President Obama's stimulus plan will not work. He is focused on the big picture while ignoring the small ones the make our economy work. Only local value added economies work. Economies based primarily on making money on money rather than making things do not and are burning out. President Obama does not even mention the history of Free Trade failures. Free Trade and Globalization means centralization. This means all the good and bad are centralized. All the bad that was controllable in de-centralized ways are now out of control.
The cause of our economic crisis is primarily about Free Trade that moved our production of the things we use and eat to other parts of the planet. The crisis is about cheaper imports meaning cheaper wages, underemployment and unemployment.
The banks cannot help themselves and unfortunately Congress is listening to the banking lobby. Every "new idea" to turn around this economy seems to start out with good intentions and then the banks get involved. Despite the best efforts of some ... the greed is too great.
[..]on Apr. 18, 2007, behind closed doors in an ornate hearing room in the marble-faced Dirksen Senate Office Building. Dodd told them they needed to get out in front of the foreclosure fiasco by adjusting loan terms so borrowers would continue to make some payments, rather than stopping altogether.
Almost every other nation is curtailing their imported labor due to economic contraction but this story shows just how complex it can get if you are imported labor in a country which is not your own. In Laid-Off Foreigners Flee as Dubai Spirals Down , foreigners are abandoning their credit cards, cars and have even done the more stupid thing of buying property in Dubai, on a temporary work visa....so now they are getting laid off. Dubai cannot provide them with a job and to make it even more interesting, Dubai has debtor's prison!
Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai’s fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.
An abandoned car in a parking garage in Dubai. One report said 3,000 cars were sitting abandoned at the Dubai Airport.
The chief spy guy has now named the global economic crisis as the top threat to the United States.
The new director of national intelligence told Congress on Thursday that global economic turmoil and the instability it could ignite had outpaced terrorism as the most urgent threat facing the United States.
A great day for workers and the United States economy. Notorious offshore outsourcer promoter and labor arbitrage enabler Senator Judd Gregg withdraws as commerce secretary.
It is supposedly over the Census controversy and to be sure this corporate lobbyists' wet dream is now back in the Senate...
The stimulus legislation also extends the social safety net for those who are already unemployed by extending and improving unemployment benefits.
Under the terms of the deal, laid-off workers are eligible for as much as 33 weeks of extended unemployment benefits, including a $25 increase in weekly benefits.
Walmart just cannot squeeze it's employees enough. Now Walmart is considering offshore outsourcing it's I.T. jobs.
BANGALORE: WAL-Mart, the world’s biggest retailer, which until now has been dependent on its inhouse information technology division, is evaluating a business process outsourcing (BPO) contract worth around $300- $500 million, as it seeks to outsource non-core processes of procurement, merchandising , finance, accounting and payroll.
IBM, TCS, WNS and Wipro are exploring this opportunity, people familiar with Wal-Mart’s outsourcing decision told ET on conditions of anonymity. Despite becoming such a case study for global retail, Wal-Mart had not yet looked at BPO or IT outsourcing,” he said. However, the current economic challenges are making the retailer seek more cost saving options including outsourcing of non-core processes.”
You might remember the huge outrage when instead of hiring local workers in New Orleans for Katrina reconstruction, companies imported cheap labor via guest worker Visas. The Bush administration also suspended an order to pay below prevailing wage...
Well, some of those exploited guest workers tried to sue. This is the result.
A federal appeals court has ruled a Louisiana hotel chain wasn't obligated to cover the relocation expenses incurred by immigrant workers recruited to work in New Orleans after Hurricane Katrina.
We may have a bit of smoke and mirrors going on, at least in tech layoffs. Here's my admitedly biased take, before I get into this report: Infoworld has not always been friendly in their editorials to tech workers, in any article on H-1b they support massive immigration and outsourcing. So this article might just be painting a rosy picture where there is none.
Having said that, the article points out that actual jobs lost are far less than announced numbers of positions cut. They give a very good reasons for this- that the first thing you cut is vacant positions by ending the hiring process. They claim, for instance, that Microsoft's planned 5000 position layoff, only 1400 employees were actually laid off so far. Sun announced 6000 positions to be laid off- but has only laid off 1300 actual people.
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