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Looks like the effects of Obamacare are starting. Expect much more of this now that he got re-elected and there is no chance of repealing job/economy killing Obamacare.
Citi already took everyone's money. What used to be usurious for years and years is now fair game. Credit card interest 29% or more, compounded semi-hourly. Late fee when the due date keeps moving, then overlimit fee, up your interest rate. Late fee when they "didn't get your check" until 21 days after you sent it, cashed conveniently after the due date, then up your interest rate. I quit playing the credit card game. I paid them off, cut them all up, and they can go whistle dixie. Most people don't have any money left to put in Citi. No one with any money left is stupid enough to put their money with Citi. Boo hoo hoo hoo for Citi. What's in your wallet?
This is by no means meant as a political statement, merely an observation. In my business I consult with firms ranging from two twenty-somethings just out of college, to a $20B computer services provider. It's distressing how many of them want to talk politics, which is a minefield for me, but in every instance they are railing against our current administration and saying they are delaying new projects and new hiring, etc. I hope I am wrong, but based upon what I have seen and heard, this Citibank story is the proverbial tip of the iceberg.
Double dip coming? Retail sales are down, restaurant companies reporting negative growth, CP announced layoffs, and US auto makers report high inventories of unsold cars. Every company I talk to has reported that business has been down the last several months.
And yet people keep living in their fantasy state Obama will fix this or the republicans will fix this,nothing is going to get fixed. Canadian Pacific Railway Ltd. - 4,500 job cuts,Eleven Illinois companies - 1934 Layoffs in Coming Months.Reebok - 65 at Canton HQ, 150 Worldwide.Nokia Siemens Networks ( International ) - 1,000 job cuts.German light bulb maker Osram - 4,700 job cuts.Northrop Grumman Corp - 200 job cuts.LivingSocial Inc. -up to 400. Just a sample from the last week.People can wish this away all they want the fact is we are headed toward a world wide depression..
"Every company I talk to has reported that business has been down the last several months."_________ We had a chance to get on the right path by voting Obama out and we blew it. Now he is doubling down on the policies that have been keeping the economy from improving, this will get much worse if he has his way.
You don't start a war with Americans and their success. Especially when the one starting war has nothing but words to compete. Please stop the class warfare, whether you like it or not, we all need the rich. As other post states, this is just the tip from what I'm hearing and seeing.
@greg62 - not Obamacare. If you have metrics to prove it from a government site then post them.
They were bailed out by the government, and their new CEO is making necessary changes to try to get them turned around. he is doing this to impress the board of directors.
Why anyone would do business with one of these banks is beyond me. They certainly dont care about their employees and community. Bank with a local bank or credit union.
The business community is poised to take action based on what actions are taken for the Fiscal Cliff. Depending on the outcome, a lot more cuts will happen and companies will continue sit on their capital and hold off on growth and hiring. Not good for the middle class.
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