Hasn’t someone told Bank of America or American Airlines that QE3 is going to save the economy? Ben Bernanke is practically handing Bank of America hundreds of billions of free cash. Doesn’t AMR realize that people love to fly now that the TSA has our back – and our balls and our anus? Don’t they realize the housing market is experiencing a dramatic recovery? I heard it on the news yesterday. Don’t they realize that Obama is winning in the polls and his wise leadership of the economy will transcend for another four years? Who cares about debt ceilings and fiscal cliffs. There is free healthcare to dole out. I can’t believe these foolish companies are going to layoff over 20,000 people before year end. These fools just aren’t watching the MSM. These are the best of times.
Bank of America Layoffs and National Unemployment
September 20, 2012 by 247wallst
The math is very crude. The Wall Street Journal reports that Bank of America Corp. (NYSE: BAC), still desperate to turn itself around, will fire 16,000 people this year. Compare that to the 100,000 jobs a month, on average, that the American economy has added in 2012. That puts the financial firm’s layoffs in some perspective, although many economists would say one company’s downsizing and national employment numbers are apples and oranges.
The apples and oranges criticism is right. But Bank of America is not the only large company that faces a weak economy and the results of years of poor management. Even executives at well-run companies have begun to sweat about the financial cliff, and Europe, and China, and housing, personal debt and consumer confidence. The same worries extend down to tens of thousands of smaller companies. The long knives have come out, or are about to, wielded by managements across a wide array of industries and located in almost every geographic section of the country.
One theory about unemployment in the United States is that QE3 will help the jobs market, and that Congress and the Administration will not change the tax system. And, additionally, consumers may rush to stores this holiday season and salvage what is already a troubled retail industry — an industry that is one of the largest employers in America. All of a sudden, the jobs situation will improve and the joblessness number will plunge well below 8% as 2013 begins.
But too many companies have trouble that looks like Bank of America’s, or perhaps not as bad, but bad enough. Add to the private sector the effects of austerity and low tax receipts among municipalities and states. Many months, the largest drag on the official jobs figure is layoffs in the public sector.
Bank of America is a unique case. The financial firm has struggled to stay viable against a sea of lawsuits and a portfolio of bad loans. But, if the economy were in fine shape, Bank of America probably would not be so badly off. Neither would a huge number of other U.S. companies – whether or not they are run well.
Douglas A. McIntyre
AMR Layoffs: The Airline Industry Nose Dives Again
September 19, 2012 by 247wallst
American Airlines, whose parent AMR is in Chapter 11, will use that status, a staple of the industry, to send layoff notices to 11,000 workers. The people who receive the notices can take comfort that only 4,400 actually will lose their jobs. As AMR pushes to emerge from bankruptcy, and likely to merge with US Airways Group Inc. (NYSE: LCC), it has been able renegotiate contracts, cut debt and severe plane leases. It has become a perfect marriage partner for another carrier, ready to create yet one more consolidation that eventually will prompt another round of firings.
Earlier this week, the Transportation Department released its monthly report card on the airline industry. Across most major indicators of passenger treatment, United Continental Holdings Inc. (NYSE: UAL) finished last. The position was blamed on the merger with Continental, which followed the marriage of Delta Air Lines Inc. (NYSE: DAL) and Northwest. The sector continues to shrink as jet fuel stays high, debt burdens remain a back-breaking burden and passenger counts stay low. And, for the most part, the leaner industry treats passengers less well than in the past.
The International Air Transport Association, the association of carriers worldwide, reported recently that this year will be worse financially for carriers than it expected at the start of the year. The cost of fuel was the top culprit. The hedging mechanisms many airlines put into place have been inadequate. So, members of the industry have returned to the route of bankruptcy, which has served them so well over many decades, while stiffing banks and lease companies — and cutting jobs.
AMR has gotten most of what it wanted out of Chapter 11. It has become viable, at least financially. It may be smaller, but even without US Air it will be better able to compete with mega-carriers United and Delta, as well as the overseas airlines that compete with it in Europe, Asia and South America. All that, and from a perspective other than AMR’s, 4,400 layoffs and poor service for one more group of fliers.
Douglas A. McIntyre
The Watchdog says:
No biggie – Kohl’s is hiring twice as many for part-time, low-wage seasonal work.
/sarc off
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20th September 2012 at 10:07 am
John Angelo says:
The claim that QE3 was designed to create jobs is like using the September 11th attacks as a rationale to attack Iraq.
QE3 is simply another bailout of the banks, pure and simple. The rationale behind QE3 was to clear their books of toxic mortgage backed securities (MBS) and hope this gets banks lending again, thus creating more jobs… eventually.
I wish Adam Smith’s “invisible hand” of the free market would slap some sense into those who try to “control” that which should be left free.
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20th September 2012 at 10:14 am
TeresaE says:
The more I’ve thought about the rationale behind QE”3″ (really, QE∞, because somehow we have used, gifted, and printed, much more than the Fed’s – or Treasury – balance sheets reflect), the more I believe that this is nothing but the easy way for the government, and banks, to unwind the new crop of shit mortgages that they have written in the past 5 years, plus the old stuff that is continuing to default.
