Bank of America Says The Quiet Part Out Loud

Bad Jobs

Guys, if you can believe it, Bank of America is really hoping for widespread unemployment:

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.”

The hope from Bank of America is that more people will be unemployed and workers will have lost this rare moment of bargaining power. Fat cats in corner offices believe that paying workers causes inflation, and not the record-breaking profits from price gouging.

We also note that the Federal minimum wage of $7.25/hr was last updated 13 years ago, and after inflation, people making U.S. minimum wage are earning less now than 60 years ago. That should put a smile on B of A executives vulpine faces.

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8 Responses to Bank of America Says The Quiet Part Out Loud

  1. Ten Bears says:

    BoA is the “carrier”, so-to-speak, for unemp benefits; by default or otherwise specified payments are made to a BoA account where it sits overnight collecting numerous fees and a fraction of a penny interest on how ever many millions of unemployed are receiving benefits before paying out to the recipient. All perfectly legal …

    Liked by 3 people

  2. Lulymay says:

    The minimum wage for the year 2022 in British Columbia is $15.25 per hour – the highest in Canada. I know the cost of living is higher here, but not by that much of a difference!

    Liked by 3 people

  3. I am not surprised…This is precisely why the Fed is busy engineering a recession, to punish the uppity proles. That it will benefit the Fascists is a plus, but the main reason is to bring back the beatings to improve morale.

    Liked by 4 people

  4. This is also about the most socipathic business take since that Big Pharma analyst lamented that they’d come up with a cure for Hep C, thus depriving the industry from profiting forever.

    Liked by 3 people

  5. roket says:

    They’ve got theirs.

    Liked by 1 person

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