Misery Index: The Obama Depression - "Private sector doing just Fine"

[333386]

The Sad Reality Of The 'Economic Recovery' For American Workers
 


Wolf Richter, Testosterone Pit|Feb. 8, 2013, 6:06 AM|1,877|13
 
 
Despite optimism-mongering in the media and in certain quarters of Washington and elsewhere, we’ve had indication after indication in the economic data that whatever lousy progress has been made in nudging up GDP, American workers have not benefitted from it.
 
But now we know from the horse’s mouth, so to speak: they’re mired in a tough new reality that is in many ways getting worse.
 
“Deeply pessimistic” is the term used in the sobering survey, “Diminished Lives and Futures: A Portrait of America in the Great-Recession Era.” A confirmation of bits and pieces of economic data that has been trickling in over the years on this topic.
 
Just yesterday, for example, the Bureau of Labor Statistics reported that wages adjusted for inflation had continued their morose decline: in 2012, by 0.4% after having already declined 0.5% in 2011.
 
It doesn’t seem much. With nominal wages rising, workers might temporarily be fooled into thinking that they’re moving ahead. But enough of those declines, and pretty soon you’re talking about some real money.
 
They compound the lingering impact of the financial crisis. “Five years of economic misery have profoundly diminished Americans’ confidence in the economy and their outlook for the next generation,” conclude the authors of the survey.
 
And yet, since 2007, Congress borrowed $8 trillion, nearly doubling the US gross national debt to $16.48 trillion, and the Fed printed another $2.1 trillion, all under the unholy pretext of wanting to stimulate the economy [read.... Corporations Are Begging: We Need More Inflation!].
 
The survey draws a dire picture of the employment situation: 23% of the respondents had been laid off during the past four years. Of them, 10% spent more than two years looking for a job before they found one, and 22% still haven’t found one. While the economy has created jobs over the last few years, it has done so at a rate that barely kept up with the growth of the labor force.
 
If that: in the 2013 survey, 58% of the respondents had a job, down from the 2010 survey, when 60% had a job. The lower income categories were hardest hit. Only 38% of those normally earning under $30,000 had jobs, while 71% of those over $60,000 had jobs.
 
Where has all the money gone that the government borrowed and spent, and that the Fed printed? To China, Brazil, Mexico, into commodities, wars, farmland, into every conceivable financial asset, creating bubbles here and there, including the most gigantic credit bubble ever. Some people around the world have become immensely rich. And others, who’d already been immensely rich but had gotten a haircut during the financial crisis, were bailed out. Good for them. But it just hasn’t created a lot of jobs in the US.
 
That’s the good news. The bad news: a stunning 54% of those who’d been laid off and were lucky enough to find a job, now make less money than before. Less money in nominal terms, not even adjusted for inflation. A third of them got whacked by a pay cut of 11% to 30%. Another third reported that their pay had been slashed by over 30%. Ouch!
 
This new reality—finally finding a job but at much lower pay, or hanging on to a job but with a cut in pay—has sucked optimism out of the system. “Not only does the public not see signs of economic recovery now, they don’t see it in the near future either,” finds the report. And 32% of the people expect it to get even worse. A worrisome deterioration from 2010, when only 27% expected it to get worse.
 
Full recovery anytime soon? Only 12% expect it in the “near future”; 25% expect it to take 6-10 years, and 29% think that the economy will “never” fully recover. Mainstream-media optimism hasn’t quite sunk in yet, apparently.
 
They put their pessimistic finger where it hurts: GDP doesn’t measure anything but spending as a whole and is useless for individuals. Per-capita GDP, while still inadequate, would be a better measure. Alas, it’s well below the pre-recession peak, and thus silenced to death.
 
So, 60% of the people believe that there is a “new normal,” a tough new reality where workers have to take jobs below their skill level, at lower pay, and with less job security—because they’re lucky to even find a job.
 
To survive in this new normal, workers raided their savings. Even after all these years since the recession officially ended, 38% have “a lot less” money in savings than they had before, 18% have “a little less.” But the piggy bank is hard to refill as workers earn less, while prices continue to rise—thanks to the “bold” and “courageous” actions by the Fed.
 
