Bank of America (BAC) Talking 40,000 Job Cuts

As the disastrous Obama, Democrat economic recession continues on, Bank of America (NYSE:BAC) is talking about shrinking its work force by up to 40,000 jobs, according to the Wall Street Journal.

While talking 40,000 job cuts, the final figure isn't set in stone, and could be different than the unnamed sources cited.

Whatever the number is, the loss of jobs will happen over a period of years, said the Journal.

Bank of America has been under heavy pressure from shareholders to boost its performance, and with growth not in the cards, it looks like the time-proven cutting of costs is the route they're going to take.

The show the amount of pressure the company is under, it was just in the middle of August when Chief Executive Officer Brian Moynihan stated the giant bank was going to slash 3,500 jobs. To increase that by about 10 times that number reveals the extraordinary financial weakness of the bank.

It wasn't clear where the job cuts were going to be made, as far as geographically. The bank is getting together again today to make final decisions concerning the overall issue.

As for Obama and the Democrats, they continue to run the economy into the ground, as the failed party and president continue to offer up the tired old and anemic idea of just throwing money at the problem, something that hasn't worked, and won't work going forward either.

Obama refuses to take the bold and needed steps of cutting spending, and so continues to kick the can down the road until the nation falls financially apart.

The drunken spending spree needs to be stopped and fiscal responsibility and austerity implemented to represent the reality that socialism and progressivism has failed, and now we need to lower costs and taxes, something that will actually do something for the economy.

Limited government, or getting the government out of the way, is the medicine needed. Until that happens, the spending cancer and resultant consequences will continue to spread.