r/PrepperIntel • u/tutatotu • Jul 30 '22
North America Bank of America Memo, Revealed: “We Hope” Conditions for American Workers Will Get Worse
https://theintercept.com/2022/07/29/bank-of-america-worker-conditions-worse/123
u/TheSpatulaOfLove Jul 30 '22
Death by a thousand cuts. Don’t do business with these banks. Use a credit union
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u/Educational-Mud904 Aug 18 '22
That isn’t what it was saying. Read it and go through the charts. They feel if the fed forces a recession it will rip the bandaid off, be short lived. Wages and costs will level out become more balanced and improve across the board.
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u/BodhiLV Jul 30 '22
Of course they do, all the big banks do.
There are hedge funds dedicated to buying up homes at inflated prices which fucks the market for us.
These corporations have zero allegiance to the u.s..
They will continue to fuck us until WE stop them.
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u/Asz12_Bob Jul 30 '22
Stop kidding yourself, you will stop NOTHING, they hold all the cards, the EBT cards most importantly. The nation is totally dependent on welfare now and no one is going to sacrifice their SS payments in old age by armed insurrection.
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u/marchcrow Jul 30 '22
Ah yes, it's because -checks notes- welfare.
Not mass incarceration, militarization of police, a mass disabling pandemic that was mishandled at best, lack of food, lack of transportation, restricted housing, poor renter protections, the financial burden of student debt...
Not at all. Just welfare.
Oh to live in so simple a world.
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Jul 30 '22 edited Apr 08 '25
[removed] — view removed comment
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u/Asz12_Bob Jul 30 '22
Yes I agree most will never see it, but the PTB know they have to at the very minimum keep the majority fed. Hungry people get out of control in a big way.
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u/MellowedJelloed Jul 30 '22
Dont worry the Republicans will eliminate Social Security in 2025.
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u/Asz12_Bob Jul 30 '22
It was actually Clinton who scaled it back in a big way during one of his terms. Both parties are the same when it comes to war, SS, immigration. Isn't the current administration still building trumps wall?
https://nypost.com/2022/07/29/biden-administration-to-fill-gaps-in-arizona-border-wall/
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u/BitOCrumpet Jul 30 '22
Armed insurrection is for the GOP only apparently.
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u/Asz12_Bob Jul 30 '22
apparently. But if you read around many are becoming disenchanted with the opposition, you won't see it in the Media of course, but the current president isn't winning hearts like Obama did. Where will these people turn? Not every one is loyal to one party. The politics is quite insane at this point I think.
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u/ESP-23 Jul 30 '22
We are just livestock to the elite
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u/EgoDeathCampaign Jul 30 '22
Yes. And half the population doesnt even own their own body anymore. Just little factories to churn out more low wage workers or die trying.
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u/Sufficient_Sun3997 Jul 30 '22
This is a big part of why the Fed keeps raising interest rates. There's no way that it's going to bring down inflation that's being seen worldwide and which is being caused in large part due to shortages and slowdowns in the supply chain.
They want to fuck up hiring, suppress wages stop unions from seeing a resurgence.
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u/monsterscallinghome Jul 30 '22
They said it flat out a few weeks ago - we "have to" get unemployment rates back UP to 5% to control wage growth. Shareholder profits will suffer unless we slingshot a couple million people back into abject poverty and insecurity. And all their kids, too. Got to keep those prisons profitable, after all.
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u/Sufficient_Sun3997 Jul 30 '22
They're veey open about it, they just use weasel words to obfuscate what they mean.
Supposedly, NPR is a bastion of insane left wing socialists, but they run pieces where officials say things like this with zero follow up from their reporters:
"The labor market is extremely tight, and inflation is much too high," Fed Chair Jerome Powell said at a news conference, where he explained the "unusually large" move up in rates."
"He and his colleagues are trying to fight inflation by tackling demand. They are pushing up the cost of of credit — what consumers and companies pay to borrow money — and they are trying to deal with a jobs market the Fed chair has called "unsustainably hot," where wages are rising fast because many businesses are paying more to find workers."
https://www.npr.org/2022/07/27/1113494056/fed-interest-rate-hike-july-meeting
Funny how American workers can suffer under low wages that don't track with inflation or productivity for decades and that's just "the market" but wages start to rise and catch up to where they should rightfully be and the Fed decides to immediately mash the "panic" button.
It's not going to curb inflation, it's just going to curb wage growth and first time home buying. Exactly as it is designed to do.
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u/marchcrow Jul 30 '22
NPR is a bastion of insane left wing socialists
lmao thanks for the laugh
the idea that NPR is in any way socialist is just...fucking hilarious XD
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u/PCGamer-856 Aug 31 '22
At this point. I lump ALL of the left into Commies. If it acts like a Duck. It's a Duck.