There is so much shit in the system, printing money from thin air is the only “salvation” these Ivory Tower academics can come up with at the behest of their banking/corporate masters (and future employers, if history is to be our guide).
And, let’s just be realistic. Last year the Fed ended up with 61% of treasury debt. This year has been more modest (again, realism, everyone is holding back bad news until after the elections), but is still high – and those are only the directly attributable sales, there is a huge Fed shadow repurchase/funding program too. Washington is admitting to spending $1.3 trillion more than they took in last year, so in the best case scenario, just what would Washington – and the banks – do if the Fed stops buying?
Once again we gift to the criminals while sacrificing the debt serfs and shackling our children and grandchildren to a life of poverty and government suffocation.
Really Benny & his Inkjets have/had no choice, the death spiral continues and while there are still some of us working and supporting ourselves the theft will continue unabated. After all, he and his ilk, minions, and masters, are just more deserving of the fiat and caviar than us ants.
Until the day it goes *boom*
So it goes
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20th September 2012 at 10:31 am
Bob says:
Ben Bernanke is looking glum these days because he realizes that someday the only source left to fund his paycheck will be interest earned on mortgage backed securities.
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20th September 2012 at 10:53 am
AWD says:
I’m glad Admin keeps an eye on the MSM, so I don’t have to. I can’t stomach the lies and bullshit anymore. The MSM is doing everything in it’s power to get Obama re-elected and keep the charade of an economic recovery going. Nobody believes it any more.
Except for boobus Americanus
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20th September 2012 at 11:27 am
Celtic Tiger says:
Teresa is right. As I have posted here a couple times, the job of central banks has always been to help the government and big banks. Period. By that measure, QE is a great success!
BofA is only the tip of the iceberg. There will be mass closings of branches by all the major banks. There is massive overcapacity in retailing and all the other service industries. Also in hotels, office space, and nearly every other industry. A massive shakeout and the loss of millions more jobs is coming soon. The survivors will be cutthroat price competitors for mass goods, and niche service providers with first-rate customer service. Fourth Turning will be so much fun.
The way the airline industry is going, we will soon have our own Aeroflot, with the same service and reliability.
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20th September 2012 at 11:43 am
ThePessimisticChemist says:
Most people I talk to say that they just don’t care anymore. Its hard to worry about whats happening on the national level when you are struggling just to put food on the table, and clothes on your family’s backs.
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20th September 2012 at 11:46 am
DaveL says:
In conjunction with QE3, President Obama has issued Executive Order 347-12 establishing a new program called CRAVEN or the Cash Relief Assistance for Voter Emergency Needs. To qualify for assistance, you must prove that you can’t afford to eat at KFC more than three times a week. In addition, as part of the Welfare to Work Act you will no longer be required to actually be seeking work. If you lie in bed or on a couch and think about working you will qualify for a welfare check. Also, since the administrator of this site is not growing a sufficient supply of watermellons to nourish the poor neighbors, I am increasing SNAP CARD benefits by $350/week.
Other features of the program:
Unemployment benefits will be extended to November 2016.
Unions will be allowed to charge three times as much for the same work performed by non-union workers.
Teachers will no only need to be in the classroom for three hours a day, two days a week and 57 days per year.
If you need to go on SSDI you need only prove that you are a fucking moron.
And oh, Vote for Obama.
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20th September 2012 at 2:09 pm
Balzytch says:
Two Worlds
We know that we have succeeded in creating a USSA populace that, in the majority, believes government (that is, We, the Elites, the Masterminds, the Made Progs)’s function is to provide the basic necessities of life: food, clothing, and shelter. Of course, the whole shadowy brilliant 0bamacare fiasco coup, enshrined by the useful idiot tool Heroic People’s Supreme Court Justice John Roberts, now allows anything – or nothing – to be taxed. Soon even breathing will only be allowed at a price. (Carbon Credits have a great variety of uses, for extracting wealth from everything – from the industries we despise and are successfully destroying to the youngest unaborted fetus – with no reciprocating benefit extracted from us at all.)
But what of the few remaining *spit* conservatives, whom we have not eradicated from the brilliant Progressive World of Next Tuesday™ that only their dwindling ranks oppose? Comrades, can you believe that they do not trust us, their 0verlords, their mental superiors? For instance, as a cornerstone of our success indoctrinating educating the proles, we have convinced them that humans are no better than, have no more value than, a bacterium – in fact, humans are worse, since humans destroy, pollute, and mismanage the goddess Gaia by merely breathing; yet simultaneously we have indoctrinated educated them to believe know that the human race is evolving. Man is essentially good. Every generation is getting better and smarter. After all, they vote for US!
~
As proof of that, one of our brain dead loyal Californicate California informant/operatives shared with me an email she received which she said made her “speechless”, in an answer to her praise of the Glorious 0bamacare, and asked for advice on how to answer such reich-wing trash. I share it to benefit all of us, so we may maintain our attitude essence of superiority over the hated fool *spit* Christian *spit* conservatives, so-called, for they are all merely racist, sexist, bigoted, Islam-hating homophobes! So I will intersperse my own comments to keep you from being driven mad with fury, as I initially was – that is, if you can even get through the filth at all.
