This Noble Land (2014)

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The first was headlined: JOB CUTS AT AT&T WILL TOTAL 40,000. The second announced that Wall Street was so excited about AT&T’s move that the Dow Jones industrial average rose sixty points. The third development appeared in the day’s quotations, which showed that AT&T’s common stock had also jumped upward 2⅝ and that the company was responsible for 7.6 index points in the Dow.
The meaning of this news was easily deciphered. First, the company had discovered that it could wind up the year with a b
...etter bottom line on profits if it got rid of its marginally surplus workers. Second, the stock market’s exultation in the prospect of AT&T’s growing profits took precedence over all else, including the fate of company workers and their local economies. Third, the rise in AT&T’s stock meant that American business approved of the drastic cuts in personnel, because investors who held the stock would probably enjoy an even greater increase in the value of their holdings.

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