Thread regarding Wells Fargo & Co. layoffs

@3jzv+1aDJs61K Stellar logic from one of the board conservatives once again. Clearly all the people paid by Wells Fargo come here to post because it's working out so well for them.

Post ID: @2bey+1aDJs61K

So by your rational, giving tax breaks to large corporations ie: WFC will actually create new jobs, raise the wages of existing employees and generally benefit society as a whole rather than reduce the taxes that corporations pay so they can use that money for share buybacks and generally enrich their executive staff and shareholders.

I think the evidence is pretty conclusive and I'm not sure it's on your side but I'm not an economist so who knows.

@2nas+1aDJs61K

I hate to break the news to you, but if you want to be paid to work, you are also a 'big fan of capitalism'.

Dang, who could've guessed the guy who posts paranoid walls of texts and upvotes his own posts is also a big fan of capitalism lol

lol, only disproven in the minds of various flavors of Socialist, who's own spectacular failure has to be justified somehow. It's actually impossible for $ not to "trickle down". Unless a rich person never spends or invests any money, which describes exactly zero rich people in history. Yes yes, "the rich have X amount of the wealth!", what the pointy headed professor failed to mention is that WHO is rich changes over time. It's not the same people. The same person could be "rich" one year and bankrupt the next, but the ideologically driven intellectual talks about "the rich" like it's an unchanging monolithic subset of society, hanging out and drinking brandy together in the parlor. The other reason they don't mention it is that new rich people destroy the narrative that upward mobility is impossible, which is laughable on its face, but that doesn't stop people from trying. Even among the absolute richest (Gates, Rockefeller, Carnegie, Bezos etc.) that wealth will only survive a few generations and then it will be spent/donated/wasted/seized/taxed, whatever. Gates and Bezos families were not spectacularly wealthy, they built businesses and earned it. There's 19 million millionaires in the USA, and most didn't inherit their $. A free market is an amazing source of $ for those with the passion and the talent to go get it. No, most of us won't turn out to be billionaires, but our middle class is "rich" compared to most of the world, so it's not the end of the world to be a worker bee.

Trickle down economics - the most widely disproven financial theory in the world. Who would have expected the rich to get richer and the poorer get poorer. /s

A guy mugs you on the way to the office every morning and steals $100/day from you. One day, he starts taking your $100, but he gives you $10 back each time. You tell your coworker this when you get the office. Coworker says, "that mugger is really generous. I don't think you deserve the $10, but I'll be the judge of that. What do you plan on doing with it?"

That's this thread in a nutshell. Whether compensation is appropriate doesn't really have anything to do with the corp tax rate. That's not how business works. If the corp tax rate went up, we wouldn't expect a pay cut. Anyone looking at things objectively is well aware that there are people at WF that are underpaid, and some that are overpaid. What the company really needs to do is pay for performance. Blanket min wage increases just don't work, whether a tax cut 'pays for them' or not.

They gave out 50 shares to most people though with those buybacks. Luckily I sold everything the day they vested.

The corporations took the Trump tax cuts and enriched themselves mostly by stock buybacks. Not to mention what they gained in their personal wealth.

Who didn’t see that coming?

Meanwhile the American worker works for a little over seven bucks an hour at minimum and. I one wants to change that.

Of course they don’t.

its unfortunate the US govt would do this to US citizens; companies dont care

interesting post, i guess the issue started in the government not ensuring US jobs were given to Co------t coutries

wow one anti-american worforce when the government gave all that money for them to invest in American employment! I think the issue is all the greed at the top, not only stealing from customers but the government now too, not only this but stole the Covid relief funds, that was in the papers last year, the money that was supposed to go to small businesses, not wells fargo. They really need to hurry with the new network for the monetary systems to stop all this theft.

This will be stopped soon with the new administration.

All true! Thank you for posting.