“The Great Recession’s scope and impact was so widespread and corrosive that it will likely affect individuals, families, and the nation for many years to come,” the report concludes. On the other hand, after a drunken deficit-spending frenzy by Congress that left behind a mountain of new debt, and after a delirious money-printing orgy by the Fed that left behind a debased dollar, our hapless American workers are now also saddled with banks that are too big to fail, and it turns out, “too big to jail.”
 
With the average cost of attending college in America at $120,000, a family of four should expect their children’s college to cost more than a home. Yet, the perceived value of education provided justification for students to borrow $42 billion from the US this year. And many of them will end up as student-loan debt slaves. Read....  College Graduates Are The New Debt Slaves.


Read more: http://www.testosteronepit.com/home/2013/2/7/the-new-reality-of-economic-recovery-for-american-workers.html#ixzz2KJdl77Ka

[333386]

Only 31% of Americans Under 30 Have a Full-Time Job
Posted By Daniel Greenfield On February 8, 2013 @ 6:47 pm In The Point | 5 Comments


Remember, it’s not a depression or even a recession. It’s a recovery. Just close your eyes and repeat it to yourself as many times as it takes. Don’t pay attention to anyone who disagrees. Just say it to yourself, “Recovery, recovery, recovery” and like a wish, it will come true.

At least that’s the editorial philosophy of the New York Times. Meanwhile in the real world, the next generation doesn’t have a foothold or even a handhold in the economy.

59 percent of those aged 18-29, have gone to college. but only 62.9% are currently working, of which 31.2% work on a part-time basis

59.2 percent are white; 19.9 percent are Hispanic; 13.5 percent are black; 5.1 percent are Asian; .7 percent are Native American; and 1.5 percent are multiracial or “other.” 27.3 percent have immigrant backgrounds.

Less than 20 percent aged 18-24 percent are married. Of those 25-29, slightly more than 40 percent are married, but that is down 80 percent from 1960.

These numbers paint a picture of a dysfunctional society as well as a dysfunctional economy. The Baby Boomers failed Generation X and Generation X failed the Millennials and the Millenials show every sign of carrying on the tradition.

Generation X in politics has shown itself to be even worse than the Boomers, stuck on its own cleverness with no substance, agile at marketing themselves, but incapable of distinguishing their fantasies from real solutions. The Millenials are likely to be an even worse of Generation X, just as Generation X was a worse version of the Baby Boomers.

Cultural decay has led to economic decay and the United States looks a lot like a failed state, spending fortunes on massive government projects while its youth have no jobs and no hope for the future and their only career direction is party membership.

Article printed from FrontPage Magazine: http://frontpagemag.com

URL to article: http://frontpagemag.com/2013/dgreenfield/only-31-of-americans-under-30-have-a-full-time-job/

Click here to print.

[333386]

http://www.forbes.com/sites/peterferrara/2013/02/07/the-worst-five-years-since-the-great-depression/2



Obama = FAIL.

[333386]

http://www.bloomberg.com/news/2013-02-10/putin-turns-black-gold-into-bullion-as-russia-out-buys-world.html


 

[333386]

The Economic Downturn Has Ruined Pennsylvania High School Football
 


Tony Manfred|44 minutes ago|88|
 

AP Images
The quality of football in Pennsylvania has plummeted and the economy is to blame, according to an article by Frank Fitzpatrick of the Philadelphia Inquirer.
 
Pennsylvania — specifically the coal towns in the central and western parts of the state — once had a reputation as one of the best football states in the country.
 
Joe Namath, Joe Montana, Dan Marino, and Rich Gannon all went to high school there.
 
But in 2013 the state reproduced just four of the country's top 100 recruits according to Scout.com, and eight of the top 300 recruits in the country according to ESPN.
 
Fitzpatrick says that decline is rooted in economics.
 
From The Inquirer:
 
"With a shrinking job base, the hardest-hit school districts have been cutting athletic budgets and in some instances forcing athletes to pay to play. And many Pennsylvania parents are finding it tough to provide the kind of financial support — for youth leagues, travel, and equipment — athletic prodigies require in 2013."
 
