sure was a V-shaped recession 4 the banks!

[kitkat]

LOL. suckers!

[keystonejenks]

Speaking of the banks. It's a love/hate relationship for me because one of the major banks helps pay my bills.

That being said her company has made out very well recently. However, some top executives just walked away with major golden parachutes. Funny though because her company (just a few seconds ago) just announced they're laying off 11,000 workers.

Only if they had some extra cash lying around to keep this from happening.

[kitkat]

I was *just* about to post about Citi laying off 11,000 people to "cut costs"! LOL Yeh, it is *margin maintenance* that is the name of the game these days. They are used to these massive profit margins and the stock market demands it (else their stock price drops off the chart) and so it is a race to the bottom for everyone but those at the top. Capitalism is so cannibalistic it is simply unreal to watch!

[keystonejenks]

Dec 5, 2012 11:27:47 GMT -5 kitkat said:

I was *just* about to post about Citi laying off 11,000 people to "cut costs"! LOL Yeh, it is *margin maintenance* that is the name of the game these days. They are used to these massive profit margins and the stock market demands it (else their stock price drops off the chart) and so it is a race to the bottom for everyone but those at the top. Capitalism is so cannibalistic it is simply unreal to watch!

Wasn't there also a report this week how Corp. profits are at an all-time high while wages are at record lows?

Yes there was, here it is: www.businessinsider.com/profits-versus-wages

[baldrick]

Who here remembers when it was the Personnel Department, rather than Human Resources? Actual productive workers are nothing more than another cost center to be shaved as much as possible. It's time for a period of major labor unrest, but will we actually see it happen, given the general anti-union sentiment among the working classes?

[jeromeoneil]

Nope. We are well and truly fucked, and we did it to ourselves.

Bread and circuses. They've got us convinced that Honey Boo Boo on the 55" plasma and an occasional night out at P.F. Changs is high living. Now get back to work so you can pay the rent on that double wide.

[keystonejenks]

Dec 5, 2012 13:47:25 GMT -5 baldrick said:

Who here remembers when it was the Personnel Department, rather than Human Resources? Actual productive workers are nothing more than another cost center to be shaved as much as possible. It's time for a period of major labor unrest, but will we actually see it happen, given the general anti-union sentiment among the working classes?

I'd love to see it but we will not for one major reason. People's finances have been drained too much that they NEED the job.

Plus, any labor unrest would result in a company threatening to move the jobs offshore.

[kitkat]

Yep, labor has become a perpetual buyer's market. and you know what that means... :/

[baldrick]

If y're not an executive, y're fucked...

[keystonejenks]

Also, the timing of this announcement I find very interesting. The wife hasn't said anything to me yet but I see the writing on the wall here. Every January the non-executives of the company get bonuses. These aren't walk away from your job bonuses but they're bonuses. Think Christmas bonus that companies use to give their employees. Plus, Citi has used the bonuses in lieu of pay raises.

I wouldn't be surprised at all if in the coming weeks Citi lets their employees there are no bonuses this year. Before you say, "good they shouldn't get bonuses" keep in mind this is the worker bees of Citi because the executives will still get their bonuses. Some of these people that would get the small bonus only make just above minimum wage and it's a good chunk of change to them.

I'll keep you posted.

[will]

All the more reason for me to get my thumbs out and find you a job out here so you can move to the land of year round riding and furry lefties!

[jeromeoneil]

yeah man. Send out a resume so we can shop for you.