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103 Comments
- ScienceDoc, on 12/02/2008, -8/+42JP Morgan is a bunch of crooks. From the founding of the Federal Reserve to the profiting from others losses and their loan shark tactics. They are wrong from top to bottom.
- hugolp, on 12/02/2008, -3/+33Give us your money so the jobs are saved
1 month later this (as expected)
Why people keep falling for this? Corporations lie all the time. Its about time people realize about it. - Hockey13, on 12/02/2008, -5/+19True economic wealth is not created via public works projects, though they can, by accident, push economic actors in a direction that creates short-term growth. The following article is a good primer on the history of public works projects during the 1930s:
http://en.wikipedia.org/wiki/New_Deal
Here is a paper from the camp of economists who believe these projects prolonged and deepened the more-or-less natural recession of the late 1920s (extended to the mid-30s via Smoot-Hawley and various other acts of ignorance from Congress):
http://www.economics.hawaii.edu/research/seminars/ ...
Focusing purely on economic growth is, of course, a bit myopic. Think about the other consequences of an extensive public works system. The government almost always spends much more than it should, does a relatively sub-standard job if they manage it themselves, and creates huge voids in an economy by hand-picking a select few companies (think Halliburton, Boeing, and Lockheed Martin) to do the job (some economists have referred to this as "cartelization"). These policies have very dire long-term consequences that cast a mighty shadow over the short-term gains of providing jobs for some, and they almost always come with a rapid expansion of the power of the executive branch of the government (after all...Congress moves too slowly to please the masses..dictatorships tend to be efficient in achieving their desired goals). - slvrbullet87, on 12/02/2008, -0/+13Although i wont go into as much detail as the previous poster, public works projects dont work because they take money away from contractors and laborers. They pay the workers cut rate and then take large amounts back in taxes and fees.
This is a good read if you think we need a New New Deal
http://newsroom.ucla.edu/portal/ucla/FDR-s-Policie ... - oboshoe, on 12/02/2008, -0/+11Thats alot of Vice Presidents hitting the street.
I've never quite understood why virtually everyone that isn't a teller at a bank is a vice president (or higher)
Did some work at one major bank and I had to laugh under my breath as I walk through a field of cubicles (in a massive building in Charlotte) and ever single person there in these tiny cubicles had a title of vice president. - monkeyrun, on 12/02/2008, -0/+10Let's all just focus on how much people spent on the black Friday weekend.
Forget about the non-existence profit margin and tens of thousands of people getting fired.
Just in time for Merry Christmas! - DVmaker, on 12/02/2008, -4/+12More bailout money for the execs and the private jets.
- gametavern, on 12/02/2008, -0/+7"Those 5,200 employees who stay on as transition workers will receive double their salary retroactive to Oct. 1 until their last day on the job, and be entitled to severance packages, the spokesmen said."
That sure makes getting canned easier.. Double Salary and severance? - Hockey13, on 12/02/2008, -3/+10JP Morgan has simply been the best at positioning themselves to receive the most from an enabling government. JP Morgan didn't create the Federal Reserve, Congress did (with Wilson's rubber stamp), and they can take it away too.
- marshdabeachy, on 12/02/2008, -1/+8I have been browsing Digg for well over a year, never having made an account. Your comment prompted me to make an account just so I could digg you down.
My dad is one of those 3400 people in Seattle being laid off. He works in the IT department dealing with Unix/Linux/Windows servers. He's worked there for about 6 years now, and he's nearly 60 years old now. Come January, he will no longer have a job.
If you honestly think the people being let go are just corporate big wigs smoking fat cigars, your head is in the clouds. Those are real people with real families to support. - BlacklabelSAR, on 12/02/2008, -0/+7Well I do see a lot of job ads on Career Builder that offer "unlimited income" and "fun trips" for people with "entrepreneurial spirit" so it's all good, right?
- pathouston22, on 12/02/2008, -0/+7Biggest theft ever. JPMorgan got WaMu without paying ***** for their stock shares.
- diggopolous, on 12/02/2008, -1/+7They gave me a free toaster. Just sayin'
- eastwood24, on 12/02/2008, -3/+9The Corporate heads treat our world like a giant game of Monopoly and my ass is stuck paying rent on Baltic Avenue!
- monkeyrun, on 12/02/2008, -0/+6They probably want to make their customers feel important.