Fitzpatrick mentions other reasons too, all relating to economics:
 It's expensive to play football relative to sports like basketball.
 Multiple high schools are combining, resulting in less opportunity for players.
 Entrenched poverty results in less parental oversight.
 
The relationship between sports success and economic success is debatable. In their book Soccernomics, Simon Kuper and Stefan Szymanski argue that the three key indicators for soccer success are GDP, population base, and experience.
 
If you apply this formula to football, Pennsylvania has all sorts of experience, but its losing steam in the other two indicators.
 
The obvious counterargument to this is that other recruiting hot beads — like South Florida — have bad economies and aren't experiencing the same decline in quality players.
 
But something is going on in Pennsylvania high school football, and it mirrors the broader downturn of the region on the whole.
 
Read Fitzpatrick's entire article here >


Read more: http://www.businessinsider.com/reasons-for-decline-in-pennsylvania-high-school-football-2013-2#ixzz2KbmO4W3R

[333386]

Households On Foodstamps Rise To New Record
Submitted by Tyler Durden on 02/11/2013 08:06 -0500




While hardly presented by the mainstream media with the same panache dedicated to the monthly ARIMA-X-12 seasonally-adjusted, climate-affected, goal-seek devised non-farm payroll data, the three month delayed Foodstamp number is according to many a far greater attestation to the "effectiveness" of the Obama administration to turn the economy around. And far greater it is: since his inauguration, the US has generated just 841,000 jobs through November 2012, a number is more than dwarfed by the 17.3 million new foodstamps and disability recipients added to the rolls in the past 4 years. And since the start of the depression in December 2007, America has seen those on foodstamps and disability increase by 21.8 million, while losing 3.6 million jobs. End result: total number of foodstamp recipients as of November: 47.7 million, an increase of 141,000 from the prior month, and reversing the brief downturn in October, while total US households on foodstamps just hit an all time record of 23,017,768, an increase of 73,952 from the prior month. The cost to the government to keep these 23 million households content and not rising up? $281.21 per month per household.

Total Americans on foodstamps:



Total households on foodstamps and average benefit per household:



Monthly change in Foodstamp and Disability recipients vs jobs since December 2007:



Cumulative change in jobs vs Foodstamps and Disability Recipients:



Source: SNAP

[333386]

Food Stamp Rolls in America Now Surpass the Population of Spain


 
February 11, 2013



--------------------------------------------------------------------------------



By Elizabeth Harrington

Subscribe to RSS

Follow on Twitter




 223 353

 

 


(AP Image)
 
(CNSNews.com) – Since taking office in 2009, food stamp rolls under President Barack Obama have risen to more than 47 million people in America, exceeding the population of Spain.
 
“Now is the time to act boldly and wisely – to not only revive this economy, but to build a new foundation for lasting prosperity,” said Obama during his first joint session address to Congress on Feb. 24, 2009.
 
Since then, the number of participants enrolled in food stamps, known as the Supplemental Assistance Nutrition Program (SNAP), has risen substantially.
 
When Obama entered office in January 2009 there were 31,939,110 Americans receiving food stamps.  As of November 2012—the most recent data available—there were 47,692,896 Americans enrolled, an increase of 49.3 percent.
 According to the 2011 census, Spain had a population of 46,815,916.
Furthermore, between January 2009 and November 2012 the food stamp program added approximately an average 11,269 recipients per day.
 
President Obama will deliver his fourth State of the Union address Tuesday evening.  Obama is expected to focus on jobs and the economy.

[333386]

Retail sales growth slows as higher taxes kick in


 




inShare.5
Share this



Email
Print
 




Related News

Instant View: Retail sales growth pauses as higher taxes kick in
8:48am EST

 






Analysis & Opinion

 Japan tensions rewrite China shopping lists
 Essential reading: Higher payroll tax pinches those with the least to spare, and more
 




Related Topics

Investing and Taxes Simplified »
 





















By Lucia Mutikani

WASHINGTON | Wed Feb 13, 2013 9:10am EST
 
(Reuters) - Retail sales barely rose in January as tax increases and higher gasoline prices restrained spending, suggesting the economy got little help from the consumer at the start of the year.
 
