Tuesday, September 13, 2011

Bank of America lays off the middle classes

It seems that Bank of America is going to lay off 30000 middle class workers.
http://abcnews.go.com/Business/wireStory?id=14500592
Of course, some rich kids will also quit or be asked to do so, but you can imagine that solid middle class bankers will make up the bulk of this.

I'm sorry to see so many people lose jobs, probably most of them honest middle class jobs.

Perhaps those without jobs could get together and start a few cooperative banks and do some serious microlending to poor entrepreneurs. With their highly educated backgrounds they could provide advice to the poor to ensure that they succeed in their businesses and pay back. If each of these 30000 help one person a day, almost a million persons could be helped every month!!!

The problem is the banking ethics drilled into a person every day of his life is probably about cost management and helping people is not a very efficient exercise, while giving new loans is. But where has banking efficiency got you? Try the small is beatufil people centred approach.

How many people need to get together to start a cooperative bank? How do you start a cooperative bank?

Well if you liked the idea, find out  and leave a comment here so that all can gain.

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