Banks Eat Their Young

(AP) Bank of New York Mellon Corp. said Wed (8-10-11) that it will cut about 1500 jobs, or 3 percent of its work force.The banking industry resorted to layoffs during 2008 and 2009, as the financial crisis pummeled earnings and banks took government bailouts. 2010 provided some relief, and banks even hired back some laid-off workers. But banks have been cutting jobs again in recent months. Goldman Sachs and State Street, among others, announced last week that they would also lay off about 3 percent of their workforces. What makes these cuts different from the layoffs of 2008 and 2009 is that they're coming at a time when many banks are actually posting improved profits.

Meanwhile on Planet [Standard and less] Poors:

"People are going to feel less rich and that will make them hold back on spending, which would be a further blow to the economy," said Beth Ann Bovino, a senior U.S. economist at Standard and Poor's.
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"Less rich" WTF where do you live b*tch??

GOOD NEWS! No Double-Dip! (BS)

from msnbc.com:
The U.S. may have dodged the double-dip bullet with the latest jobs data...

The government's monthly job report pointed to a surprise uptick in hiring in July. Payrolls expanded by 117,000 as private employers added 154,000 workers and governments cut 37,000 positions in July.

"This is a fabulous number," said Mark Zandi, chief economist at Moody's Analytics. "We're not out of the woods yet, but this is a good sign that we are going to avoid [a double-dip] recession."
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WHAT A TOOL! Blah blah blah BS!

Consumer Spending Fell "UNEXPECTEDLY" in June

msnbc (c) 8-2-11:
U.S. consumer spending slipped 0.2 percent in June, after edging up 0.1 percent in May. It was the first decline since September 2009. Economists polled by Reuters had expected spending, which accounts for about 70 percent of U.S. economic activity, to rise 0.2 percent...
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...because they are idiots who can't tell which way the wind is blowing without a compass!

"Shocking"! Economy Not Growing!

msnbc.com:
Washington's spectacular failure to manage the nation's finances [in failing to increase debt ceiling] has raised concerns that a gridlocked government is also powerless to revive a slowing economy.
The latest economic data raised fresh fears that recovery could soon turn back into recession. The nation's gross domestic product, the broadest measure of the economy, rose at an anemic 1.3 percent annual rate in the second quarter, the Commerce Department said Friday.
Revisions to first-quarter data were more alarming. The government now says the economy grew just 0.4 percent in the first three months of the year, not the 1.9 percent gain logged in its previous [totally BS falsified & manipulated] report.
As one observer noted, "shocking". REALLLLY????! To Rip van Winkle, maybe.

Obama confident yet impatient

After a spate of discouraging economic reports, President Barack Obama insisted Tuesday he's not afraid of the country slipping into a double-dip recession. But at the same time he displayed some impatience that the pace of the recovery has "got to accelerate."
MSNBC.com
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Well, I'm dancing as fast I can, Mr. Prez!
Anyway why would he be 'afraid'? He won't lose HIS job, until, maybe November 2012...

Unemployment down to 9%!!! [BS]

One website parroted the mainstream media's "good news" nonsense, then added:
In fact, the unemployment situation in the US – and in the West generally – remains disastrous. Alternative ‘Net news organizations estimate US unemployment to be in the area of 20 percent; and we believe it is likely much higher than that. Even some mainstream media voices cannot keep up the pretense that the economy is turning positive again.