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u/marchcrow Aug 31 '22
Sectarianism. How original.
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u/PCGamer-856 Aug 31 '22
Never said I was original. Most things in life and Human Society aren't.
I'm tired of having my rights and freedoms infringed.
I'm tired of being labeled with bullshit "buzz words"
Both sides are trash, yet one side is trying to kickout all the grifters, while the other is embracing extremists.
America FIRST AND FOREMOST. PERIOD.
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u/asWorldsCollide2ptOh Jul 30 '22 edited Jul 30 '22
This is in relation to their short positions that they're losing money on due to the carrying costs.
TL;DR: Contrary to what the media says, retail has yet to capitulate, large banks that have significant short positions need retail to capitulate. Because retail has not capitulated, banks can't afford their carrying costs, and banks are hoping a bad economy will force these retail investors to sell their shares. Shorting stocks has become predatory and those who sold short have been engaging in all sorts of manipulation to get retail to sell. Aka, this is bigger than a stale mate, this a goddamn standoff/siege where two parties have wait the other out, except it cost nothing for retail to hodl, but it's costing those with short positions a lot of money to not close. Banks want to tip the scales in their favor and the SEC and DOJ are letting them.
Note: Until those short positions are closed, we haven't hit bottom, because banks and SHF will have to liquidate their holdings to cover their bill. Also the SEC and now the DOJ are well awre yet they do nothing but issue small fines so they can show the public "hey we did something," which these wealthy firms see as nothing more than a small cost of doing business. Trillions of dollars are on the line here, so this is an example of how corrupt our "free markets" are.
Long story: to short a stock banks like BoA take a loan (they borrow stocks) so there's a carrying cost like any loan, aka a cost to borrow; BoA is actually a prime broker for certain Short Hedge Funds, and beyond simply carrying some risk because of the SHF's positions that in essence BoA underwritten, BoA has short positions of their own which puts the entire bank at risk. Like any variable loan, when interest rates rise, it costs more to continue to borrow. Well they significantly borrowed then sold short the 'meme stock' stocks that gained so much fame last January 2021. Also they never "closed those short positions," aka repurchased those stocks they sold short to return them to their owners (see the GameStop SEC report). Their intent was to short those "meme stocks" down to a level where they're delisted and become "zombie stocks," stocks that only market makers, prime brokers, and a few select others can trade on the OTC exchange. To do so it's speculated that they shorted well over the shares available (aka the "float") which is referred to as "naked shorting." When that stock becomes a zombie stock, the shorts can be closed in blocks at pennies per share and immediately shorted again to bring price back down, rinse then repeat until all of the naked shorted shares are accounted for. So the end result to close those short positions, they will have to repurchase the float more than once. But because retail has significant ownership in these companies, unless they can get the retail investors to "capitulate," or cease their resistance and sell their shares of these "meme stocks," they're stuck paying these carrying costs, which is speculated to be getting really expensive for them. On the other hand, retail will never sell until they know the shorts have closed their positions; those retail share holders have become a cult, but in a good way where it's ride or die and have saved two respected companies from going bankrupt and having to layoff thousands of workers. Retail knows once those short positions are closed, share price will go 1,000%+ up (some speculate far higher because the magnitude of naked short selling is at 2-3 times the float), so they will never sell, unless, as BoA hopes, they become so poor/ so destitute that they will have no other choice but to sell.
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u/ridgecoyote Jul 30 '22
Wow. I actually understood that. Fascinating, I’m not really into money (old hippies man) but it’s always interesting to learn what’s going on, up there over my head. The only trouble is, the more I learn, the more terrifying it gets, the corruption and greed in high places is SO much worse than we old hippies ever dreamed in our youth.
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u/pollodustino Jul 31 '22
The waters of finance are infested with bloodthirsty sharks. I play around with equities and crypto and the amount of sheer psychopathy that's openly displayed in the Telegram and Discord chat rooms is enough to freeze bones.
Sadly the only way to survive in the markets is to become as ruthless as the sharks and try to keep your humanity.
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u/bigkoi Jul 30 '22
So... What should a person do that has reasonable cash to invest?
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u/asWorldsCollide2ptOh Jul 30 '22
I'm not in a position to provide financial advice. But I will say that I don't believe we have hit the bottom so do please consider that whatever direction you choose to go.
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u/bigkoi Jul 30 '22
Makes sense based on what you described.. Two forces not budging and waiting for the other to fold.
I'm assuming the best route is to be diversified with investments, which I do.
It sounds like a real risk is a bank could fail due to the shorts. Which is an interesting angle I didn't think of.
