wsj-175953062--sector.html

Democrats celebrate tremendous boost to welfare industry, food stamps, unemployment benefits, SSI Disability payments, and registered Democrats.

Coal industry, housing industry, banking. Who's next?

Congratulations, President Obama.
Anyone who's ever dealt with BoA is laughing their ass off right now. BoA is the most disorganized, f**ked up financial institution i've ever had to deal with. My personal nightmare is anecdotal, so it's not worthy of discussion here. And i do feel bad for those people who have lost their jobs. But, really, shouldn't these people just go out and get other jobs, instead of "feeding off the teat" (another one of my favorite rightie buzz-phrases) of the american people?

What's that, you say? Jobs are scarce, you say?? But, but... isn't that what the OWS crowd was told to do? Get off the street and get a job, they were told. Find some work. Now, suddenly, jobs are too scarce. Why are jobs scarce in this country? Hmmmm. Maybe it's because the beloved Big Business machine has decided to improve their bottom line to send their jobs overseas. But that's ok, because they should free to make as much profit as they want. No matter that they leave their countrymen twisting slowly in the wind.

So let's recap: BoA slashes jobs. The newly unemployed are now added to the unemployment roles and most will be unable to find work of any substance. Why? Because jobs are scarce. Jobs are scarce because Multi-National corporations move more and more jobs to overseas locations to increase their profit margins. Big Business screws the american worker. And the conservative element cheers on Big Business and their pseudo-capitalistic based actions. They'll cheer them even as the american workforce is driven to extinction.

More and more unemployed means an increase in the welfare roles. Who do you thank for that?

[Mainecoons]

I know this requires thinking out of the leftist, class warfare box for you but give it a try.


Maybe it's because the beloved Big Business machine has decided to improve their bottom line to send their jobs overseas.

Or maybe it is because the U.S. is no longer a good place to do business. Maybe it is because the U.S. has the highest business taxes in the world now and it is easier to go someplace where that isn't the case and one doesn't have to play the loophole game ad nauseum in order to get the rate of taxation down to bearable.

Maybe it is because in those other places you don't have to wade through two feet of regulations and have hostile government workers constantly prowling your premises looking for something to cite and fine you over.

Maybe it is because in the U.S. with the Federal government firmly in the grasp of the unions, you aren't going to get a fair shake at the bargaining table. Hell, you can't even move a plant to a more business friendly state in country without Mr. Obama's brown shirts coming down on you (remember Boeing, genius?).

Maybe, Blad, thanks to people who think like you, the U.S. is a lousy place to do business so people are leaving despite the fact that labor costs are not over 20 percent for many, many manufacturing operations.

Maybe, Blad, your overwhelming, overbearing government has killed the goose that laid the golden eggs. Except for the geese who were smart enough to get out instead of closing their doors and going out of business.

[patrickt]

Anyone who's ever dealt with BoA is laughing their ass off right now. BoA is the most disorganized, f**ked up financial institution i've ever had to deal with. My personal nightmare is anecdotal, so it's not worthy of discussion here. And i do feel bad for those people who have lost their jobs. But, really, shouldn't these people just go out and get other jobs, instead of "feeding off the teat" (another one of my favorite rightie buzz-phrases) of the american people?

What's that, you say? Jobs are scarce, you say?? But, but... isn't that what the OWS crowd was told to do? Get off the street and get a job, they were told. Find some work. Now, suddenly, jobs are too scarce. Why are jobs scarce in this country? Hmmmm. Maybe it's because the beloved Big Business machine has decided to improve their bottom line to send their jobs overseas. But that's ok, because they should free to make as much profit as they want. No matter that they leave their countrymen twisting slowly in the wind.

So let's recap: BoA slashes jobs. The newly unemployed are now added to the unemployment roles and most will be unable to find work of any substance. Why? Because jobs are scarce. Jobs are scarce because Multi-National corporations move more and more jobs to overseas locations to increase their profit margins. Big Business screws the american worker. And the conservative element cheers on Big Business and their pseudo-capitalistic based actions. They'll cheer them even as the american workforce is driven to extinction.

More and more unemployed means an increase in the welfare roles. Who do you thank for that?

I assume Blad you have never dealt with the largest and most disorganized financial institution in existence...the Federal government. You know the ones, Blad. The guys who haven't had a budget in three years. The ones losing hundreds of billions of dollars a year to totally predictable and preventable fraud. You know, your buddies. The guys who should be bigger and run everything.

So, you love the government and the OWS nitwits. The government makes jobs scarce and the OWS nitwits wouldn't work for anything. They're happy on the dole.

