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Things are not so good at the Banks


monsoon

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One wonders why you bother with a site such as UrbanPlanet if you think things are just fine at the hands of GW Bush. Hitler had "strong convictions" yet that doesn't mean they were right. Nobody is blaming "all of societies" problems on Bush and this topic isn't concerned with that. That is an associative fallacy.

This topic IS concerned with issues at the banks, many of which the banks brought onto themselves due in part to the economic policies and lax regulation that Bush and his cronies have brought to this country over the last 8 years.

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One wonders why you bother with a site such as UrbanPlanet if you think things are just fine at the hands of GW Bush. Hitler had "strong convictions" yet that doesn't mean they were right. Nobody is blaming "all of societies" problems on Bush and this topic isn't concerned with that. That is an associative fallacy.

This topic IS concerned with issues at the banks, many of which the banks brought onto themselves due in part to the economic policies and lax regulation that Bush and his cronies have brought to this country over the last 8 years.

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.....

I wouldn't have said anything about the "in talks with the communists" comment, but it had a pretty high charge to it, in the context of your entire post, and of all of your recent posts in this thread. I thought it was quite dramatic given the news item.

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I don't know. I can't imagine the people running the 2nd largest bank in communist China are not card carrying members of the communist party, including those that BofA is dealing with. Maybe I am missing something here. Has big business been so successful in sanitizing what they are doing that it's no longer OK to refer to it as communist China?
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I don't know. I can't imagine the people running the 2nd largest bank in communist China are not card carrying members of the communist party, including those that BofA is dealing with. Maybe I am missing something here. Has big business been so successful in sanitizing what they are doing that it's no longer OK to refer to it as communist China?
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Is there anything that some of you guys can't in some way blame on Bush? And to believe that you know what his intentions were is funny.

I personally think that the loons that blame everything on Bush or the Republicans can't get a good grasp on reality. There is blame on both sides, as previously stated. Just because Bush has strong convictions that may not jive with your "lifestyle" doesn't mean you should blame all of society's problems on his policies.

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That's entirely wrong. My parents both work for banks and have my entire life. Every time there is a round of layoffs coming (due specifically to outsourcing) they get stressed. My mom was victim of one of these layoffs at the "VP" level (still not sure why they call it that.) They are getting rid of higher jobs and bringing in people here on work visas to train for the position, then sending them back over. Both my parents work in the IT departments which I don't consider to be ditchdigging. If you worked or lived around the University area, you would see the number of foreign workers coming out of Wachovia and realize just how many jobs have been replaced by somebody willing to work for less. It's all part of big business and, while I don't agree with it, I understand why they do it. All I have to say is karma seems to be getting the banks back now.
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.... Those lower wage employees would be US citizens if we had enough college graduates in technical fields...however, we are drastically short of those college grads. Since, there is a huge lack of US technical college graduates...we must look to our friends in India.
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Sorry, let me clarify. By outsourcing I meant offshoring. 60% of my local staff are foreign nationals. However, I don't consider that Offshoring and they are still consumers in the local economy. Yes, they systematically replace higher payed employees with lower wage employees. That's very unfortunate, but the way it works when you can pay someone less to do the same job. Those lower wage employees would be US citizens if we had enough college graduates in technical fields...however, we are drastically short of those college grads. Since, there is a huge lack of US technical college graduates...we must look to our friends in India.
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In case you didn't walk by, there were about a dozen of the RAN types outside of the Tryon St. entrance to the BofA CC protesting during the SH meeting.

A couple of signs, a guy with a bongo and an effigy of Ken Lewis. They were distributing pamphlets to anyone who would take one (I counted zero). I'm pretty sure the pamphlet had the BofA logo on it, too. Other than the disfigured effigy (something I'd expect to see on al jazeera television or at a rally in Beirut) they seemed pleasant enough. Just your garden variety liberal arts hippies.

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In case you didn't walk by, there were about a dozen of the RAN types outside of the Tryon St. entrance to the BofA CC protesting during the SH meeting.

A couple of signs, a guy with a bongo and an effigy of Ken Lewis. They were distributing pamphlets to anyone who would take one (I counted zero). I'm pretty sure the pamphlet had the BofA logo on it, too. Other than the disfigured effigy (something I'd expect to see on al jazeera television or at a rally in Beirut) they seemed pleasant enough. Just your garden variety liberal arts hippies.

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Little known fact: BofA largely stopped originating subprime home loans several years ago - well before the mess started. Your juxtaposition of RAN types and Republicans who wear suits is most illustrative, but falls short, as the Dittoheads (certainly the bank employees making these decisions are Republicans, right?) prudently made this exit well before Washington Mutual, Countrywide and others got around to it.
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Little known fact: BofA largely stopped originating subprime home loans several years ago - well before the mess started. Your juxtaposition of RAN types and Republicans who wear suits is most illustrative, but falls short, as the Dittoheads (certainly the bank employees making these decisions are Republicans, right?) prudently made this exit well before Washington Mutual, Countrywide and others got around to it.
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  • 3 weeks later...

What does Bank of America think of its North Carolina employees, maybe some of you reading this? This excerpt from, from a patent application, that amazingly is on the mechanization of outsourcing, might give some indications.

"A typical American employee demands a high salary, good benefits, a good work environment, vacation time, and other job-related perks such as reimbursement for higher education. These job-related perks are expensive and may not be cost-effective for the business entity. A business entity is forced to commit significant resources to employ an American work force and may often find that the demands of American employees far exceed the allotted budget. "

Maybe the bank prefers the "typical American employee" to be low paid and living in poverty.

You can read the patent application here.

As you can see, this computer model, which will decide if an employee's job will be moved to India or some other such locale, is being developed right here in Charlotte. Wonder if this includes the peeps on on the patent?

This along with supporting the dirty coal industry, along with developing products to enable illegal immigration and now this. One wonders who they mean when they say "bank of opportunities".

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Everyone talks about foreign companies and governments buying up shares of American companies and banks and many are saying that the banks here are in dire straits but BOA announced today that they are increasing their ownership of China's Construction Bank Corporation to almost 11%. It could be said that they are just diversifying their holdings since the US economy isn't doing well but while they are getting a pretty big discount on the purchase, if they have the money to make such a big purchase ($5.1 billion) I would think they aren't as bad off as people imply.

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