We Aren’t At Their Mercy As Much As They (or We) Think

Photo: Citibank logo, Gerry Boughan /

Photo: Citibank logo, Gerry Boughan /

NEW YORK — The ancient dream of making money by simply moving money took a hit last week when Citibank announced plans to lay off 11,000 workers.

Across town, the dream of making money by actually making things – a dream that had seemed lost to foreign labor – got a boost when Apple's boss Tim Cook announced plans to make some computers in the U.S.

Citibank's move sent shock waves among people educated to take meetings, crunch numbers, and parlay networking into fees for passing money through their hands. There's no actual creation of wealth; just dipping a large ladle into wealth as it flows past.

Apple's small and somewhat symbolic move, by contrast, stirred hope that manufacturing might return again to American shores and stimulate the manufacturing wages and productive attitudes that once built a middle class.