So, keep trying, Blad. Blame the victims and don't ever look at the "wizard" behind the curtain.

[bladimz]

So if all that is true, and the US is such a horrible place to own and run a business... why do they stay? Why don't they pull out? Is it because if they do, they loose their death grip on the government whose legislators write the laws that work to their best interests. Why do these huge companies persist, why don't they leave this country altogether to Nigeria or Uganda or Paraguay. Places like that can't be as intrusive and over-regulating as the good ol' USA.

[Mainecoons]

Wait a minute--you just got telling us that the greedy rich are taking all the jobs overseas. Hey, make up your mind, eh?

:rofl:

[bladimz]

These other countries most likely have no EPA, FDA, FCC and multiple other agencies that have been created because of the dishonesty and scumbag actions used to operate businesses at the cost to the general population.

[Mainecoons]

Why is Canada a better place to do business than the U.S.?

[bladimz]

Wait a minute--you just got telling us that the greedy rich are taking all the jobs overseas. Hey, make up your mind, eh?

:rofl:Wait a minute, i asked why the corporations don't take their business some place else. You know, pull up roots and learn to speak french or something. They're already sending jobs overseas to create higher profit margins. Profits that don't even reach these shores; are schlepped off to accounts in Switzerland or someplace, but their corporate operations are still based in this country. If you want to call them the "greedy rich", that's your choice. Odd that you'd say that though.

[bladimz]

Why is Canada a better place to do business than the U.S.?I don't know... school me.

[Chris]

So if all that is true, and the US is such a horrible place to own and run a business... why do they stay? Why don't they pull out? Is it because if they do, they loose their death grip on the government whose legislators write the laws that work to their best interests. Why do these huge companies persist, why don't they leave this country altogether to Nigeria or Uganda or Paraguay. Places like that can't be as intrusive and over-regulating as the good ol' USA.

Blad, you've got things backward. It's government control of business thru taxation, regulation and you suggest ownership of capital now (like paleosocialists did) that's the problem, not business control of government--not that the latter is impossible if government is corrupt to begin with.

[Mainecoons]

No, he does have a point about that. Crony capitalism has a handful of big businesses rigging the game by basically buying the political system. What he fails to realize is that the vast majority of businesses do not participate in this and are harmed by it.

[roadmaster]

I have always liked Canada and the true people. I hear things have changed but in the 80's and 90's it was a great place to visit.

[Chris]

No, he does have a point about that. Crony capitalism has a handful of big businesses rigging the game by basically buying the political system. What he fails to realize is that the vast majority of businesses do not participate in this and are harmed by it.

Agreed, but I still think corrupt business a necessary cause, corrupt government a sufficient one. Man is going to use political means over economic if they are available (Franz Oppenheimer, The State (http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=1662&chapter=36963&layout=html&Itemid=27).

[Chris]

I don't know... school me.

School: http://thepoliticalforums.com/threads/6108-Annual-Economic-Freedom-of-the-World-Report

[patrickt]

So if all that is true, and the US is such a horrible place to own and run a business... why do they stay? Why don't they pull out? Is it because if they do, they loose their death grip on the government whose legislators write the laws that work to their best interests. Why do these huge companies persist, why don't they leave this country altogether to Nigeria or Uganda or Paraguay. Places like that can't be as intrusive and over-regulating as the good ol' USA.

Ah, yes, another "Love it or Leave it" nitwit. Congratulations, Blad. I live in Mexico and you have no idea what you're talking about but that's not unusual is it. I realize as a liberal you want to control all individual freedom. "Put down the soft drink and back away from the table."

[Goldie Locks]

not to forget manufacturing and construction.

[Trinnity]

Obama wants us all dependent on govt. NO THANKS!

[Goldie Locks]

Anyone who's ever dealt with BoA is laughing their ass off right now. BoA is the most disorganized, f**ked up financial institution i've ever had to deal with. My personal nightmare is anecdotal, so it's not worthy of discussion here. And i do feel bad for those people who have lost their jobs. But, really, shouldn't these people just go out and get other jobs, instead of "feeding off the teat" (another one of my favorite rightie buzz-phrases) of the american people?

What's that, you say? Jobs are scarce, you say?? But, but... isn't that what the OWS crowd was told to do? Get off the street and get a job, they were told. Find some work. Now, suddenly, jobs are too scarce. Why are jobs scarce in this country? Hmmmm. Maybe it's because the beloved Big Business machine has decided to improve their bottom line to send their jobs overseas. But that's ok, because they should free to make as much profit as they want. No matter that they leave their countrymen twisting slowly in the wind.

