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Thread: Bank of America Confirms 30,000 Layoffs

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    Bank of America Confirms 30,000 Layoffs

    So much for that government bailout helping to keep this company afloat. To be fair, the layoffs will happen over the next couple of years. See linked article here.

    Speaking of bailouts, view the accompanying linked site if you want to know how much BofA paid out in bonuses. Maybe they should have passed on paying out bonuses and put that taxpayer charity back into their business instead.
    Last edited by Objective Voice; 09-12-11 at 09:00 PM.

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    Re: Bank of America Confirms 30,000 Layoffs

    Layoffs do not mean a company is not afloat. However, part of the reason we are in this economic morass is because banks are holding on to bad investments and have over extended themselves in the years leading up to the crisis in 2008. Even though it sucks for 30,000 people, i would rather see banks decline in an orderly fashion than file for bankruptcy or have some other sort of catastrophic failure. It has to happen for us to get back on our feet, so I am glad to see it happen in a way that minimizes the potential pain to the economy.

    Once we hit some sort of bottom and have evaporated some of the uncertainty, we should start seeing more growth.

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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by Objective Voice View Post
    So much for that government bailout helping to keep this company afloat. To be fair, the layoffs will happen over the next couple of years. See linked article here.

    Speaking of bailouts, view the accompanying linked site if you want to know how much BofA paid out in bonuses. Maybe they should have passed on paying out bonuses and put that taxpayer charity back into their business instead.
    You just now figgered this out?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Bank of America Confirms 30,000 Layoffs

    i trust that management of BOA will enact similar austerity measures on their own compensation packages for the good of the company.

























































    no, not really.




    suffice it to say, i plan to never be a BOA customer again.

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    Re: Bank of America Confirms 30,000 Layoffs

    Taxpayer money well spent.

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    Re: Bank of America Confirms 30,000 Layoffs

    Let these companies fail. It will not be the end of the world, and it is the ONLY WAY that these sectors are ever going to be competitive again. If you keep bailing everyone out, guess what? They forget how to be competetive.

    And that is a very, very bad development in a free market.

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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by 1Perry View Post
    Taxpayer money well spent.
    Kinda like the, "green industry", eh?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by ric27 View Post
    Let these companies fail. It will not be the end of the world, and it is the ONLY WAY that these sectors are ever going to be competitive again. If you keep bailing everyone out, guess what? They forget how to be competetive.

    And that is a very, very bad development in a free market.
    It would not be the end of the world if one of these big banks failed ... now. Though it would knock the crap out of the stock markets and likely cost the economy 10x as many jobs. If they had all failed back in '08 it might has well have been the end of the world.

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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by AdamT View Post
    It would not be the end of the world if one of these big banks failed ... now. Though it would knock the crap out of the stock markets and likely cost the economy 10x as many jobs. If they had all failed back in '08 it might has well have been the end of the world.
    Thats why, I LOVE a free market.

    We go through recessions all the freakin time, dude. Like climate change it's cyclical, and it's a part of life. We haven't been through one in awhile though, and have forgotten that you can't dig your way out of them, you just have to go through them and take the hits.

    Let these companies fail. Let the market do its magic. People will lose jobs, and it will hurt, but because there is demand for those products the failing companies produced other companies will arise in their place, and they will be more survivable.

    Besides my fervent belief that, at some point, all socialist systems become minimalistic in order to survive while propping themselves up with capitalist endeavors or fail catastrophically leaving confusion, destruction, and poverty in their wake that must be rebuilt by private enterprise.. and besides my devotion to the idea that private enterprise .. or what I call The Wolfpack Model.. is the strongest and healthiest..

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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by ric27 View Post
    Thats why, I LOVE a free market.

    We go through recessions all the freakin time, dude. Like climate change it's cyclical, and it's a part of life. We haven't been through one in awhile though, and have forgotten that you can't dig your way out of them, you just have to go through them and take the hits.

    Let these companies fail. Let the market do its magic. People will lose jobs, and it will hurt, but because there is demand for those products the failing companies produced other companies will arise in their place, and they will be more survivable.

    Besides my fervent belief that, at some point, all socialist systems become minimalistic in order to survive while propping themselves up with capitalist endeavors or fail catastrophically leaving confusion, destruction, and poverty in their wake that must be rebuilt by private enterprise.. and besides my devotion to the idea that private enterprise .. or what I call The Wolfpack Model.. is the strongest and healthiest..
    Not all recessions are equal and this is certainly the worst one since the Great Depression. I firmly believe that it would have been worse than the GD if we had not bailed out the banks. Not a great idea.

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