I would not consider myself to be a communist or a capitalist. To quote my earlier work from the winter of 2000 “Communism and Capitalism both meet the same ends. Power and wealth is centralized in the hands of the few.” Having said that I would like to quote Marx “The lower strata of the middle class — the small tradespeople, shopkeepers, and retired tradesmen generally, the handicraftsmen and peasants — all these sink gradually into the proletariat.”
What Marx is saying is this: The middle class will eventually sink into poverty due to the nature of capitalism. In other words the middle class is dwindling and will eventually be gone. It won’t be long before the only class division left is the difference between the working poor and the independently wealthy.
Things are getting so bad out there that even bankers are finding themselves out in the cold this winter. In the previous article Production Reduction I stated “UBS, Citigroup, ABN Amro, Barclays, Bank of New York Mellon, Credit Suisse, Goldman Sachs, HSBC, Lloyds, State Street, Wells Fargo, and finally Bank of America are all talking about massive lay offs. Bank of America may actually cut 10,000 jobs which would mean a 3.5% reduction of their work force.”
I wrote that article back on September 9th. Now it looks like the proposed lay-offs are coming to fruition. According to Bloomberg “A wave of firings has washed away more than 200,000 jobs in the global financial-services industry this year, eclipsing 174,000 in 2009.” A recent Forbes article Rough Times for the Brokerage Industry puts it like this …
Bankers are being laid off.
Brokers are being laid off.
Traders are being laid off.
Support staff are being laid off.
Product people are being laid off.
Wealth management people are being laid off.
Analysts are being laid off.
John Lennon once said “Instant Karma’s gonna get you. Gonna knock you right on the head.” Not even the bankers themselves are immune to their own financial terrorism. Like madmen with bombs strapped to their chests, they blew up the economy. It was only a matter of time before they fell victim to their own greed and corruption.
I would like to tell all of the recently canned bankers to suck it up and get a McDonald’s application. This is your comeuppance deal with it.