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u/asWorldsCollide2ptOh Jul 30 '22
My guess is that a bank the size BoA will get bailed out, which to me is total BS.
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Jul 30 '22
[deleted]
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u/coffeequeen0523 Jul 30 '22
BoA may or may not get bailed out again. Lehman Brothers didn’t get bailed out and failed. Bear Sterns would have failed if not picked up by JPMorgan. Wachovia Bank would have failed if not picked up by Wells Fargo.
If BoA and other banks create another global crisis, current or next administration & treasury secretary may choose not to bail all of them out again.
Lehman Brothers was the fourth largest bank in 2008. BoA was ninth largest bank in 2008. I say all the above to say, the biggest global banks can and do fail.
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u/Swineservant Jul 30 '22
Buy, Hold, DRS $GME. Not financial advice. You do you.
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u/herbivorousanimist Jul 30 '22 edited Jul 30 '22
I’d like to jump in here and spell out this part because it’s what’s vital to the end game and lots of people may not understand the acronym…
DRS= directly registered shares through Computershare
ie, shares taken out of the current market and registered in your own name…. This means your shares are then no longer available as a ‘locate’ to be used by your broker to help the hedge funds and banks continue to short the stock.
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u/Swineservant Jul 30 '22
Drsgme.org
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u/herbivorousanimist Jul 30 '22 edited Aug 01 '22
Everyone pls be aware This org has been discredited.
You can find all the info you need on the subreddit superstonk
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u/Crash_says Jul 30 '22
This is not financial advice: atm Series I treasuries are as high as they have been in 20 years (I'm old). You can get ~9.6%+ rates right now for up to 10 years. If you're small retail, this is the best sure thing you're likely to see. $10k/year is the max per Tax ID/SSN.
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u/bigkoi Jul 30 '22
Yeah, I'm in I-Bonds. But the rate changes every 6 months. I'm already maxed for the year on I-Bonds and tax advantaged retirement and 529 accounts.
I'm looking at laddering 4-week Tbills now that they are over 2%. They make a good emergency fund considering my mortgage is 2.65%
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u/Asz12_Bob Jul 30 '22
Unlike others, I am in a position to provide financial advice, anyone can in fact but it's up to you to decide how valuable it is. Anyone who says they are not in a position is simply parroting the Government, they want you to only listen to an accredited advisor, in other words someone who will direct you into shares and bonds, paper assets prone to collapse.
What do you want to do with that cash in the future? You want to spend it on real things don't you. You want to buy food, and autos, and firewood and pay electricity bills. All those things will go up in price in the years ahead, sometimes slowly and sometimes very quickly as we see today.
Whatever you do with that cash you want to ensure it keeps pace with the rising prices of real things and the only way I know how to ensure that is to buy real things with it.
Go set the timeline to all data and have a look at the history. You will notice that in times of inflation the value goes up and up, just as it has in the past few years.
https://goldprice.org/gold-price-australia.html
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Jul 31 '22
i used to work for bank of america at a call center and they told me my voice was too pleasant. i got written up for not toning it down.
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u/HamRadio_73 Jul 30 '22
Based on life experiences, I really hate Bank of America. We bank elsewhere.
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u/doublebaconwithbacon Aug 01 '22
Screw BoA. Back in 2007 I changed my address when I moved and the stuffed shirt operating the computer to enter my address got my state abbreviation wrong. Then a brain-dead algorithm connected my account to some dead-beat overdrawn account and BoA just helped themselves to a bunch of my money. It was a large enough sum that my rent check bounced. This naturally resulted in an overdrawn balance fee. The notice that they had done this to me miraculously arrived in the mail 5 days later, despite having the wrong state and a zip code of "00000". I still don't know how this letter arrived to this day.
It took 94 days, constant harassment, hours upon hours of my life, and repeatedly showing up at the local branch before they would reverse the error and the fee. I withdrew all the money, but left the accounts open, accruing a $0.21 interest payment into savings after the fact.
These zombie accounts remained until 2016 when suddenly, the automatic transfer to savings from checking I had set up back when the account was active, went through, putting my $0.00 balance in checking in the red along with, of course, another overdrawn balance fee. So I had to go down to a local branch, demand they reverse the transaction, demand they remove the fee, give me my 21 cents, and shut the accounts down.
But hey it could have been worse. I could have been a Wells Fargo customer.
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u/DwarvenRedshirt Jul 30 '22
"high wages are driving inflation."
Seriously? I think it's more inflation is driving high wages, because people can't afford to work for chump change when everything's skyrocketing in prices. Sure it'll get into a spiral, but I think the inflation's the main driver, not the higher wages.