The Commerce Department said on Wednesday retail sales edged up 0.1 percent after an unrevised 0.5 percent rise in December.

The modest gain, which was in line with economist's expectations, suggested that households were responding to the expiration of a two percent payroll tax cut on January 1. Taxes also went up for wealthy Americans.

So-called core sales, which strip out automobiles, gasoline and building materials and correspond most closely with the consumer spending component of gross domestic product, ticked up 0.1 percent after gaining 0.7 percent in December.

"It adds to expectations that growth is likely to be lackluster in the opening quarter of the year, due mainly to the expiration of that payroll tax cut," said Joe Manimbo, a senior market analyst at Western Union Business Solutions.

Consumer spending accounts for about 70 percent of the U.S. economy and grew at a 2.2 percent annual rate in the fourth quarter. With households facing smaller paychecks and gasoline prices marching higher, the pace of growth in spending is expected to slow this quarter.

U.S. financial markets were little moved by the data. Stock futures pointed to modest gains at the open, while Treasury debt prices were slightly lower.

Gasoline prices have increased 30 cents so far this year. A separate report from the Labor Department showed higher oil prices pushed up the cost of imported goods last month.

Import prices rose 0.6 percent in January after falling 0.5 percent the prior month.

Still, the increase is insufficient to ignite inflation pressures and the Federal Reserve is expected to remain on its ultra easy monetary policy as it continues to nurse the economy back to health.

Retail sales were mixed last month, with receipts at auto dealers slipping 0.1 percent after rising 1.2 percent in December. Excluding autos, retail sales increased 0.2 percent last month after advancing 0.3 percent in December.

Sales at building materials and garden equipment suppliers rose 0.3 percent, reflecting gains in homebuilding as the housing market recovery shifts into higher gear. Receipts at clothing stores fell 0.3 percent.

Sales at restaurants and bars were flat, while receipts at sporting goods, hobby, book and music stores rose 0.6 percent. Sales of electronics and appliances gained 0.2 percent, while receipts at furniture stores fell 0.2 percent.

(Additional reporting by Jason Lange; Editing by Andrea Ricci)

[333386]

http://www.huffingtonpost.com/2013/02/13/rays-hell-burger-closed_n_2681115.html


LMFAO!!!!!!!!!!!!!!!!!!!!!!!!   Ha ha ha ah

It's a sad day for D.C.-area burger lovers.

Ray's Hell-Burger and its sister restaurant, Ray's Hell-Burger Too, are closing their doors forever, Washingtonian reported Wednesday.

The cult-followed burger joints, helmed by acclaimed chef Michael Landrum, announced their temporary closure due to a "landlord-tenant dispute" in January. At the time, Landrum described the episode as a "very minor blip."

But the real estate company responsible for the properties, located in Rosslyn's Colonial Village Shopping Center, confirmed that the two shuttered units are indeed now available for lease.

Ray's Hell-Burger rose to international prominence after President Barack Obama dined there twice; first with Vice President Joe Biden in 2009 and again with Russian president Dmitry Medvedev a year later. The simple menu, focused around one key item, is renowned for its unique twists on the classic American sandwich (foie gras burger, anyone?).

Patrons need not look too far for their fix, however. A third outpost, Ray's to the Third, remains open across the street.

[tu_holmes]

http://www.huffingtonpost.com/2013/02/13/rays-hell-burger-closed_n_2681115.html


LMFAO!!!!!!!!!!!!!!!!!!!!!!!!   Ha ha ha ah

It's a sad day for D.C.-area burger lovers.

Ray's Hell-Burger and its sister restaurant, Ray's Hell-Burger Too, are closing their doors forever, Washingtonian reported Wednesday.

The cult-followed burger joints, helmed by acclaimed chef Michael Landrum, announced their temporary closure due to a "landlord-tenant dispute" in January. At the time, Landrum described the episode as a "very minor blip."

But the real estate company responsible for the properties, located in Rosslyn's Colonial Village Shopping Center, confirmed that the two shuttered units are indeed now available for lease.

