Another Industry leaving - New England Patriots Forums

***patsfan13*** · 06-30-2011, 07:41 AM

Well another week of bad economic numbers and the First fruits of Dodd Frank, financial services industry begins outsourcing jobs away from the US.

This week for the 12th straight week > 400k lost jobs, 428k this week.

Wall St Job exodous:

Quote:

Why is Goldman Sachs pre paring to outsource traders, salespeople and investment bankers from here in America, where it has made untold billions over the years as Wall Street's premier trading firm, to places like Singapore and India?
The answer can be found largely in the 2,000-plus pages of last year's Dodd-Frank financial "reform" law -- which will eventually translate into some 40,000 pages of regulations. The financial industry is still frozen, waiting to find out how bad these regs will turn out; but what all the CEOs of the big banks know for sure is that it's about to get a lot more expensive to do business here.

Read more: Banking jobs flee New York--Charles Gasparino - NYPOST.com

The author Gasparino used to run the NYSE and is very plugged in. So unintended consequences and another industry getting destroyed by the Feds.

PatriotsReign · 06-30-2011, 07:47 AM

Quote:

Originally Posted by patsfan13

Well another week of bad economic numbers and the First fruits of Dodd Frank, financial services industry begins outsourcing jobs away from the US.

This week for the 12th straight week > 400k lost jobs, 428k this week.

Wall St Job exodous:

The author Gasparino used to run the NYSE and is very plugged in. So unintended consequences and another industry getting destroyed by the Feds.

And then some will complain that it's their fault....

"They shouldn't leave just because we're increasing taxes and fees upon them" boo hoo, hoo they'll cry.

In many cases, it's our own fault.

The Brandon Five · 06-30-2011, 07:57 AM

Quote:

Originally Posted by patsfan13

Well another week of bad economic numbers and the First fruits of Dodd Frank, financial services industry begins outsourcing jobs away from the US.

This week for the 12th straight week > 400k lost jobs, 428k this week.

Wall St Job exodous:

The author Gasparino used to run the NYSE and is very plugged in. So unintended consequences and another industry getting destroyed by the Feds.

Umm, financial companies were some of the first ones to go offshore, so this is just expansion of that practice to more job families.

I understand what you are saying here, but it is possible that some of this may have happened anyway because of simple labor arbitrage. Most executives only have one play in their playbook now: outsourcing. Not many other ideas coming out of boardrooms.

***IcyPatriot*** · 06-30-2011, 08:11 AM

Select foreign companies have modified the the infamous 'Field of Dreams' quote to:

'If they tax them more they will come" .............

I will keep saying it ... reduce taxes on larger businesses and shift the tax burden to the employed because they cannot simply pack up and leave. You won't gain or lose tax revenue and you will be aiding the financial well being of cities, towns and states by increased economic activity.

Less people collecting unemployment benefits and then change the tax code so that more than 50% of the country pays federal income taxes ... something, anything even if it's as little as 3% - 5%. This is not rocket science - it's how this country grew to the world's #1 economy - employ people, employ people, employ people.

People came from other countries to work here - now they leave and that is a loss to local economies and federal revenue. How many of us are here because our parents or grand parents came here to work? All 4 of my deceased grand parents were immigrants - their journey to this country produced many offspring who now are part of a town/city, state and federal economy.

But NO - we will increase taxes on those jet owner people who make $250K. Yup $250K people own jets that cost anywhere from 500K to 999K to maintain and use. No wonder Time magazine chief editor called Obama a 'DICK' yesterday on MSNBC yesterday.

http://www.politico.com/news/stories/0611/58098.html

Quote:

Mark Halperin, editor-at-large for Time, called President Obama “a dick” on Thursday on a popular MSNBC morning show and then quickly apologized.

“I thought he was a dick yesterday,” Halperin, who also is a senior political analyst for MSNBC, said on Morning Joe, referring to the President’s conduct during his press conference.

chicowalker · 06-30-2011, 08:15 AM

Quote:

Originally Posted by The Brandon Five

Umm, financial companies were some of the first ones to go offshore, so this is just expansion of that practice to more job families.

I understand what you are saying here, but it is possible that some of this may have happened anyway because of simple labor arbitrage. Most executives only have one play in their playbook now: outsourcing. Not many other ideas coming out of boardrooms.

The problem is also likely different from what 13 (and the author) describes -- "traders, salespeople and bankers" aren't likely to be "outsourced." They certainly could cut down #s and grow in more rapidly expanding markets for the firm, but that's not outsourcing.

Those also are high-paying jobs.

What's likely to be outsourced are the "back office" operations, which are lower paying (relatively speaking) positions and represent more decimation of the middle class.

***patsfan13*** · 06-30-2011, 08:30 AM

Quote:

Originally Posted by chicowalker

The problem is also likely different from what 13 (and the author) describes -- "traders, salespeople and bankers" aren't likely to be "outsourced." They certainly could cut down #s and grow in more rapidly expanding markets for the firm, but that's not outsourcing.

Those also are high-paying jobs.

What's likely to be outsourced are the "back office" operations, which are lower paying (relatively speaking) positions and represent more decimation of the middle class.

