Bailout won't keep Wall Street from sending jobs offshore

[OhioChick]

Source: Computerworld

September 26, 2008 (Computerworld) The collapse of Wall Street may prompt financial services firms to increase their use of offshore outsourcing and cut more jobs in the U.S. on top of the layoffs they have already announced.

And that job cutting will happen even with a taxpayer-backed $700 billion bailout. These firms will be under too much pressure to cut costs, and offshore outsourcing will be one way to do it, according to outsourcing consultants.

The financial services industry, including banking and insurance, is already the most aggressive industry in the U.S. when it comes to offshore outsourcing. It is the biggest single source of revenue for Indian offshore companies.





Read more: http://www.computerworld.com/action/article.do?command=viewArticleBasic&taxonomyName=knowledge_center&articleId=9115638&taxonomyId=1&intsrc=kc_top

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So.....I'm being forced to bailout financial institutions (through my taxpayer dollars) while in turn, they ship my job overseas? Talk about being screwed over twice. :grr:

[xchrom]

1. recommend -- there is not enough outrage. nt

[jojo54]

2. And they'll keep sending jobs offshore until OBama gets into

office and puts back in place, all the restrictions to corporations for doing just that.

[babylonsister]

3. Rec'd. Yea, where is the outrage? nt

[antigop]

4. K&R. My outrage meter has been on overload for years. n/t

[loudsue]

39. I'm with you. Outrage overload has changed me on a cellular level

over these years. But they still keep comin' with this shit. And it's not just the republicans anymore. This whole bailout package seems like it's already a done-deal. It's just a matter of whether we get a peck on the cheek while we're being raped, or if they're just going to roll us over and hope we don't scream too loud.

It gives a whole new meaning to "audacity".

[AzDar]

5. Oh, HELL no...

:mad:

[closeupready]

6. No offense, but welcome to my world. This is standard operating procedure and has been for years.

n/t

[Joe Chi Minh]

8. But this is not a standard situation, and has arisen because of this

"standard operating procedure in your world". Do you get it?

[closeupready]

12. Oh, don't get me wrong, taxpayer-subsidized outsourcing MUST end.

I agree with that. I always feel bad for anyone whose job is outsourced. I'm just saying, if you supported NAFTA and phoney free trade, as many on Wall Street did, then they are getting a karmic comeuppance.

[Joe Chi Minh]

14. Yes, and from a practical point of view, in terms of the country, that money is

lost, and the synergies created by employment of the indigenous inhabitants of the US (nothing ethnically-related) are lost. The Second Commandment and charity beginning at home are extremely practical precepts.

The importance of the creation of synergies can scarcely be exaggerated in an economic depression, created as such circumstances are by men who respect neither God nor man - whatever their claims.

[FreakinDJ]

7. = "Mass Exodus of Tax Dollars"

Not until they have Bled America completely dry and kicked her to the Curb of 3rd World Poverty will these leaches known as Trickle Down Economist leave America alone

[ihavenobias]

9. You know, this could have been a PERFECT political opportunity for the Dems...

Make this part of the conditions for bailout out companies, i.e. that since the unemployment rate here is so high, hire *within the US* FIRST.

Can anyone really argue that we don't have qualified workers?

[JHB]

18. Why the past tense? ("could have been")

There's no deal yet, right?

Call your congresspersons. Make this an issue too!

[ChromeFoundry]

37. Great idea...

I was so pissed when I read this that I forgot that I still have a voice in this soon-to-be revolt. Thanks for the reminder, and I urge everyone else on this thread to push this issue onto their members of Congress.

[lifesbeautifulmagic]

10. This is exactly what I have been posting about in the past few days

unless and until the underlying causes of the financial meltdown are addressed, it is not only no, but hell no.

[ixion]

11. if these companies love offshoring so much, let the countries

who receive these jobs bail them out.

[OhioChick]

22. You got it! n/t

[bvar22]

13. K&R

...with a word of caution to those who believe that Obama or the Democratic Party will stop "Free Trade", outsourcing, or insourcing.

They won't.

Out of ALL the Democratic candidates, ONLY Kucinich promised to address these problems.
Obama has promised only to adjust the tax structure to eliminate TAX benefits to companies who outsource. That will NOT stop corporations from seeking Slave Labor in 3rd World countries.

Never-the-less, it is critically important that we get Obama elected.
After he is elected we can begin the work of getting the Democrats to address the War on the Working Class.



"There are forces within the Democratic Party who want us to sound like kinder, gentler Republicans. I want us to compete for that great mass of voters that want a party that will stand up for working Americans, family farmers, and people who haven't felt the benefits of the economic upturn."---Paul Wellstone

[Locrian]

16. correct you are

Until they get to the heart of the issue which is their (Dem and Rep) belief in the "market", we will see more of the same.