Ray's Hell-Burger rose to international prominence after President Barack Obama dined there twice; first with Vice President Joe Biden in 2009 and again with Russian president Dmitry Medvedev a year later. The simple menu, focused around one key item, is renowned for its unique twists on the classic American sandwich (foie gras burger, anyone?).

Patrons need not look too far for their fix, however. A third outpost, Ray's to the Third, remains open across the street.

So this is on Obama how?

[333386]

If business was remotely good they would find another location no? 

[tu_holmes]

If business was remotely good they would find another location no? 

I would expect they will in fact find one.

[333386]

 

[333386]

http://www.bloomberg.com/news/2013-02-15/wal-mart-executives-sweat-slow-february-start-in-e-mails.html


Tax hikes setting in.   

[333386]

http://www.texasobserver.org/snap-judgments-college-graduates-dependent-on-food-stamps-are-on-the-rise/



Fail.

[333386]

http://www.usatoday.com/story/money/nation/2013/02/19/2013-gasoline-prices-could-flirt-with-all-time-highs/1930681


Hope and Change fools 

[333386]

20 Signs That The U.S. Economy Is Heading For Big Trouble In The Months Ahead

 By Michael, on February 20th, 2013
 

 

Is the U.S. economy about to experience a major downturn?  Unfortunately, there are a whole bunch of signs that economic activity in the United States is really slowing down right now.  Freight volumes and freight expenditures are way down, consumer confidence has declined sharply, major retail chains all over America are closing hundreds of stores, and the "sequester" threatens to give the American people their first significant opportunity to experience what "austerity" tastes like.  Gas prices are going up rapidly, corporate insiders are dumping massive amounts of stock and there are high profile corporate bankruptcies in the news almost every single day now.  In many ways, what we are going through right now feels very similar to 2008 before the crash happened.  Back then the warning signs of economic trouble were very obvious, but our politicians and the mainstream media insisted that everything was just fine, and the stock market was very much detached from reality.  When the stock market did finally catch up with reality, it happened very, very rapidly.  Sadly, most people do not appear to have learned any lessons from the crisis of 2008.  Americans continue to rack up staggering amounts of debt, and Wall Street is more reckless than ever.  As a society, we seem to have concluded that 2008 was just a temporary malfunction rather than an indication that our entire system was fundamentally flawed.  In the end, we will pay a great price for our overconfidence and our recklessness.
 
So what will the rest of 2013 bring?
 
Hopefully the economy will remain stable for as long as possible, but right now things do not look particularly promising.
 
The following are 20 signs that the U.S. economy is heading for big trouble in the months ahead...
 
#1 Freight shipment volumes have hit their lowest level in two years, and freight expenditures have gone negative for the first time since the last recession.
 
#2 The average price of a gallon of gasoline has risen by more than 50 cents over the past two months.  This is making things tougher on our economy, because nearly every form of economic activity involves moving people or goods around.
 
#3 Reader's Digest, once one of the most popular magazines in the world, has filed for bankruptcy.
 
#4 Atlantic City's newest casino, Revel, has just filed for bankruptcy.  It had been hoped that Revel would help lead a turnaround for Atlantic City.
 
#5 A state-appointed review board has determined that there is "no satisfactory plan" to solve Detroit's financial emergency, and many believe that bankruptcy is imminent.  If Detroit does declare bankruptcy, it will be the largest municipal bankruptcy in U.S. history.
 
#6 David Gallagher, the CEO of Town Sports International, recently said that his company is struggling right now because consumers simply do not have as much disposable income anymore...
 

"As we moved into January membership trends were tracking to expectations in the first half of the month, but fell off track and did not meet our expectations in the second half of the month. We believe the driver of this was the rapid decline in consumer sentiment that has been reported and is connected to the reduction in net pay consumers earn given the changes in tax rates that went into effect in January."
 
#7 According to the Conference Board, consumer confidence in the U.S. has hit its lowest level in more than a year.
 
#8 Sales of the Apple iPhone have been slower than projected, and as a result Chinese manufacturing giant FoxConn has instituted a hiring freeze.  The following is from a CNET report that was posted on Wednesday...
 

