PROPAGANDA ALERT: Wall St. Hiring in Anticipation of an Economic Recovery

Posted on July 11, 2010
Filed Under Critical Issues | 2 Comments

This is an obvious piece of propaganda. The banking industry made record profits in 2009. Since February 2010 all the big New York banks have hired 2000 people back…I remember just a year ago when Citi Bank laid off 64,000 employees in the United States in one month.

Wells Fargo just announced Friday that they would be laying off an additional 3800 employees the majority being axed in the next two months.  They claim that financial institutions are hiring nationwide but that clearly is not the case.

While much of the country remains fixated on the bleak employment picture, hiring is beginning to pick up in the place that led the economy into recession — Wall Street.

The shift underscores the remarkable recovery of the biggest banks and brokerage firms since Washington rescued them in the fall of 2008, and follows the huge rebound in profits for members of the New York Stock Exchange, which totaled $61.4 billion in 2009, the most ever. Since employment bottomed out in February, New York securities firms have added nearly 2,000 jobs, a trend that is also playing out nationwide at financial companies, commodity contract traders and investment firms.

Though the figures are small in comparison to overall Wall Street employment, executives, economists and headhunters say they expect the growth to pick up steam in the coming months.

“I think we’re seeing some hiring in anticipation of better times,” said Rae Rosen, a regional economist at the Federal Reserve Bank of New York. “Wall Street typically hires in anticipation of the recovery, and there is a sense that the economy has bottomed out and is slowly improving.”

Read Full Article Here: Wall St. Hiring in Anticipation of an Economic Recovery – NYTimes.com.

Propaganda such as this hurts American workers. People start thinking their jobs are safe and start spending money. They then lose their job and have spent their last dime on a big screen TV. This type of propaganda is used to suck the last dollar out of our working families.

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Comments

2 Responses to “PROPAGANDA ALERT: Wall St. Hiring in Anticipation of an Economic Recovery”

  1. James Moriarty VI on July 11th, 2010 1:38 pm

    This news story is actually true, not propaganda. The layoffs you point out are actually cutbacks of business unit that were under-performing. They were axed in order to keep the rest of the company strong.

    In general Wall Street is gearing up for one last hurrah, and will be hiring new ignorant blood to be the foot soldiers of the next batch of schemes.

    Continue prepping and moving your money into things that provide real value, skills, knowledge, land, food, hand tools, shelter, water storage & purification, weapons.

    Precious metal values are being gamed by the rich. Instead of buying too much of that buy the things you and your descendants can use for years to come now.

  2. Stephanie on July 12th, 2010 4:53 am

    Talented students are savvy to this trend. Recently I attended an event for alumni from some prestigious schools. Almost all of the young people there had jobs in the financial sector. Even if they hadn’t majored in business, they changed their professional fields. Two attendees had completed an M.B.A. immediately after finishing their Bachelor’s degrees in electrical engineering, so even engineering was not viewed as a promising field. The students I spoke with were very narrowly focused and very knowledgeable financially. These highly educated young people seem to view the financial sector as their only possible future.
    Stephanie Mcnealy
    http://www.famous-philanthropists.org
    Customer Service Team

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