There’s blood on the Street. In a wild swing of the ax that has shocked many pundits, Wall Street’s biggest banks have slashed nearly 50,000 jobs, and bonuses and expense money are being cut as profit opportunities dry up. And there’s no easy way out, analysts say, because the Fed’s quantitative easing that once rescued the financial system with trillions of cheap dollars is - at least for now - history. By Mayo’s calculations, BANK REVENUES ARE THE WEAKEST IN EIGHT DECADES, a shocking throwback to the Great Depression. And the carnage is ongoing as global growth slows and commodity prices and currency movement roil the markets. What is happening behind the scenes is the US Economy is COLLAPSING, as can be seen by the following stories: 1) Obama Proposes Tax on 529 College Savings Accounts 2) US Steel To Idle Two Oil, Gas Pipe Plants, laying off 756 3) Milgard Windows Business Slows and all workers were just laid off 4) 2,000 jobs threatened as United mulls outsourcing at US Airports 5) Schlumberger to cut 9,000 jobs on Oil-Price plunge 6) Baker Hughes Inc, A Huge Oil Company, to lay off 7,000 7) Ebay to lay off 2,400 and could split from Paypal 8) Macy’s to close 14 stores this month 9) American Express to cut more than 4,000 jobs before year’s end 10) Sears filing for Bankruptcy 11) Credit Card Use is dropping nationwide. nypost/2015/01/17/50000-wall-street-jobs-cut/
Posted on: Fri, 23 Jan 2015 07:31:41 +0000
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