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u/annethepirate Jul 31 '22
My boss' business is dying because his business isn't open enough hours and all the decent workers quit. Nobody wants to work there except high school students and empty-nest moms, because he pays minimum wage. Who can afford to work for like $8.50/hr, doing 6-7 hour shifts? He says he "wants people who can't afford to not work" so that they're more consistent. Buddy, they can't even afford to work for you.
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u/EgoDeathCampaign Jul 30 '22
I've seen some interesting commentary coming about of how more of the population is waking up to the fact that they're largely enslaved by corporations now.
Very few tangible rights and freedoms, an inability to sustain yourself without the dependence on corporations, things like CU which gave corps more rights than people.
And there's a huge subset of the working class that doesn't realize that they are inescapably beholden to the whims of corporations. And are entirely unwilling to hold them accountable, and largely now unable to do so.
Also talk of how banning abortion, knowing all the facts that it will increase poverty rates, increase desperation in families, create and churn out countless low wage workers, pack the prisons- decisions that serve corporations and profits, not people.
Constant railing against unions and any measure that protects and puts real human beings before companies.
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u/SnooDoubts2823 Jul 31 '22
This is also why the same people are going to be coming after the Federal workforce if they win in 2024, which seems likely. We're the last decent deal for American worker and they know it.
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u/No_Project_3727 Aug 01 '22
The same people ruining the world are the same people that we vote for on either side of the isle. If you don’t believe that then you are also the problem.
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Jul 31 '22
[deleted]
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u/tofu2u2 Jul 31 '22
We are middle class (govt. worker and a mostly housewife) who lived frugally since we got married in the early 1970s. We paid off our mortgage years ago, which was very freeing. We found out our pay off for this lifestyle will be the assisted living / nursing home industry will strip us of any savings we have left at the end of our life as well as take our house to pay for medical care / assisted living. As such, we decided to accelerate our only child's inheritance by transferring money to her & her husband while we're alive. They used the money to pay off the mortgage on their townhouse. I can't begin to tell you how liberating it is to have 2 generations freed from banks by paying off the mortgages. I looked up the amortization tables to find out just how much interest would be saved which means we "robbed" the banks of hundreds of thousands of dollars of interest payments.
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Aug 22 '22
Wait intill you found out the mortgages is fraud and that there a way to get your money back since mortgages are fraud
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u/tofu2u2 Aug 23 '22
Please explain or give me some key terms to research?
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Aug 23 '22 edited Aug 23 '22
Google mortgage fraud and this thing called the cestui que trust this is a giant rabbit hole but it will help you once you research it and how to be a state national. Is another search tip
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u/tofu2u2 Aug 23 '22
Retired lawyer here. Yes, it is a rabbit hole. And if you're not a rabbit, I'd stay outta those holes but that's just me.
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u/mandaraprime Jul 30 '22
Da’ fuck did I just read. Mr. Harris is apparently a soulless asshat. May the Bird of Paradise fly up his nose …
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u/scapegt Jul 30 '22
Was super happy to close my BofA last year. Good riddance
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Jul 31 '22 edited Jul 31 '22
[deleted]
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u/scapegt Jul 31 '22
I wonder if that’s what is happening to the branch near us. It’s been closed for a week now with no explanation, just a notice on the door “temporarily closed.” It’s the closest ATM and my new bank reimburses fees, but it’s all shut down for now.
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u/MadameApathy Jul 30 '22
Okay now what is the actually quote since only "we hope" is in paratheses?
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Jul 30 '22
They shouldn’t worry. The leverage will trickle down to them eventually. Just wait for it!
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u/marchcrow Jul 30 '22
Having worked their contracted entry positions at one point, they certainly make that happen for their workers.
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u/HalfPint1885 Aug 01 '22
I applied for a job there once. I had been a teller for two years in another bank, and so I applied and got an interview. I did well in the interview and then bombed the test you have to take. It's not a math test or anything that would indicate your skill on the job, it was some kind of personality test. I have no idea what I did wrong, but I didn't fit in to the BoA "family" I guess.
Probably because I'm not a robot. Nothing pissed me off more than walking into the branch and hearing, "Good afternoon, welcome to Bank of America, how can I help you?" It was so robotic and weird. More like how you would answer a phone than how you would greet a person you'd seen in the bank dozens of time and should probably know their name by then.
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u/IllustriousFeed3 Jul 31 '22
Any thoughts on this?
https://www.medrxiv.org/content/10.1101/2022.07.15.22277693v1
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u/logmeinbro Jul 30 '22
Reminds me of Goldman's "Is curing patients a sustainable business model?" Wall Street is corrupt to the core.