Many Americans today are struggling, especially when it comes to finances. Federal spending, upticks in interest rates, and inflation are some of the worst financial challenges facing the country.
Amid major financial problems, the White House is working to change the standards that determine whether or not the country is facing a recession. At the same time, the administration is also working with Democratic lawmakers to pass yet another spending bill amid economic turmoil.
Struggling people around the country are very much looking forward to a day when living expenses are even moderately lower. However, one of the nation’s top banks has a very different viewpoint.
A Shocking Memo From Bank of America
Earlier this month, a memo leaked in which Bank of America was caught expressing its true views about financial hardships facing the country.
One of the bank’s top executives, Ethan Harris, expressed the company’s hopes that employment becomes harder for everyday American workers to find. Harris then said that due to the repeated increase of interest rates, demand for working people will fall.
The memo tells us what we suspected all along: The most powerful economic actors in the U.S. — entities like @BankofAmerica and its clients — do not like working people to have power, write @kenklippenstein and @Schwarz. https://t.co/uxSe4Gk7Hc
— The Intercept (@theintercept) July 29, 2022
Finally, the Bank of America executive predicted that as prices increase and demand falls, (owing to financial struggles), inflation will eventually wither.
If Bank of America gets what it wants, nationwide suffering and poverty rates will very likely grow. Already, working Americans are cutting back on how often they’re driving. They’re also barely able to pay bills as prices and interest rates rise.
Public Pushback Against Bank of America
Bank of America’s leaked memo has brought a lot of backlash against the company. As it turns out, most people aren’t very happy that one of the nation’s top banks is rooting for life to get even harder than it is today.
Some people took to social media to express their grievances. One common view is that people should stop giving business to Bank of America since it doesn’t want working people to thrive.
BREAKING NEWS : Leaked Bank of America memo stating "We hope conditions for American workers will get worse."
The banks fear you have too much leverage. #Bitcoin can free you from the banksters.
— Jason A. Williams ⚡️ (@GoingParabolic) July 29, 2022
Other folks advised Americans to distance themselves from banks and embrace alternatives like credit unions or even Bitcoin.
At this time, Bank of America has not come out to clarify or walk back the comments from one of its top executives.