So what does this sick, *spit* Christian *spit* conservative say? He says humans were given authority over Gaia – the sickening audacity! Authority over Gaia – by their Christian *spit* GOD – oh horror! I’m about to be sick – for humanity’s USE – augh, I feel faint – and at the same time, he says that our indoctrination doctrine, one of our basic, foundational tenets – that man is evolving – is a lie!!! This *spit* Christian writing to our operative tells us to look at any unaborted fetus for proof. He asked, “Does a child have to be taught how to be bad? No, that comes quite naturally. Any child will want to dominate others, be selfish, always want his own way, and always want it now. That’s human nature. It is an unchangeable constant in every generation, in every people group.”
These Christian conservatives enrage me! Do you know what else he says, Comrades? He says we never grow out of that state! Another quote: “Adults are no different. Look at your friends. Look at any corporate gathering, whether a rotary club, private enterprise, or government. There are individuals and groups who seek power and advancement, often to the detriment of those deemed weaker.”
How dare he expose us accuse us of doing anything detrimental to The stupid idiot proles People! What he sees is not truth! What we say is truth is truth; there is no other truth!
But this sick Christian trash-heap unworthy even of prolehood is not done: “You have indicated that you hate Bain Capital. You may have also hated the Bush administration. Is the current administration any better? Are the current politicos trying to expand your liberty, or increase and tighten their control over individual citizens? Are they more noble than you, or your corner grocer, or Bain Capital? Should they be given such broad-ranging control over your life, and the life of everyone else, that they can tell us what doctor to see, what treatments we are eligible for, even whether we are worthy of care at all? Should granny just be given a pain pill instead of a pacemaker if she’s old and unable to serve the state, even if her daughter loves her and the grandmother is a vibrant lady who loves life and her family? Does a small cabal of “masterminds”, “czars”, have a right to decide who gets what treatment? What if you had a son who’s mentally feeble, but you love him with all your heart? What if that son gets in an accident, and his life is endangered unless he receives an expensive operation, and long-term care after that. Would you want fifteen or so strangers deciding if your son should live or die, based on how useful he is to the state? Where’s the compassion in that?”
I cannot even begin to expose all the lies in the above statement. It is just too intolerable for consideration. I am finding out where this Christian lives, so I can have local law-enforcement authorities haul him away on some other charge, just as we had done with that contemptuous, despicable, Religion of Peace™ hating “film maker” who was a neighbor of the woman in California who shared this email. Comrades, feel free to expose and refute all the lies this – ugh – Christian spewed, for I am already in need of a Jiffy-Lobo™. Yet still the despicable Christian wasn’t finished:
“There is a fundamental difference in our philosophies. I want you to advance and achieve to your fullest potential. I want you to be able to have any car and house and TV and light bulb and dishwasher you want, or none at all, if you want to live in a hut, pick berries, and walk anywhere you have to go. I don’t want anyone telling you or me how we must live. I want everyone to have that liberty.
“The people you have aligned yourself with, on the contrary, want to impose their morality on everyone. They want people to live a certain way, only be allowed to do certain things, eat certain things, in certain quantities, and they want that control enforced by an all-powerful human government that will impose their will on everyone no matter how reprehensible and enslaving others find that to be. The statist yearns for equality of outcome, not equality of opportunity, and brooks no dissent. The statist would rather stifle free speech than listen to a dissenting point of view.”
Lies! Lies! All lies! That is why we cannot listen to them! I am so enraged I cannot even type straight!
And perhaps most heinous of all, he says we can only escape this fate with his Christian Savior, Whom we, the Powerful, the Elite, the Masterminds, know to be but a figment of his imagination. Just read the following ridiculous filth:
“That’s human nature. It is man’s ‘wisdom’, which is foolishness to God. And it shows the wisdom of God – observe how the Ten Commandments address the manifestations of man’s depravity, of man’s inhumanity to man. But these Commandments only point up how woefully short we fall when we try to follow them in our puny power, and how we need a Savior if we are to live a life that truly puts others above ourselves.
“As Bob Dylan sang, ‘you’re gonna serve somebody.’ It’s your choice: do you choose to serve a temporary politician? A gang of bureaucrats telling you how to live? Or will you serve the King of the universe?”
King of the universe??? WE ARE THE KINGS AND QUEENS AND TRANS-GENDERED OF THE UNIVERSE, AND WE WILL BOW DOWN TO NO GOD BUT OURSELVES! (And Gaia, of course. And Allah. And maybe genuflect to the wisdom of Buddha.)
We have succeeded in making lies the truth, and making the truth completely unacceptable. We cannot be hindered in this highest of causes! OOOooooh, my head hurts! Where’s the JiffyLobo™ station?
I am willing to be denounced to bring this horrifying transcript to you, Comrades, to show you – in graphic, horrifying, stark naked raving mad reich-wing filth from their own mouths and keyboards, why every Christian, every conservative, every Tearrorist Teabagging RethugliKKKan must not be merely scorned, ridiculed, or marginalized – NO! Every last one of them must be DESTROYED!
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20th September 2012 at 7:54 pm