Current Events > BankofAmerica LEAKED internalmemo. Hope people start losing jobs for profits!

(+) Yeah! (+)

A Bank of America executive stated that we hope working Americans will lose leverage in the labor market in a recent private memo obtained by The Intercept. Making predictions for clients about the U.S. economy over the next several years, the memo also noted that changes in the percentage of Americans seeking jobs should help push up the unemployment rate.

The memo, a Mid-year review from June 17, was written by Ethan Harris, the head of global economics research for the corporations investment banking arm, Bank of America Securities. Its specific aspiration: By the end of next year, we hope the ratio of job openings to unemployed is down to the more normal highs of the last business cycle.

And people call crypto a scam. Lmao.

The memo is an uncanny demonstration that the economist Adam Smith was right when he described the politics of inflation in his famed 1776 work, The Wealth of Nations.

High profits tend much more to raise the price of work than high wages, Smith argued. Our merchants and master-manufacturers complain much of the bad effects of high wages in raising the price. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.

Thus, exactly as Smith would have predicted, Bank of America complains loudly about the bad effects of high wages in raising prices, but appears to be silent about the pernicious effects of high profits.

big corporation doesn't care about worker, more at 11

big corporation doesn't care about worker, more at 11

wrong

this show the financial institutions are colluding against the American worker

if you think this is just BOA you are deluded

The Intercept

So

If they wanna be believable, they can at least choose a name that doesnt sound like a Nickelodeon superhero.

This

Like, what kind of fantasy world have you been living in.

The bigwigs in charge are artificially making the economy worse for their own corporate profits. t

That isn't wrong in the slightest.

people like you are why this happens

shove your fingers in your ears going "just da wei it is har har"

shameful

\Yeah, this isn't new at all

houses unaffordable
college unaffordable
food costs rising at record pace becoming unafforadable

might wanna watch the actual news before you start claiming things are not news

New, not news. This has been going on for before our parents have been alive. That's Capitalism

no it hasn't

your parents could afford housing
college was affordable 30 years ago

you need to read more

houses unaffordable
college unaffordable
food costs rising at record pace becoming unafforadable

might wanna watch the actual news before you start claiming things are not news

again, this is all known. profits will always be king and it will never change. nobody's plugging their ears and denying it. they're simply acknowledging that nothing will ever change and it's pointless to bother trying.

Our biggest financial institutions are colluding to weaken the US economy for their own bottom line

CE: This is already known, shocked pikachu etc..

Also CE: Bicker about partisan politics issues for the thousandth time

gee you would there would be more enthusiasm for discussion about systemic corruption at such a scale than what the local GOP nut job said

^ It's not banks buying up property around here and renting it out - it's individual humans chasing that Capitalistic dream

hasn't always been infact

so you are not only wrong but confident in your wrongess which is the worse place to be

and the irony is, this is what lets the American worker get taken advantage of. Your boss says "no vacation this year Taylor" and you go

guhur
well, that is just how a job is! can't help it! will never change!!!

tell me, what are you doing to better your life besides pointing out things that we already know to be true?

Ive been wanting to switch to a major bank from my lame credit union.

I was leaning towards BOA too

Ive been wanting to switch to a major bank from my lame credit union.

I was leaning towards BOA too

As it turns out I have a stable high paying job that is actually suited to capitalistic greed.

Realize what is happening and have compassion.

I realize exactly what is happening and I don't disagree with your stance at all.

big corporation doesn't care about worker, more at 11

Doesn't that seem a little hypocritical then?

No it is not hypocritical to have a good job. But it is bad to not care that people are about to be squeezed.

idk what to tell ya man. i'm working a great job that is low stress and pays well. i got here by accepting the reality and making the best of a disappointing country.

tell me, what are you doing to better your life besides pointing out things that we already know to be true?

damn, why bring to attention and complain about anything ever at all if we already know it to be true? Absolutely brilliant logic, truly the most optimal way to a better world. Although I question the premise everyone knows financial institutions colluding against the American economy is true, you would think there would be far more reporting on it given the scale and gravity of the corruption if indeed true. Instead you get outlets reporting on bullshit politicians say that we all know to be hacks, surely there isnt an agenda on why more systemic level corruption isnt reported on a mass scale the way political gossip material is.

Is there actually anything in the memo that indicates a global conspiracy or was it just an explanation of how the market would need to act to generate the most profits as suggested in this topic's OP?

Basically what David said.

This isn't about you going out and doing something like protesting or slapping stickers like in the pic all over bank of America.

But when someone actually tries to talk about the situation you make light of it and try to sweep it under the rug. That is not a neutral stance, you have sided with the greed that do the "s***ty things happening in the country right now."

All I ask is, don't side with it.

What would you like me to do about it? Be specific. Tell me what I, personally, TaylorHeinicke, can do about the situation we're discussing?

I believe you seen the other threads about the FED so acting ignorant of this information here is not excusable.

I don't even know what FED is, so probably not.

Federal Education Department?

I'm not siding with it at all. I'm just being realistic.

You are perpetuating the notion that this is the status quo and reinforcing it.
That is siding with them.