Wednesday, April 10, 2013

Canadian Banks Outsourcing Jobs

Billions of dollars in profits. Multi-million dollar salaries. But still, they want to save a few hundred grand at the expense of the livelihoods of their workers.

Who are the main shareholders in Canadian bank stocks?

Of course, you'll always find some mainstream economist who will drone on and on about how small this particular incident of outsourcing, automating, down-sizing, whatever is, in the context of the economy as a whole. There'll be some study showing how wages in outsourcing-prone industry aren't any more stagnant than wages in the wider economy so there's nothing to worry about and all is right with the world.

It's not as if this stuff should be expected to add up year after year, decade after decade.

It's the same with these economists as it is with their blathering about the steady decline in poverty in Canada, which runs parallel with the steady rise in homelessness and food bank use during the same period.

But it does add up.

It's what brought about the 2008 financial panic and multi-trillion (still only multi-billion in Canada) recession/stagnation we're currently suffering through.

The icing on the cake for us sane people is that the hucksters have managed to blame this debacle, and the billions of dollars in government debts, on the poor, on public healthcare and on the salaries of public sector workers. And too many ignorant people are still buying it.


double nickel said...

Exactly. What absolutely fucking drives me nuts is that the Tim's crowd are so fucking stupid that they can be convinced to vote against their won best interests.

thwap said...

Hah! I read some US-American blog where the poster made some joke about the tea party.

The avalanche of nut-bar comments that ensued!

Obama's deficits were going through the roof because of his socialist extravagance and Sharia law was coming to America because the gay leftards blah, blah, blah.

Meanwhile, both the Dems and Repugs are competing to see who can spit-shine the boners on Wall Street more lavishly.