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Forum Post: 6 Years of workers' blood fuels stratospheric gains on Wall Street

Posted 9 years ago on Sept. 17, 2014, 2:47 p.m. EST by sky99 (0)
This content is user submitted and not an official statement

For the past 6 years, I have been noticing that the US economy has been nothing more than layoffs, cuts, and closings. The layoff numbers have been in the 1s, 2s, 5s, 10s, 100s, 1000s, 5000s, 10 thousands, 25 thousands, and recently 50 thousand (Hewlett Packard).

You would think a downward spiral economic depression for workers and homeowners would be a bad thing. However, there is joy on Wall Street with each layoff, with stratospheric gains.

Take HP, for instance. The company seemed to have been doing fairly well, and then all of a sudden we heard about “earnings below expectations”. So what did they do? They laid off/terminated 50,000 workers. That's a gigantic amount, more than some cities, of workers who thought they had good jobs and now are faced with finding work when there are no good jobs available.

A fifth Atlantic City casino recently announced its closing and more than 10,000 workers will be losing their jobs from the 5 casinos.

Meanwhile, the billionaires are now becoming trillionaires because Wall Street is reaching record highs.

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2 Comments


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[-] 3 points by beautifulworld (23767) 9 years ago

Good post. For every company that goes down, there are a few people who become very wealthy through the suffering of many others. Hedge funds deal in this kind of stuff all the time.

[-] 2 points by elf3 (4203) 9 years ago

Squeezing employees for short term stock gains and long term shooting the.selves in the foot while killing their own consumer base...they go faster and faster full speed ahead not enough lifeboats but they are locking us in steerage and kicking us overboard. When will we fight back? We need to stop the boat.