The Financial Times noted that it was the first time since a 2009 downturn that the company opted to halt hiring in all of its facilities across the country. The publication talked to multiple recruiters.
 
The actions taken by Foxconn fuel the concern over the perceived weakened demand for the iPhone 5 and slumping sentiment around Apple in general, with production activity a leading indicator of interest in the product.
 
#9 In 2012, global cell phone sales posted their first decline since the end of the last recession.
 
#10 We appear to be in the midst of a "retail apocalypse".  It is being projected that Sears, J.C. Penney, Best Buy and RadioShack will also close hundreds of stores by the end of 2013.
 
#11 An internal memo authored by a Wal-Mart executive that was recently leaked to the press said that February sales were a "total disaster" and that the beginning of February was the "worst start to a month I have seen in my ~7 years with the company."
 
#12 If Congress does not do anything and "sequestration" goes into effect on March 1st, the Pentagon says that approximately 800,000 civilian employees will be facing mandatory furloughs.
 
#13 Barack Obama is admitting that the "sequester" could have a crippling impact on the U.S. economy.  The following is from a recent CNBC article...
 

Obama cautioned that if the $85 billion in immediate cuts -- known as the sequester -- occur, the full range of government would feel the effects. Among those he listed: furloughed FBI agents, reductions in spending for communities to pay police and fire personnel and teachers, and decreased ability to respond to threats around the world.
 
He said the consequences would be felt across the economy.
 
"People will lose their jobs," he said. "The unemployment rate might tick up again."
 
#14 If the "sequester" is allowed to go into effect, the CBO is projecting that it will cause U.S. GDP growth to go down by at least 0.6 percent and that it will "reduce job growth by 750,000 jobs".
 
#15 According to a recent Gallup survey, 65 percent of all Americans believe that 2013 will be a year of "economic difficulty", and 50 percent of all Americans believe that the "best days" of America are now in the past.
 
#16 U.S. GDP actually contracted at an annual rate of 0.1 percent during the fourth quarter of 2012.  This was the first GDP contraction that the official numbers have shown in more than three years.
 
#17 For the entire year of 2012, U.S. GDP growth was only about 1.5 percent.  According to Art Cashin, every time GDP growth has fallen this low for an entire year, the U.S. economy has always ended up going into a recession.
 
#18 The global economy overall is really starting to slow down...
 

The world's richest countries saw their economies contract for the first time in almost four years during the final three months of 2012, the Organisation for Economic Co-operation and Development said.
 
The Paris-based thinktank said gross domestic product across its 34 member states fell by 0.2% – breaking a period of rising activity stretching back to a 2.3% slump in output in the first quarter of 2009.
 
All the major economies of the OECD – the US, Japan, Germany, France, Italy and the UK – have already reported falls in output at the end of 2012, with the thinktank noting that the steepest declines had been seen in the European Union, where GDP fell by 0.5%. Canada is the only member of the G7 currently on course to register an increase in national output.
 
#19 Corporate insiders are dumping enormous amounts of stock right now.  Do they know something that we don't?
 
#20 Even some of the biggest names on Wall Street are warning that we are heading for an economic collapse.  For example, Seth Klarman, one of the most respected investors on Wall Street, said in his year-end letter that the collapse of the U.S. financial system could happen at any time...
 

"Investing today may well be harder than it has been at any time in our three decades of existence," writes Seth Klarman in his year-end letter. The Fed's "relentless interventions and manipulations" have left few purchase targets for Baupost, he laments. "(The) underpinnings of our economy and financial system are so precarious that the un-abating risks of collapse dwarf all other factors."

[333386]

REPORT: There's A Fresh Round Of Layoffs Coming To Goldman Sachs
 


Linette Lopez|Feb. 25, 2013, 1:01 PM|5,728|10
 



inShare.3




Email
 More















.



























 









AP

 
See Also
 




How To Deal With The 'Biggest Weakness' Interview Question On Wall Street
 



Anyone Who's Sticking To This Goldman Energy Trade Is Totally Getting Crushed
 



GOLDMAN: Sony's PS4 Is So Lame It May Cause A 'Downward Spiral' For The Company
 
This just in from Reuters, Goldman Sachs is about to begin a fresh round of job cuts. They could begin as early as next week and will hit the equities business harder than fixed income.
 
