May 29th, 2012
By Bifford Caulfield -- In 2008 Hank Paulson pleaded on bended knee before Congress and the President that the big banks (BOA
included) needed a bailout in order to keep the global financial system from collapsing and thus destroying all of civilization (their words, not mine). What was really afoot, we all learned, was that the banks wanted tax payer help in order to "socialize" their losses once the highly profitable speculative fervor of the 2000's turned against them. And to add insult to injury -- after making massive amounts of money by borrowing from the Federal Reserve at one-fourth of one percent interest and then buying U.S. Treasuries at anywhere from 1.5% to 3.5% -- making guaranteed, risk-free money as a gift from the United States tax-payers -- their thanks is to continue and in fact accelerate the process of out-sourcing middle-class jobs to the -- further destroying the American middle class.
Bank of America announced this week that they were out-sourcing thousands of American middle-class jobs to the Philippines because they can get it done for less money than they can if they do it in the United States.
Bank of America was all patriotic and cared so much about America and the world economy when they were endanger of losing their financial rectums in the economic collapse. But now that the crisis has been averted (at least temporarily) and the bank is making train-loads of money again -- business as usual rules apply again. When it came down to the decision whether or not to be loyal to and patriotic toward America when it came to the well-being of its working citizens -- or to go the route of making a few more dollars per day per employee by out-sourcing call center work to the Philippines -- they couldn't let their razor sharp business judgement be influenced by patriotism, reciprocity, or morally -- and did the free market capitalistic thing -- shafted American workers and sent the jobs to slave laborers in the Pacific.