Earth to liberals: Here's how it translates, beanbrain, in terms you can understand:
The Dodd-Frank LayoffsLeftists in this country, including Obama, want jobs but despise employers. A hatred that manifests itself in mountains of crushing regulation and calls for ever higher taxes (in one of the highest taxed and least job-creation friendly countries in the world). That hatred breeds joblessness.
Wall Street Journal
What is the cost of overregulation? Bank of America appears to have provided part of the answer by announcing yesterday that the nation's largest bank will cut 30,000 jobs between now and 2014. CEO Brian Moynihan said the bank's plan is to slash $5 billion in annual expenses from its consumer businesses.
Mr. Moynihan didn't say this, but we will: These layoffs are part of the bill for the last two years of Washington's financial rule-writing. After loose monetary policy had combined with insane housing policy to create a financial crisis, the Democrats who ran Washington in 2009 and 2010 enacted myriad new rules that had nothing to do with easy money or housing.
[G]iven the real-world results for bank employees, politicians should not be allowed to pretend that there are no consequences when they deliberately reduce the profitability of employers. Mr. Obama proposed last week to spend some $450 billion more in outlays or tax credits to create more jobs, but it would have cost a lot less to save these 30,000. [link]
30,000 employees canned because a couple of Democrats in Washington had it in for "the banks."
And neither will care.
Remember that next time Obama whimpers about jobs saved or created.