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Thread: Profits soar amid mass layoffs

  1. #211
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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by apdst View Post
    Chris Dodd and Barnie Frank said everything was just fine. Who created the bubble, to begin with? The government, perhaps? It shows what government intrusion into the private sector really can do.
    I know this doesn't fit into your whole "everything bad is Obama's fault" worldview, but "government intrusion" was supported by many Republicans over the years, including George W. Bush, who was President when the **** started to hit the fan.

    I'm not going to say that it's all Bush's fault, but let's be honest about who was President when.


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    This issue has been plowed more times than Paris Hilton.
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    Too bad we have to observe human rights.

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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by rocket88 View Post
    I know this doesn't fit into your whole "everything bad is Obama's fault" worldview, but "government intrusion" was supported by many Republicans over the years, including George W. Bush, who was President when the **** started to hit the fan.

    I'm not going to say that it's all Bush's fault, but let's be honest about who was President when.
    But...it's all Bush's fault.

    Since you can't resist blaming Bush, humor me by telling us which of Bush's policies caused the depression.

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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by apdst View Post
    I recall the warrantless wiretapping of calls that originated in foriegn countries. The Patriot act didn't allow for warrantless tapping of calls from domestic station to domestic station.
    Protip: It still happened, and no one was put in jail over it.
    For: legalizing drugs, gay marriage, abortion, guns, universal health care, public sector jobs, nuclear power, free education, progressive taxation
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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by atrasicarius View Post
    Protip: It still happened, and no one was put in jail over it.
    Because no laws were broken.

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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by apdst View Post
    We kept our nose out Europe's business in the 30's. Remember how well that worked for us?
    see post #201 we now spend FAR more than they do for "defense".

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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by rocket88 View Post
    I know this doesn't fit into your whole "everything bad is Obama's fault" worldview, but "government intrusion" was supported by many Republicans over the years, including George W. Bush, who was President when the **** started to hit the fan.

    I'm not going to say that it's all Bush's fault, but let's be honest about who was President when.
    Please, let's do be honest and understand that it was the fault of BOTH parties and quit trying to make excuses for one over the other (this applies to everyone).

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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by apdst View Post
    But...it's all Bush's fault.

    Since you can't resist blaming Bush, humor me by telling us which of Bush's policies caused the depression.
    1. Reckless spending.
    2. A disregard for problems at home because he was so tied up in the wars.

    Those are the big two.

  8. #218
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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by TheDemSocialist View Post
    As dozens of major corporations announced increased second-quarter profits this week, the US working class was hit with a disastrous new round of mass layoffs.
    On Monday, book seller Borders announced that it would liquidate all of its stores, laying off 10,700 workers. That same day, Cisco, the telecom equipment maker, said it would cut its workforce by 11,500. Within 24 hours, Lockheed Martin, the aerospace company, announced that it would eliminate 6,500 jobs.
    At the same time, Caterpillar, the maker of construction equipment, said its profits were up 44 percent in the second quarter compared to last year. Office equipment maker Xerox saw its profits grow 41 percent in the same time.
    General Electric’s profits were up 17 percent, PepsiCo’s were up by 18 percent, and McDonald’s, the fast food company, saw a 19 percent increase, reaching a new record.
    The energy and mining companies did even better, benefiting from rising gas prices, which reduced the real incomes of American workers by billions of dollars. Halliburton, the oil contractor, said its profits were up by 53 percent in the second quarter compared to a year earlier, while fellow oil contractor Schlumberger said its profits were up by 64 percent.
    Most of the major banks likewise said their profits were up significantly in the second quarter. Goldman Sachs announced $1.09 billion in profits, up 57 percent from last year. But even this huge increase was considered a “disappointment” for traders.
    JPMorgan said its second-quarter profit was up by 13 percent, despite setting aside a $1.3 billion charge-off for lawsuits it expects in relation to its trafficking of fraudulent mortgages. Citigroup reported a profit of $3.34 billion, up 24 percent from a year ago.
    This renewed growth in profits comes at the same time as the sharpest growth in unemployment since 2009. Between March and June, the unemployment rate grew by 0.4 percentage points, to 9.2 percent. In the same period, the number of unemployed people grew by 545,000.
    Read more at: Profits soar amid mass layoffs
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    Good points, but I sure hope you're not sitting at work right now, posting here at DP, instead of doing your job. If you are, you deserve to be laid off. Sorry......
    NOTICE: I am not a troll, because what I write I believe, and I have no intention of derailing threads or manipulating human nature. I am not a terrorist, because I do not endorse the killing of innocent people, and I am not here to promote violence. I AM HERE ONLY TO EXPRESS MY PERSONAL OPINION AND ENJOY LIVELY DISCUSSION.

  9. #219
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    Re: Profits soar amid mass layoffs

    Regarding Caterpillar :
    Caterpillar Profit Falls 65% - NYTimes.com

    Caterpillar said its profit last quarter fell 65 percent, to $232 million, or 36 cents a share, from $661 million, or $1.08 a share, a year earlier. Sales fell 39 percent, to $7.9 billion, from $12.92 billion.
    This is from Q4, 2009. Of course their profit is going to be up, they got killed in 2008...2009 and 2010 were ok but hardly the strongest in terms of sales.

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    Re: Profits soar amid mass layoffs

    I'd wager there isn't one poster here who would work / live in a Chinese factory or live downstream from one under China's current worker safety and emissions regulatory vacuum. Most just like the cheap goods and don't want to look at the real cost of those goods. Put a conservative (and his children) under Chinese conditions for long enough, and you'd create a union organizer / environmental activist, most likely.

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