We had a recent post about chains closing stores. This is the Banking equivalent.
Down sizing in the face of the guaranteed prospect of no growth is both prudent and profitable. There is no point in operating an organization for top line volume that no longer exists.
The action is also acknowledgement that Obama has failed.
You can cut back only so far and it becomes a hazard to the public. The minor operation I had in Jan, there was no anthologist, 1 pre/post opp nurse, and 1 pea brained barbie who played with her hair instead of attending to the cord wood of patients the doc doing the procedure had lined up...no vitals taken either and most were in their mid 60’s like me with other health issues, no pain meds offered or on site, not even Tylenol which they charge $5 for a regular dose. Dr. Skinflint didn’t even use enough knock out stuff for 2 mins. Last trip to the hospital saw poor service and not even a pillow for the bed and only generic meds. Welcome to 0’care!
Back Yard Burgers has closed several stores in my area, you are seeing niche yuppie stores pop up in their places that cater to the 25 and under population. Mall just a few blocks from us has lost all it’s big anchor stores, and is nearly half empty, only those catering to the 25 and under are still in it, not enough to warrant keeping the mall open. Dangerous place to go to, too. Best be packing heat when you go.