Goldman usually cuts the fat from its firm around this time of year, but that number is usually at around 5%.
 
According to Reuters, this year's cuts are supposed to be bigger.
 
Perhaps Wall Street should have seen this coming. Back in January Goldman COO Gary Cohn told Bloomberg TV's Erik Schatzker:
 
I've never had a day at Goldman Sachs where i thought the firm was perfectly sized. At the bottom of the market you feel too big, at the top you feel way to small, and in the middle you're trying to gauge not only what's happening today but also what's happening tomorrow. Based on where we are today we feel like we're in a pretty go position, but I can change my opinion on that tomorrow.
 
2013 has already been pretty ugly for Wall Street. Morgan Stanley already cut 1,600 workers and cut compensation by about 9% since last year. JP Morgan, UBS and Barclays have already gotten hit as well.
 
After this next round it will be time to do another street-wide body count to see how much closer we are to the dire prediction of 50,000 layoffs Meredith Whitney made back in July.


Read more: http://www.businessinsider.com/layoffs-coming-at-goldman-sachs-2013-2#ixzz2LyCyYXDF

[333386]

http://www.huffingtonpost.com/2013/02/25/obama-donors_n_2760343.html


Obama as corrupt as anyone.   Hope and Change

[333386]

JPMorgan Chase Job Cuts: Bank Announces Plans To Slash Up To 4,000 Jobs


Reuters  |  Posted: 02/26/2013 8:57 am EST  |  Updated: 02/26/2013 8:57 am EST



NEW YORK, Feb 26 (Reuters) - JPMorgan Chase & Co plans to cut about 3,000 to 4,000 jobs in its consumer bank in 2013, representing about 1.5 percent of the company's overall workforce, it said in a presentation On Tuesday.

The cuts will come mainly through attrition, spokeswoman Kristin Lemkau said. JPMorgan Chase had 258,965 employees globally at the end of 2012.

The bank said in its presentation that it is aiming to cut overall expenses by $1 billion in 2013.

[tu_holmes]

JPMorgan Chase Job Cuts: Bank Announces Plans To Slash Up To 4,000 Jobs


Reuters  |  Posted: 02/26/2013 8:57 am EST  |  Updated: 02/26/2013 8:57 am EST



NEW YORK, Feb 26 (Reuters) - JPMorgan Chase & Co plans to cut about 3,000 to 4,000 jobs in its consumer bank in 2013, representing about 1.5 percent of the company's overall workforce, it said in a presentation On Tuesday.

The cuts will come mainly through attrition, spokeswoman Kristin Lemkau said. JPMorgan Chase had 258,965 employees globally at the end of 2012.

The bank said in its presentation that it is aiming to cut overall expenses by $1 billion in 2013.

I thought we were against the banks?

[333386]

I thought we were against the banks?

I am as far as bailouts go and would never do business w JPM, but its not goof that 4000 workers losing tyheir job as the economy is still a disaster, despite what Obama and his slaves in the media proclaim

[tu_holmes]

I am as far as bailouts go and would never do business w JPM, but its not goof that 4000 workers losing tyheir job as the economy is still a disaster, despite what Obama and his slaves in the media proclaim

That's a reasonable and fair response.

[AbrahamG]

Please don't feed the troll.

[333386]

Please don't feed the troll.

J.P. Morgan Pulls Belt Tight- Biggest U.S. Bank by Assets Plans to Cut 17,000 Jobs as Trend
wsj ^ | 2/26/13 | DAN FITZPATRICK
Posted on February 27, 2013 12:01:14 AM EST by Nachum

J.P. Morgan Chase JPM -0.21% & Co. stepped up the pace of bank cost cutting, setting plans to eliminate 17,000 jobs by the end of next year and reduce expenses by at least $1 billion annually.

The move announced Tuesday by the New York company, the nation's most profitable bank in 2012 and the biggest U.S. lender by assets, will reduce its staff by 6.5% in one of the most aggressive reductions to date amid widespread financial-industry cutbacks.

(Excerpt) Read more at online.wsj.com ...