Marriner Eccles, Fed Chairman, 1933 Great Depression:
(Via AutomaticEarth)
"It is utterly impossible, as this country has demonstrated again and again, for the rich to save as much as they have been trying to save, and save anything that is worth saving. They can save idle factories and useless railroad coaches; they can save empty office buildings and closed banks; they can save paper evidences of foreign loans; but as a class they cannot save anything that is worth saving, above and beyond the amount that is made profitable by the increase of consumer buying. It is for the interests of the well to do – to protect them from the results of their own folly – that we should take from them a sufficient amount of their surplus to enable consumers to consume and business to operate at a profit. This is not “soaking the rich”; it is saving the rich. Incidentally, it is the only way to assure them the serenity and security which they do not have at the present moment."
Oil services company Schlumberger pleased Wall Street after hours when it announced a $10 billion stock buyback and maintained its dividend, by implementing 10,000 job cuts amid collapsing revenue...
BBG: Jan. 21, 2016
Schlumberger Cuts 10,000 Jobs As Rout Deepens
"Total job cuts for the company since the third quarter of 2014 now add up to 34,000 -- 26 percent of its workforce"
Self-bankrupting Wall Street analyst:
"It’s always nice to know the company is investing in itself,"
Quarterly revenue was down -40% year over year. Whatever bounce comes from this tomorrow, might last a day, or not...
