Tuesday, October 18, 2011
Bank of America earned $6.2 billion in the third quarter
There is a Grand Canyon disconnect/divide in our country between Wall Street and Main Street.
And, the opposition movement - judging by folks protesting in the streets in the Middle-East, England, Italy, France and Greece - is global.
The Great Divide - Proof A:
While our economy teeters on the brink of Depression like conditions for the middle-class, working class and poor - the recipients of taxpayers' bailout dollars are raking in the dough.
Bank of America earned $6.2 billion in the third quarter on accounting gains and the sale of a stake in a Chinese bank, which offset lower revenue and income in its credit card, real estate and investment banking businesses. source
Not only satisfied with record profits, BofA has decided to lay off 30,000 employees.
Bank of America, trying to break free from a pile of bad mortgages and a sagging stock price, announced plans to lay off 30,000 employees over the next few years.
Bank of America is now the employer with the largest U.S. layoff announcement this year, according to global outplacement firm Challenger Gray & Christmas. Pharmaceutical company Merck formerly held that title after announcing on July 29 plans to layoff 13,000 employees by the end of 2015 source
BofA has announced it will further gouge Main Street with new bank fees, including a five dollar a month fee for just using your debit card - unless you have a combined account amount over 20,000 dollars (another tax on the non-rich.).
Get ready for a new wave of bank fees. Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases.
Whether you use your card for one purchase a month or 20, you will pay $5 per month starting in 2012. It doesn't matter if you select "debit" or "credit" at the point of sale. source
Ergo, we have the Occupy Wall Street movement picking up steam across the USA. This movement demands that our economy - after over 30 years of Reaganomics (supply side economics) - begin to work for the 99% instead of just the 1% super rich.
And OWS argues for accountability for white collar economic crimes and that the super rich help to right the ship - after all, when Wall Street came hat-in-hand, Main Street reached deep into our pockets.
That promised trickle down economics was nothing more than a we trick ya down there economics.
BTW, the lil scratch I have is leaving BofA and going back to my Credit Union - like ole Dubya (Bush) used to say: It's your money, you know how to spend it...