Posts belonging to Category Jobs

Wall Street’s Job Cuts Continue


Citigroup plans to cut 3,000 or more jobs, about 1 percent of employees, and BNP Paribas plans to cut about 1,400 jobs, or 7 percent of its employees, according to the New York Times (“Citi to Shed 1% of Its Workers; BNP Paribas Plans to Cut 7%”). The NY Times was told unofficially that one […]

Italy’s Insolvency Threatens the World’s Economy


Italy, Europe’s third largest economy, is not merely facing a liquidity crisis; it is insolvent, according to Matthew Lynn, CEO of London-based consulting firm Strategy Economics. (“Italy is bust; it’s just a question of when,” MartketWatch). It is only ironic that Italy’s government debt has been stable for a decade (but at a high level) […]

Middle Class Facing A New Gilded Age?


The Middle Class is rapidly becoming a thing of the past, squeezed out by the 21st century oil and railroad barons now known as hedge fund managers and financial magnates. Early in the 20th century, the Rockefellers, Carnegies and J.P. Morgans controlled the economy and politics with their monopoly on oil and the railroads. They […]

Occupy Wall Street Protests Erupt Across the Globe


Occupy Wall Street has spawned synchronized protests in over 900 cities around the world. Those protests involve more than demonstrations against financial institutions. While expressing solidarity with Occupy Wall Street, many demonstrations have additional roots in local issues. See “Globalizing Occupy Wall Street: From Chile to Israel, Protests Erupt” (ProPublica).

Consumer Spending, not Corporate Tax Cuts, Key to Economic Recovery


Rutgers history professor James Livingston asserts that economic growth is a function of consumer and government spending in his recent article “It’s Consumer Spending, Stupid.” When politicians insist that more incentives for private investors in the form of lower taxes on corporate profits is the way to growth, and polls show most of the public […]

Support Grows for ‘Occupy Wall Street’ Movement


A USAToday poll shows that American blame both Wall Street and Washington politicians for the nation’s economic woes. 87% of those polled said Washington bears a great deal to a fair amount of the blame, and 78% said the same of Wall Street.

Occupy Wall Street As A Global Phenomenon


Occupy Wall Street has swept the globe and is generating enormous sympathy and interest in Asia as well as Europe. The spread of Occupy Wall Street to Asia ? especially Japan ? is further evidence that it is a mistake to dismiss a global groundswell of anger over the flow of money from banks to […]

Middle Class Values Behind Occupy Wall Street


USA Today reports that Occupy Wall Street is a middle class revolt (“Protests spotlight a stressed middle class”). Long term unemployment, slumping pay, rising health care costs are behind it. “These people are not just protesting for the hell of it,” Allen Sinai, chief economist at Decision Economics in New York, which consults for banks […]

Wall Street Disillusioned About the Future


There is doom and gloom on Wall Street, a feeling that there is no money to be made, and that it is not going to get better. Wall Street pay is expected to fall 30% this year, even more for executives. The economy is stagnant. New rules and regulations will stifle leveraged risk-taking at the […]

‘Occupy Wall Street’ Movement Fueled by Income Disparity and Lack of Jobs


The Occupy Wall Street movement has spread worldwide across Asia, Europe and the Americas. In Rome, there were riots with protestors and police officers reportedly injured. Greece has also experienced riots. The demonstrations and violence are not confined to the economically weaker, socialist European countries but are also taking place in Berlin and London.