Profit on Wall Street, recession on Main Street

posted by
August 28, 2011
Our Future Blog
by Sally Kohn  
Posted in Commentary, PND Commentary

"In the past few weeks alone, Bank of America, Goldman Sachs, Cisco Systems and Borders have all announced massive layoffs. Borders is closing its retail stores, auctioning off its holdings and letting go 10,000 employees as, due to online competition, the company is no longer profitable and filed for bankruptcy earlier this year. In contrast, Bank of America, Goldman Sachs and Cisco Systems have all posted profits in the last few quarters -- in some cases, record highs. Although according to the latest data, 9.1% of Americans are unemployed, major US corporations are slashing jobs not out of necessity but out of greed." (08/26/11)  

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