Never-the-less, it is critically important that we get Obama elected. - too true as well.

[BearSquirrel2]

34. Agreed but ...

I agree, but it was a question of a medium outsourcing plan vs. "full speed ahead" outsourcing plan. Hopefully, this issue will come up again in this financial crisis. This IS a large component of our current woes. Basically, our economy is running on credit as we don't make anything anymore.

[Mari3333]

15. kicked and recommended n/t

[keepCAblue]

17. And what was it Palin, in her now infamous interview, said just yesterday?

Oh, yeah...that ultimately, the bailout would create jobs and stimulate the economy. And here I thought she meant jobs for AMERICANS and the AMERICAN enonomy. Silly me.

[barbtries]

19. screw it

fuck their bailout. there is no upside, it seems, for normal everyday citizens. so, fuck them.

[Trillo]

20. China Allows Short Sales, Margin Loans to Help Market (Update2)

Sept. 26 (Bloomberg) -- China's cabinet agreed to let investors buy shares on credit and sell borrowed stock to help develop Asia's second-largest market after prices and trading volumes slumped, an official familiar with the plan said.
...
http://www.bloomberg.com/apps/news?pid=20601080&sid=aPW9M35ifzl8&refer=asia

---

Another reason for Wall Street to move offshore....

[leveymg]

21. Offshoring and deindustrialization are the primary long-term causes of the US financial crisis.

The deal should be contingent on strict regulation and disincentives for offshoring.

[valerief]

23. Think of the plus side. If you have no job, you won't get taxed. nt

[blue97keet]

24. export purchasing power, import debt, recycle H-1B's?

We have an outflow of purchasing power from the U.S. via outsourcing of jobs, depression of wages, and rising commodity prices. Combine that with an inflow of capital from abroad in the form of cheap credit and exotic lending schemes and the result is lots and lots of credit defaults. The politicians have got to know that the trade imbalance is what is behind this mess but they want to fix it with a taxpayer bailout. P.S. I wonder if the scumbags have tried to recycle H-1B visas from Lehman Bros. and other failed firms?

[DainBramaged]

25. This shall not pass

[EnviroBat]

26. NO FUCKING BAILOUT FOR THESE COCKSUCKERS!

We are living in the age of stupid.

[OhioChick]

27. Couldn't agree with you more.

:banghead:

[EnviroBat]

28. The utter rage I feel is scaring me...

I've noticed myself cleaning my guns more than usual lately.

[OhioChick]

29. Oh, I feel your rage.

:argh:

[superconnected]

40. Not stupidity, collusion and corruption.

[mbperrin]

42. Thank you. Not one dime. Congress go home.

This is the final scam. Every dollar printed will turn up inflation to levels never seen in this country before. And you cannot create liquidity by having the government take out the largest loan in history, driving interest rates through the ceiling and crowding out all other borrowers. Not to mention the generational poverty created by having to pay the damn thing back on the backs of our children, grandchildren, and beyond!

Congress home now!

[desktop]

30. So in other words, recession, depression, job losses no matter what

Then why in the world would we fork over another 700 Billion dollars. This is it my friends. The beginning of the end of the republican anything goes economy. We will have a meltdown, we will lose jobs, banks, savings, no matter whether we prop up the billionaires and multi millionaires with another 700 Billion so they can golden parachute their asses out of this country and into foreign markets, or not. This is the time FDR principles can be reborn and America can eventually return to the middle class prosperity of the 50's and 60's. But not for our generation, we blew it, and don't deserve prosperity after we have dumped all this debt on our kids and our kids kids. We allowed the phony Reagan economics to destroy the middle class and our judgment cometh, and right soon.

[GoLeft TV]

31. i highly recommend

Senator Byron Dorgan's book - Take This Job and Ship It. One of the best books about Bush's outsourcing I've ever come across.

[nam78_two]

32. Not to mention that Paulson also wanted to bail out foreign banks

These guys are pretty frikking shameless...

[Zhade]

33. Makes sense. Everyone knows a jobless public that can't buy goods and services = strong economy!

:sarcasm:

[fedsron2us]

35. They dont get it do they.

When this is finished there are not going to be any Wall Street jobs to outsource - period.

The game is over.

[newtothegame]

36. rec'd

[NewYorkerfromMass]

38. Given the amount of Chinese and Arab money in these banks

as well as British and Dutch- these banks are only marginally American concerns anymore.

[and-justice-for-all]

41. What would it take for China and Arab countires..

to bring this country to a halt over night? They pull all their investments and watch a country break into a million pieces.

[livelongandprosper]

43. And it won't protect people from the flu, either. n/t

[OhioChick]

44. The flu?

There are shots for that.