- NonLeftistDiggr, on 12/02/2008, -2/+8"...public works" LOL. Have you ever asked yourself where money the government spends comes from? I know you would like to believe it all comes from big corporate CEO private jet funds, but that's not the case. Not to mention have you see what public sector worker pension debt is doing to state and municipal budgets across the country? Yeah, it's getting really bad, and you don't want to add more.
- Stomper622, on 12/02/2008, -1/+7Woooohoooo!™
- cubicledrone, on 12/02/2008, -1/+7We don't build anything in this country except layoffs.
- jmpeagle, on 12/02/2008, -5/+10jobs were saved...even if they fired 99% of all their people. The remaining ones are more than what there would have been. Of course government shouldn't be in the business of protecting private sector jobs but their statement is still correct.
- Dimbleby, on 12/02/2008, -0/+5Dreicher, I'm amused by lcaz319.....I've never met an English major or a journalism major who could spell to save their life.
"Spelling of words", honestly. What else would you be spelling? Your demise hopefully.
What the ***** do you mean "real jobs"? The real people that had the real jobs (tellers etc.), doing the real work, keeping these companies running (as oppposed to say, hedge fund managers, which you could have become had you not wasted your time on your "journalism" degree) are all out on their asses and that is really going to suck for ALL of us. Can you spell "ripple effect"? Probably not.
That's another 9200 people looking for a job. A job that you could have had should you perhaps have needed it because they fired you for being another ***** with a useless degree. - monkeyrun, on 12/02/2008, -0/+5lol unlimited income as in no base pay... and fun trips to malls and costcos to sell their crap.
- MrBabyManSTFU, on 12/02/2008, -0/+5I loved wamu until I got a letter in the mail (yesterday) that they were canceling my credit card because I haven't used it recently which effectively wiped out 8 years of credit with them :(
- theutopian, on 12/02/2008, -0/+5This surprises people? In Chicago, there are usually Chase and a Wamu branches on the same block or within a couple blocks. Doesn't make sense to keep that much overhead.
- the2989, on 12/03/2008, -0/+5IT'S OVER NINE THOOOUUUUSAAAAAND!!!!!!!!!!! layoffs.
- dreicher, on 12/02/2008, -1/+6You started your first sentence with a conjunction. Your second sentence has no subject ("Livelihood." is not a sentence), and you forgot the comma after "Hopefully". Also, "for the spelling of words" - really? You must be used to being paid by the word because "for spelling words" is perfectly adequate and doesn't sound like it was written by a fourth grader.
- kelmaster1, on 12/02/2008, -1/+6If you look at the history, JP Morgan was large large long before the creation of the Fed. He actually came from England from a wealthy banking Family.
The business now is the same, or maybe even worse. - oldhick, on 12/02/2008, -0/+4I feel for your Dad! That is terrible news. Hopefully the market in Seattle might have some other opportunities for him.
- MarkOfTheDead, on 12/02/2008, -0/+4Or themselves.
- uknowwhoibe, on 12/02/2008, -1/+5Washington MoarChase
- Dimbleby, on 12/02/2008, -0/+4What I'm most shocked by, is the craven cowardice and deception of Washington Mutual to its own damn employees.
Here in Portland, I had friends that were branch managers and they were not told diddly squat until September 24. "Oh by the way, your stocks/401k are worthless and you might be unemployed soon, sorry we didnt tell you sooner".
And the worst part of it all is....I'm sticking with WM (don't ***** call yourself WaMu, you're a banking company, have some dignity) only because I have friends at that branch plus they give me free wire transfers......sigh...oh dirty dirty bottom line..... - byronm, on 12/02/2008, -0/+4Believe it or not public works also has "white collar" jobs
- chalkboy, on 12/02/2008, -0/+4Owned HaHa
- linagee, on 12/02/2008, -0/+4Dear Santa. All I want this year is for my job to last. (serious tag)
- budboomer, on 12/02/2008, -0/+4I wonder how that guy is doing. Ya know, the one that worked for 17 days and left with 20 mil. I think that was WAMU.
- SoundJudgment, on 12/02/2008, -0/+4It will soon become Chase pay-as-you-go checking.
- dreicher, on 12/02/2008, -0/+4No, I don't think I will STFU. You want to be a douchebag - that's fine. You should also be prepared to be treated like one.
1. Imperative sentences are used to issue orders or directive. "Livelihood." - is that an order or directive? I am unclear.
