US bank profits were up 6.6% in the third quarter. And I suppose the banks aren’t satisfied and that is why they continue to raise fees. Wouldn’t it be nice up we could limit their increase in profits to the rate of inflation used to calculate COLA increases for government benefits? Then there would be less big business support for reducing entitlement cost of living increases.
Bank of America announced that it would layoff 30,000 employees. More recently in a settlement with regulators, B of A will hire an unknown number of employees to speed foreclosures. If you are out of work and facing foreclosure yourself, you may be able to land a job at B of A helping to foreclose on your neighbors and perhaps even on yourself. Cleaning up the backlog of foreclosures will eventually help restart the real estate market, which is a good thing for the economy. But do you want to be a part of the solution by putting friends and neighbors out of their homes?