A slew of layoffs have been announced recently. And it’s not just the precious auto manufacturing jobs, either. It’s half a million jobs, including white-collar, financial layoffs. Bank of America plans to axe 35,000 jobs. Google it.
I find it interesting that Bank of America is going to receive billions of dollars from the federal government, with little to no oversight, yet late last year (after the toxic financial instruments had been revealed) they bought subprime lender, Countrywide Financial. And they just finalized a deal to purchase Merrill Lynch, for $50 Billion, with a Federal guarantee (If I remember correctly, the reason they didn’t buy Lehman Bros is because the Feds weren’t willing to back it). Bank of America’s strategy, it seems, has been to become the next bank that legislators will deem too big to fail, virtually ensuring that the Feds will bail them out if and when they need it.
They are playing with my money, with your money, hell — with their former employees’ money: buying other banks and investment firms that are worth less than a steaming turd. I’m not defending the jobs, many of which probably needed to go in the first place, but it just strikes me as improper, to be taking billions of dollars in federal aid and guarantees, using that money to buy other crap companies, and then laying off a significant portion of the workforce.
This is the type of thing you should consider when I talk about how those in charge have engineered a depression. Don’t you think Bank of America is absolutely thrilled to be able to buy these companies with $Billions of your money — while at the same time the government absolves them of any possibility of failure? (again, with your money!)
Does this sound like your idea of how to fix the economy?