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LEAP/E2020 believes that, instead of « green shoots » (those which international media, experts and the politicians who listen to them (5) kept perceiving in every statistical chart (6) in the past two months), what will appear on the horizon is a group of three destructive waves of the social and economic fabric expected to converge in the course of summer 2009, illustrating the aggravation of the crisis and entailing major changes by the end of summer 2009… more specifically, debt default events in the US and UK, both countries at the centre of the global system in crisis. These waves appear as follows:
1. Wave of massive unemployment: Three different dates of impact according to the countries in America, Europe, Asia, the Middle East and Africa
2. Wave of serial corporate bankruptcies: companies, banks, housing, states, counties, towns
3. Wave of terminal crisis for the US Dollar, US T-Bond and GBP, and the return of inflation
Originally posted by dimensionaljumper
And by the way, BOA is not going to shutdown 600 locations.
"A bank spokesman, James Mahoney, rejected a published report that the bank plans to shed 10 percent of its branches, a move that would cost thousands of jobs. But he said cuts would come as more consumers bank online or by phone."
The reason they will shrink the network of their banks over the next 5 years is be cause consumers don't use the physical banks as much as they used to. Most do their transactions online. And a large percentage of the workforce is paid via direct deposit.
Do you guys want the economy to collapse? If so, why? Are you currently not succeeding and thriving in this economic system? If not, why? When the going gets tough, the tough get going. There are millions of Americans that are currently thriving in this economic system. You could be one of them, but instead of figuring out how to thrive, you just complain and hope that the system fails, because you just cant seem to fit into it.
Sure, there is corruption in the markets. But there has always been corruption, and there will always be corruption, because it is a product of man. Man is flawed, and so are the systems he creates. Stop bitching about it, and go out there and get a better job, or better your education level people. Doom and gloom is so out of style!