Thread regarding Wells Fargo & Co. layoffs

Bailing out the banks after 2008 was socialism for the rich, paid for by you, the taxpayer.

Socialism has saved Capitalism over and over for decades.

Bank bailouts, corn subsidies, tax cuts (paid for by you).

Wars for oil, paid for by you.

But you won't hear that from the PR folks hired to help you forget 2008.

WF and every other corporation in America only exists and is profitable because of socialism.

And here's a fun fact, WF doesn't actually "need" to lay off anyone, they just need to make their shareholders rich at your expense.

Even Ayn Rand spent her last years collecting Social Security and Medicare.

Capitalism is great until a few people get so far ahead in the game they can game the system, pay for laws and rules that help them and hurt competition.

Then at some point they say "hey taxpayers, we did a million liar loans and other shady stuff and now we're not getting our million dollar bonuses unless you bail us out, er, I mean, we're in a systemic downward spiral..."

Capitalism is great if it's well regulated and it doesn't reward bad actors.

2008 was in your lifetimes, folks. Learn from history.

Also, are there ANY FLIPPING LAYOFFS COMING?

Why do you care if rich people rig the game? Because you have to make up the slack, because you will make less, becuase you will not have much of a future if you allow greedy parasititc billionaires to get away with robbing you all blind.

Capitalism works well when a government protects own workers. You see income inequality and you open more H1B visa?

Hey H1B visa guy. You do realize that the H1B visa cap of 65,000 has been the same since 1991 except for a 5 year period from 1999 -2003. Starting in 2006 an additional 20,000 were added for those with a masters or doctorate degree from an American institution. In 2022 the amount of available H1B visas was met on February 27, 2022. No more are issued after the cap is met each year.

Capitalism works well when a government protects own workers. You see income inequality and you open more H1B visa?

Those without a good job will never have a good job. Those working in a dead end job like me will never have chance to a career.

There's no such thing as a nation without capitalism. Capitalism exists even in China, Cuba, and North Korea, it's just incredibly manipulated by the government instead of letting huge companies like Apple, Chase Bank, and Amazon manipulate it.

Capitalism is not a form of government, it's an observation of the laws of nature that supply and demand exist and where they meet is pricing. Even without currency pricing exists. Look at hungry animals when let into an enclosure with an abundance of food. They'll largely pay the smallest price they can, which is to go straight for the nearest food.

Put those same hungry animals in an enclosure with not enough food and they will end up paying the highest price possible: combat leading to pain, injury, and death in order to pay enough for that limited supply of food.

Capitalism is a law of nature, you cannot avoid it no matter what.

They didn't "know their place", they just didn't act live savages and criminals. Apparently to much to ask in modern times. One's personal failures are no excuse for crime and the other alleged results of someone else getting rich. And even if it were, 100% of the time it only really impacts your fellow poor people. Want to protest, riot, and burn some things down? The elites don't care, in fact some of them quite enjoy it. It won't be their home or favorite business that is destroyed, it will be ours. But keep on thinking that you're "sticking it to the man" while you're stabbing the poor in the back.

Lol, yes, let’s go back to the Gilded Age when the poor knew their place. How does this place attract such loonies?

We're so far from that it's not even funny. John D Rockefeller operated, initially anyway, in a land of unfettered capitalism. As concentrated as wealth was back in those days, crime / violence was not out of control and men that were down on their luck still dressed and behaved better than 99% of Americans do today. It was in many ways a more civilized age. People may have been poor, but they had self respect and were determined not to stay that way forever. Way fewer people back in those days sitting around on their rear end demanding a hand out.

Unfettered capitalism is bad and not conducive to a civilized society. In general, people are more passive if they are able to participate in the economy in a meaningful way. They aren't spending their time worrying about putting food on the table or the cost of healthcare. The more that people have to worry about those things, the more angry they get at society. Right now, the US is in a cycle of continuous movement of wealth to a smaller group of people, which leaves less for the rest of us. It's not sustainable in the long run. Eventually, there will be no safe place to live without the worry of somebody stealing all your stuff and/or ki-ling you. We won't be any better off than a third world country, ripe for a government coup or another civil war.

I’m not the OP, but anything put in the wrong hands is bad.

Our BOD and Charlie Scharf have entered us in to a race to the bottom.

“The race to the bottom refers to a competitive situation where a company, state, or nation attempts to undercut the competition's prices by sacrificing quality standards or worker safety (often defying regulation), or reducing labor costs.

Although there are legitimate ways to compete for business and investment dollars, the term race to the bottom is used to characterize unhinged t-t-for-tat competition that has crossed ethical lines and could be destructive for the parties involved.”

Good job explaining....comrade

What OP is ignoring is all the socialism that is the root cause for the cost of doing business here being so high that in order to compete globally businesses have to use at least some overseas labor or competitors that do well crush them.

One can selfishly rationalize anything: dumping trash on the side of the road, stealing supplies from your company, abusive behavior, cheating on your spouse, secretly opening millions of unauthorized accounts, firing Whistleblowers, wrongfully foreclosing on homes, illegally repossessing vehicles, lying to shareholders….

That is where integrity, respect, strong moral values and consideration for others is supposed to step in.

OP, you might have to accept that despite capitalism's potential weaknesses, it's the best system there is.

I'm all ears if you can describe a better system where the government doesn't control everything?

Good grief, give it a rest already.

It's always easier to control or reduce expenses than it is to grow revenue.