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Thread: Profits soar amid mass layoffs

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    Profits soar amid mass layoffs

    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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    Why so serious?

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    Re: Profits soar amid mass layoffs

    If you can show a company that is laying off a whole bunch of workers and at the same time is booking record profits, you might have a story. Otherwise, your source is trying to conflate the two, and that's being disingenuous, to be generous.
    "I believe in a Spinoza's God who reveals himself in the harmony of all that exists, but not in a God who concerns himself with the fate and actions of human beings."

    --Albert Einstein, 1929

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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by Moon View Post
    If you can show a company that is laying off a whole bunch of workers and at the same time is booking record profits, you might have a story. Otherwise, your source is trying to conflate the two, and that's being disingenuous, to be generous.
    Didn't we just have a thread about BMW doing this?
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Profits soar amid mass layoffs

    I say rock on for the companies. They are doing what is smart for the business. They don't exist to provide jobs.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by MrVicchio View Post
    I say rock on for the companies. They are doing what is smart for the business. They don't exist to provide jobs.
    The essence of capitalism: I've got mine, and **** everyone else.
    For: legalizing drugs, gay marriage, abortion, guns, universal health care, public sector jobs, nuclear power, free education, progressive taxation
    Against: corporations, make-work, the 40 hour work week, intellectual property, imperialism, "homeland security," censorship

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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by MrVicchio View Post
    I say rock on for the companies. They are doing what is smart for the business. They don't exist to provide jobs.
    But we should definitely give them more tax breaks so that they deem it useful enough to bestow upon us the blessing of jobs.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by Deuce View Post
    But we should definitely give them more tax breaks so that they deem it useful enough to bestow upon us the blessing of jobs.
    Do you really think that the U.S. government is doing a good job competing for jobs. Capital is fungible, it can move wherever it gets the best return. Ignoring this is like putting your hands up to block an incoming wave and thinking you will not get wet.

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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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    The first company you mention is going out of business, not sure how they are supposed to keep their employees. Cisco is losing market share and has had disappointing earnings. What Cisco has to do JP Morgan escapes me.

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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by atrasicarius View Post
    The essence of capitalism: I've got mine, and **** everyone else.
    That's the essence of life sir.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Profits soar amid mass layoffs

    Quote Originally Posted by Deuce View Post
    But we should definitely give them more tax breaks so that they deem it useful enough to bestow upon us the blessing of jobs.
    It's your party that gave GE a free ride on taxes...
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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