2. Grammar and spelling are two completely different things; however, they are linked. As proof I offer the [F7] key.
3. I don't mind grammar, spelling or punctuation problems on Digg. I do mind people who use them as a way to undermine a point without any other substance (as you did in the initial reply). I also enjoy when they are pointed out in an amusing or jocular way.
4. I'm sorry that you let an insignificant thing like poor spelling get to you. I generally try to judge people based on the content of their post and respond accordingly. Be honest (that's an imperative sentence, by the way). Being wrong is what irks you.
5. It's perfectly fine to begin a sentence with a transition word, but to do it where you are not transitioning from anywhere is completely improper.
6. Bite me (also an example of an imperative sentence).
/grammarnazi - also not a teacher - Rivetgeek, on 12/02/2008, -0/+4on the other hand we got the hoover dam and half our national parks out of the deal. Good trade I say
- Dimbleby, on 12/02/2008, -0/+4Dugg for your username.
- nuthos, on 12/02/2008, -0/+4When are people going to see that the financial sector is totally overrun with greedy, self-centered, profiteers?
For years, the financial sector has been making brazen, greed focused decisions which have left it open to the present problems plaguing their industry.
Ask yourself, who is going to bail you out when you default on the mortgage which the gov’t purchased as bad debt from one of the large banks! It’s great for them to be bailed you with your money. Don’t expect the same service from the gov’t elected for the people, by the people. - BESTenemy, on 12/02/2008, -0/+3 This news is only partial. A more detailed report obtained by Market Watch last week indicated JP Morgan was going to cut the total of 50% - 21000 WaMu jobs this and early next year, as well as shut down 10% of 5400 branches.
Since job numbers had been contracting for more than 10 consecutive months and are expected to continue to decline, there is no place that would absorb the unemployed. - oldhick, on 12/02/2008, -1/+4That journalism degree really paid off for you... Your ability to comprehend the world going on around you is amazing! /s
- oldhick, on 12/02/2008, -0/+3@lcaz319
What is this "cushy job in IT" crap? We all have different skills and trades and we're all hurting for work.
What do you know about an honest days work that any of us don't know? Tell me what makes you so special all of the sudden? - Ma1achi, on 12/02/2008, -0/+3instead of firing 9000 workers, they should just fire 9 people from the board of directors. Their salaries are probably about equal
- d3dm, on 12/02/2008, -0/+3What's going to happen to the Rodeo Grandmas?
- Dimbleby, on 12/02/2008, -0/+2I agreed with you until recently, when I found out what ***** liars and cowards their upper management is....
- pintomp3, on 12/02/2008, -0/+2people also forget their relationship with enron.
- afruff23, on 12/03/2008, -0/+2@pintomp3
If only the right people were in charge!
(Hint: it would be the same no matter who was in whatever position). - brandita, on 12/02/2008, -2/+4I think they should have called the new company, MorMu.
- DatVillain83, on 12/02/2008, -0/+2in NYC, when Giuliani was major, he low balled our financial outlook so he could control our financing. At the time, all he really cared about was taxes but not spending. So, he never looked at both. Before 9-11 the city was seeing a downturn but we've incurred a huge long term debt by spending too much on public services to keep 'the ball rolling'. And after 9-11 we still spent a lot because we couldn't cut services during a crisis, everyone feared mass migration of businesses and residents would hurt even more, so payroll had to be made somehow. The solution was a 50 billion dollar trust fund for public sector liabilities, something we hope to payoff someday in the future but since the economy NEVER recovered since 1999 who knows, but...city bond are doing quite well because of it. Anyway, the state ended up borrowing $ 2.5 million for long term spending purposes. But now, since the recession has been declared, they're cutting money for Education because that's where all the money is. So this day was inevitable anyway. Public services couldn't save it because it was the source of all the spending. Now, they're cutting everything from Bus Services to Law Enforcement! So, you really can't pay for public services like that, teachers can't get paid with long term bonds anymore than you'd pay for food by taking out a mortgage for your home. The money has to come from somewhere and its usually effects 'the people' at the end of the day.
- inactive, on 12/02/2008, -0/+2 Correction, the Rothschilds created the Federal Reserve through thier agents Schiff and Warburg, congress was incidental in the process. J.P Morgan along with the Rockefellers were favored Americans in the European bankers takeover of the American political and financial system.
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