This summer, Goldman said that it would wring out $1.2 billion in costs from its operations by mid-2012, including eliminating about 1,000 jobs. Bank of America announced it would lay off 30,000 employees, as part of a wide-ranging plan to save $5 billion in annual costs by the end of 2013. (NYT, 10/19/2011)
A free markets primer for Liberals. Goes like this. If you demonize banks and tell them how much they can charge for services and restrict their ability to do business, they lay off workers. That increases unemployment. Then there are fewer people paying taxes and more people collecting benefits. That leads to higher deficits. So then you have to raise taxes on the people who are working. Next thing you know you have the Tea Party. Make sense?
Smashed
Skirmishes between demonstrators and police broke out outside the Greek Parliament at the start of a two-day general strike on Wednesday as tens of thousands of Greeks took to the streets in the largest demonstration in Athens in months, if not years. A crowd of dozens of youths took advantage of the moment to smash several storefronts and begin looting. (NYT, 10/19/2011)
Teaching moment for Liberals. When the nanny state is no longer supportable, spending cuts become necessary and your constituency takes to the street to protest and do violence. So to avoid this...
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