So let's recap: BoA slashes jobs. The newly unemployed are now added to the unemployment roles and most will be unable to find work of any substance. Why? Because jobs are scarce. Jobs are scarce because Multi-National corporations move more and more jobs to overseas locations to increase their profit margins. Big Business screws the american worker. And the conservative element cheers on Big Business and their pseudo-capitalistic based actions. They'll cheer them even as the american workforce is driven to extinction.

More and more unemployed means an increase in the welfare roles. Who do you thank for that?


Can someone really be this naive??? The reason there are no jobs is because of massive regulation and an atmosphere of uncertainty all do to this administration. Have you even thought for one minute what it must be like to try and run a business in this country with the taxes and regulations that they face. No, they are not going overseas to increase their profit margin's, they are going there to survive.

[Deadwood]

I know this requires thinking out of the leftist, class warfare box for you but give it a try.



Or maybe it is because the U.S. is no longer a good place to do business. Maybe it is because the U.S. has the highest business taxes in the world now and it is easier to go someplace where that isn't the case and one doesn't have to play the loophole game ad nauseum in order to get the rate of taxation down to bearable.

Maybe it is because in those other places you don't have to wade through two feet of regulations and have hostile government workers constantly prowling your premises looking for something to cite and fine you over.

Maybe it is because in the U.S. with the Federal government firmly in the grasp of the unions, you aren't going to get a fair shake at the bargaining table. Hell, you can't even move a plant to a more business friendly state in country without Mr. Obama's brown shirts coming down on you (remember Boeing, genius?).

Maybe, Blad, thanks to people who think like you, the U.S. is a lousy place to do business so people are leaving despite the fact that labor costs are not over 20 percent for many, many manufacturing operations.

Maybe, Blad, your overwhelming, overbearing government has killed the goose that laid the golden eggs. Except for the geese who were smart enough to get out instead of closing their doors and going out of business.


Ahem, and maybe it has to do with the fact that the country right next door has the MOST SECURE banking system in the world?

You see, back in the middle and late 1990's when a Democrat was running things, the US opened up the mortgage business even further and put pressure on Canada to do the same. Our then Prime Minister, a Liberal, was all for it.
However, some very wise people stepped in, and shut it down.
So, now, Canada leads the world in all Banking matters; a guy named David Dodge is head of the Bank of Canada [which sets interest rates, regulates etc.] is the guy Europe has turned to to help them set things right...

But, it is interesting to see that the grand tradition of BLAME EVERYONE ELSE is still alive and well among the Obamabots.....of course it can't have anything to do with the OBAMACONOMY that anything is wrong at the Bank of America....nope


IT'S BUSH'S FAULT....wait...IT'S THE REPUBLICANS FAULT......wait....IT'S THE FAULT OF MISMANAGEMENT...wait, how does "you didn't build that" fit in there?


You guys are confusing.

[Deadwood]

So if all that is true, and the US is such a horrible place to own and run a business... why do they stay? Why don't they pull out? Is it because if they do, they loose their death grip on the government whose legislators write the laws that work to their best interests. Why do these huge companies persist, why don't they leave this country altogether to Nigeria or Uganda or Paraguay. Places like that can't be as intrusive and over-regulating as the good ol' USA.



Ah, Blad, buddy, don't look now but they kind of are...


IT'S WHY YOU DON'T HAVE ANY JOBS DIPSHIT!

They're coming to Canada...

[Deadwood]

These other countries most likely have no EPA, FDA, FCC and multiple other agencies that have been created because of the dishonesty and scumbag actions used to operate businesses at the cost to the general population.



Ah Blad.


Go to bed.


You're looking stoopider and stoopider....

Canada has regulations...good ones.

That's what's called an ADVANTAGE...

[Deadwood]

No, he does have a point about that. Crony capitalism has a handful of big businesses rigging the game by basically buying the political system. What he fails to realize is that the vast majority of businesses do not participate in this and are harmed by it.

That is true....

[Chris]

Ahem, and maybe it has to do with the fact that the country right next door has the MOST SECURE banking system in the world?

You see, back in the middle and late 1990's when a Democrat was running things, the US opened up the mortgage business even further and put pressure on Canada to do the same. Our then Prime Minister, a Liberal, was all for it.
However, some very wise people stepped in, and shut it down.
So, now, Canada leads the world in all Banking matters; a guy named David Dodge is head of the Bank of Canada [which sets interest rates, regulates etc.] is the guy Europe has turned to to help them set things right...

