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live love laugh

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Member since: Wed Feb 7, 2007, 10:48 PM
Number of posts: 9,887

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Bank of America memo hopes workers' conditions worsen


A BANK OF AMERICA executive stated that “we hope” working Americans will lose leverage in the labor market in a recent private memo obtained by The Intercept. Making predictions for clients about the U.S. economy over the next several years, the memo also noted that changes in the percentage of Americans seeking jobs “should help push up the unemployment rate.” The memo, a “Mid-year review” from June 17, was written by Ethan Harris, the head of global economics research for the corporation’s investment banking arm, Bank of America Securities. Its specific aspiration: “By the end of next year, we hope the ratio of job openings to unemployed is down to the more normal highs of the last business cycle.”


What the memo calls “the ratio of job openings to unemployed” is generally calculated the other way around — i.e., the ratio of unemployed people to job openings. The more widely used ratio offers one measurement of the balance of power between workers and employers. The lower this number, the more options unemployed people have when searching for work and the greater opportunities employed people have to switch to jobs with better pay and conditions. According to the Bureau of Labor Statistics, this ratio stood at 0.5 as of May, meaning that there were then two job openings per unemployed person.
In 2009 — at the worst moments of the economic calamity that followed the collapse of the housing bubble during the end of the George W. Bush administration — the ratio climbed as high as 6.5, so there were more than six unemployed workers for each open job. It then slowly declined over the next decade, reaching 0.8 in February 2020 before Covid-19 lockdowns began…


The memo is an uncanny demonstration that the economist Adam Smith was right when he described the politics of inflation in his famed 1776 work, “The Wealth of Nations.”. “High profits tend much more to raise the price of work than high wages,” Smith argued. “Our merchants and master-manufacturers complain much of the bad effects of high wages in raising the price. … They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.” Thus, exactly as Smith would have predicted, Bank of America complains loudly about the bad effects of high wages in raising prices, but appears to be silent about the pernicious effects of high profits.

Posted by live love laugh | Sat Jul 30, 2022, 11:08 PM (18 replies)

Louis Dejoy celebrated TWO YRS of fuckery this past June

And he’s poised to fuck up the mail in ballot process in 3 months.

I remember management strategy meetings where we’d do SWOT analysis to evaluate and prioritize strengths, weaknesses, opportunities and threats.

Dejoy is a glaring threat. The Postal Service as a target is a threat. With the “success” Republicans have had sabotaging the Postal Service it will remain a target for election interference.

I sure hope somebody who matters is doing something right now to come up with some long-term solutions to these threats because a LOT is at stake.
Posted by live love laugh | Thu Jul 28, 2022, 10:00 PM (8 replies)

Commentary newz: All praise for Cheney and Republicans

Nary a mention of Democrats.
Posted by live love laugh | Thu Jul 21, 2022, 09:58 PM (1 replies)

$69 Trillion annual venture capital goes disproportionately to

Guess who …. ?


Posted by live love laugh | Wed Jul 20, 2022, 05:11 PM (0 replies)

Et tu Sesame Place?

Racism’s ugliest cowardly acts against innocent children …

Posted by live love laugh | Tue Jul 19, 2022, 02:43 PM (2 replies)

Narcissists align with the opposition

Had a narcissistic boss who would befriend the most belligerent employees.

Just as the testimony says, people like that feel validation when higher ups seek them out and will do anything to return the favor.

As a testament to the relationship with the opposition that she formed, the union gave her a retirement party—an unheard of event.

Posted by live love laugh | Tue Jul 12, 2022, 02:36 PM (0 replies)

Mob Action

Definition Of Mob Action--Unlawful Assembly
A person commits the offense of mob action when he [1] acting together with one or more persons and without authority of law [ (T knowingly) (intentionally) (recklessly) ] disturbs the public peace by the use of force or violence.

This is or should be a definite charge against all January 6 traitorous “organizers”.

Posted by live love laugh | Tue Jul 12, 2022, 02:13 PM (0 replies)

They MUST discuss Gin and Clarence Thomas!

Before the hearings end…
Posted by live love laugh | Tue Jul 12, 2022, 01:24 PM (3 replies)

Wondering if there's ketchup on a wall today somewhere near TFG.

Asking for a friend…

Posted by live love laugh | Tue Jul 12, 2022, 12:31 PM (4 replies)
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