Gaspirino ran the NYSE he says the High paying jobs are going now read the article.

The Brandon Five · 06-30-2011, 08:39 AM

Quote:

Originally Posted by IcyPatriot

Select foreign companies have modified the the infamous 'Field of Dreams' quote to:

'If they tax them more they will come" .............

I will keep saying it ... reduce taxes on larger businesses and shift the tax burden to the employed because they cannot simply pack up and leave. You won't gain or lose tax revenue and you will be aiding the financial well being of cities, towns and states by increased economic activity.

Exhibit B: California is now taxing the internet. Result: Amazon is ending it's affiliation with sites in the state. Let's see if I charge 8.25% tax on revenues of $0, that's...someone help me with the math.

Amazon ends deal with 25,000 California websites | amazon, affiliate, california - The Orange County Register

Quote:

Gov. Jerry Brown has signed into law California's tax on Internet sales through affiliate advertising which will immediately cut small-business website revenue 20% to 30%, experts say.

The bill, AB 28X, takes effect immediately. The state Board of Equalization says the tax will raise $200 million a year, but critics claim it will raise nothing because online retailers will end their affiliate programs rather than collect the tax.

Amazon has already emailed its termination of its affiliate advertising program with 25,000 websites. The letter says, in part:

(The bill) specifically imposes the collection of taxes from consumers on sales by online retailers - including but not limited to those referred by California-based marketing affiliates like you - even if those retailers have no physical presence in the state.

We oppose this bill because it is unconstitutional and counterproductive. It is supported by big-box retailers, most of which are based outside California, that seek to harm the affiliate advertising programs of their competitors. Similar legislation in other states has led to job and income losses, and little, if any, new tax revenue. We deeply regret that we must take this action.

Way to go, Moonbeam!

PatriotsReign · 06-30-2011, 08:48 AM

Quote:

Originally Posted by The Brandon Five

Exhibit B: California is now taxing the internet. Result: Amazon is ending it's affiliation with sites in the state. Let's see if I charge 8.25% tax on revenues of $0, that's...someone help me with the math.

Amazon ends deal with 25,000 California websites | amazon, affiliate, california - The Orange County Register

Way to go, Moonbeam!

Good for Amazon...they did the right thing for California & America.

***Harry Boy*** · 06-30-2011, 08:50 AM

Quote:

Originally Posted by chicowalker

The problem is also likely different from what 13 (and the author) describes -- "traders, salespeople and bankers" aren't likely to be "outsourced." They certainly could cut down #s and grow in more rapidly expanding markets for the firm, but that's not outsourcing.

Those also are high-paying jobs.

What's likely to be outsourced are the "back office" operations, which are lower paying (relatively speaking) positions and represent more decimation of the middle class.

I've been studying this for some time now.

Mrs.PatsFanInVa · 06-30-2011, 08:53 AM

Quote:

Originally Posted by patsfan13

The author Gasparino used to run the NYSE and is very plugged in. So unintended consequences and another industry getting destroyed by the Feds.

Quote:

Originally Posted by patsfan13

Gaspirino ran the NYSE he says the High paying jobs are going now read the article.

Well, that's twice you've made that claim, PF13. Care to prove it now?

I can find absolutely nothing that verifies Charlie Gasparino has ever even worked for the NYSE much less run it. I can't find anything which says he's ever been anything but a reporter.

Please, prove me wrong.

Charlie Gasparino is a Senior Correspondent for Fox Business Network. He has also worked as a reporter at Newsweek and the Wall Street Journal. He covered Wall Street and the financial crisis for CNBC till 2009.

Though a lifelong New Yorker, he graduated with a B.A. from Pace University and a Masters in Journalism from the University of Missouri.

Read more: Charlie Gasparino - Blackboard

Charles (Charlie) Gasparino (age 47) is a senior correspondent for the Fox Business Network, where he reports on major developments in the world of finance and politics, as well as a blogger, occasional radio host, New York Times bestselling author, and print journalist. He lives and works in New York City.

A former amateur boxer born to an Italian-American family in the Bronx, Gasparino graduated with a B.A. from Pace University before earning his Masters degree in journalism from the University of Missouri in Columbia, Missouri.[1][2][3] A lifelong New Yorker outside of his time in higher education, Gasparino was previously a senior writer for Newsweek, where he covered politics, Wall Street, and corporate America.

Before working at Newsweek, Gasparino was a reporter for the Wall Street Journal, which nominated him for the Pulitzer Prize in 2002. During his time at the WSJ he wrote extensively on issues on Wall Street, including pension funds, mutual funds and regulatory issues.

Gasparino then moved to cable business network CNBC where he reported extensively on Wall Street. During the financial crisis of 2008-2009, Gasparino played a major role in CNBC's coverage, breaking a number of stories.

Gasparino, known for being somewhat combative on-air (Marketwatch described him as "Fox's Rocky Balboa"), was reported in the Washington Post as saying that "[his] job was to rip the lungs out of the competition for Fox Business Network."

Charlie Gasparino - Wikipedia, the free encyclopedia