But, it is interesting to see that the grand tradition of BLAME EVERYONE ELSE is still alive and well among the Obamabots.....of course it can't have anything to do with the OBAMACONOMY that anything is wrong at the Bank of America....nope


IT'S BUSH'S FAULT....wait...IT'S THE REPUBLICANS FAULT......wait....IT'S THE FAULT OF MISMANAGEMENT...wait, how does "you didn't build that" fit in there?


You guys are confusing.

That's true, Canadian Banking has fared well through the financial crisis. In the Fraser Institute's Economic Freedom of the World report CA moved up to 5th, while the US sank to 18th. It's successes ought to be looked at here.

[Peter1469]

I imagine that the Canadian banks have kept leveraging at rational levels and didn't fall for the derivative (fraud) market.

[Chris]

Rational and political don't seem to travel a common path in the US or much of the world.

[Peter1469]

nope

[bladimz]

Ah, yes, another "Love it or Leave it" nitwit. Congratulations, Blad. I live in Mexico and you have no idea what you're talking about but that's not unusual is it. I realize as a liberal you want to control all individual freedom. "Put down the soft drink and back away from the table."Yes, that was the point of my post. "America, love it or leave it", the conservative battle-cry of the 70's. Well, i don't know, but it seems to me that since i do live in the US and this is a US-based issue, i might have a better grip on it than someone enjoying the drink down ol' Meh-hee-ko way. But you did get one thing right: all us liberals want to do is to control and, if possible, eliminate all individual freedoms. We know that we cannot complete our master plan until we can wrestle your freedom (Mexican?) from you.

[bladimz]

Can someone really be this naive??? The reason there are no jobs is because of massive regulation and an atmosphere of uncertainty all do to this administration. Have you even thought for one minute what it must be like to try and run a business in this country with the taxes and regulations that they face. No, they are not going overseas to increase their profit margin's, they are going there to survive.You mean like... Apple and MicroSoft? Struggling to make ends meet, their only choice was to move their manufacturing jobs to dirt-floor sweat-shops...

I've owned and ran a business here until 2006. The biggest problem i had is with the local township officers and their egotistical pushing and shoving attitudes.

I do feel bad for Apple, by the way.

[bladimz]

Ah Blad.


Go to bed.Good idea. Your anger-driven posts are becoming very tiresome. You beat lullabies hands-down.

[Mainecoons]

Yes, that was the point of my post. "America, love it or leave it", the conservative battle-cry of the 70's. Well, i don't know, but it seems to me that since i do live in the US and this is a US-based issue, i might have a better grip on it than someone enjoying the drink down ol' Meh-hee-ko way. But you did get one thing right: all us liberals want to do is to control and, if possible, eliminate all individual freedoms. We know that we cannot complete our master plan until we can wrestle your freedom (Mexican?) from you.

Uh Blad, aren't you the guy who posted that you're going to try and get a place in Nova Scotia if you can sell a property in the U.S.?

Also, you might want to look at who has the angry posting issue here. Starting with this one and going to others in this thread where you use language like "scumbag" etc.

Then you go on to confirm from your own experience the problems you had with overbearing dictatorial local government.

You are one confused, angry person. I get the definite impression you feel that "they" did something to you, either in business or personal life.

BTW, I think attacking people for their exercise of the freedom to live where they want, including Nova Scotia, is rather like your saying you believe in the first and second amendments and then agitating for government controls that would negate them.

I suggest you use the archive feature of this board to review your posting and possibily get a handle on how much anger and confusion you project here. And that, BTW, is why I think you are uniquely unqualified to be a Moderator on this board. You should do the right thing and resign.

[Mainecoons]

I might add, Blad, that you would benefit from some study of the concept of "economically rational behavior." This is one of those core realities about human nature that leftists either can't grasp or feel they can overcome with governmental control.

Here's a simple example: For decades, the combination of little opportunity in Mexico and the "wink wink" border enforcement in the U.S. resulted in a rather large demonstration of economically rational behavior. Mexicans and Central Americans (mostly) saw that the welcome mat was out and that they had little opportunity or future where they were at and behaved in an economically rational manner and moved to where the opportunity was, often at great hardship.

Similarly, in a world economy, business enterprises looking at a future in the U.S. with more and more draconian regulation from agencies that have morphed into constant overkill and a government that, putting it bluntly, spits on them, are voting with their feet and going to where they are more welcome. That, too, is economically rational behavior. I'm sorry that it makes you angry that you can't control them so you call them names, but the truth is that if you want your entrepreneurs to stay and create jobs at home you have to make them welcome.

That's just the way it is. Either the U.S. will return to reality and tame government, or the most productive will go somewhere else. Along with their wealth. And no amount of ranting from class haters like yourself is going to change things.