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Another Industry leaving

Discussion in 'Political Discussion' started by patsfan13, Jun 30, 2011.

  1. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    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.
     
  2. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    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.
     
  3. The Brandon Five

    The Brandon Five Experienced Starter w/First Big Contract

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    #75 Jersey

    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.
     
  4. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #24 Jersey

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

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

    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

     
    Last edited: Jun 30, 2011
  5. chicowalker

    chicowalker Pro Bowl Player

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    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.
     
  6. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Gaspirino ran the NYSE he says the High paying jobs are going now read the article.
     
  7. The Brandon Five

    The Brandon Five Experienced Starter w/First Big Contract

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    #75 Jersey

    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!
     
  8. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Last edited: Jun 30, 2011
  9. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    I've been studying this for some time now.
     
  10. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #24 Jersey


    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
     
  11. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    I was wrong Gasparino exposed the package given to the head of the NYSE.


    428,000 jobs lost this week.
     
  12. chicowalker

    chicowalker Pro Bowl Player

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    I read the article.

    He didn't cite any evidence of "outsourcing" these positions, he just made a claim without supporting it. Since it's from fox, you accept it without questioning it.

    Maybe you should think through the notion of how, exactly, these positions would be "outsourced," rather than blindly accepting it.

    Also, when did Gasparino run the NYSE? Dick Grasso was the head when I was on Wall St in NYC and started paying attention to such things. I don't recall the name since then, though it's possible I've forgotten him. Was he before Grasso?

    edit: just saw that you were mistaken and acknowledged that
     
    Last edited: Jun 30, 2011
  13. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Gasparino is a journalist.. never ran the stock exchange, exposed the cash that Grasso got..
     
  14. chicowalker

    chicowalker Pro Bowl Player

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    I have to wonder if this is grandstanding, or misdirection, by Amazon, as I'm pretty sure they have facilities already within the state -- which likely creates the "nexus" that would require them to collect sales tax here anyway.

    (Admittedly, I could be wrong about them having an Inland Empire facility or about the current trend in litigation on these tax laws.)

    Regardless, good for Amazon. Pols keep treating businesses and consumers as their piggy banks. Eventually they might get the message.
     
  15. Real World

    Real World Moderator Staff Member

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    What I never quite understood is how the people directly involved in the housing mess and subsequent financial crisis were allowed to have such a gigantic bill passed.
     
  16. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #24 Jersey


    $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
     
  17. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    Financial Industry?
    Isn't that an oxymoron? What exactly do those scumbags make besides money in cyberspace?

    More patriotic Americans heading off to some wonderful paradise. I'm sure Singapore is nice, but really small surrounded by great places like Malaysia and Indonesia. Hope they like tropical weather earthquakes and volcanoes. Have fun azzholes!
     
  18. cupofjoe1962

    cupofjoe1962 In the Starting Line-Up

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    I work for one of the three largest investment banks in America. I have been with the company since 1985.

    I work in IT and on a daily basis we interact with hundreds of the largest
    companies in America.

    We don't just deal with other banks... we deal with everyone.

    Coco Cola
    AT&T
    Delta Airlines
    New York Giants....

    I just wanted to give you the broad range of companies we deal with
    on a daily basis.

    Now let me tell you that over the past 3 years most of our American contacts are gone and have been replaced with what they refer to as off shore hires. People from India....... I have been told they can hire 5 people from India for the price of 1 american.

    They are not just doing customer service jobs.
    They are rising in the ranks of technology.

    There is a major learning curve, but eventually it is going to be the India
    AT&T worker talking to the India Delta Airlines worker.

    I am second level support and our 1st level support is going to be replaced
    in the next year with off shore hires from India.

    It is only a matter of time before, my job is replaced too.

    Welcome to the New America... run via India.....
     
  19. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    I know it's too late Joe, but sorry for the insult. You're not a scumbag and that wasn't a very nice term. I was referring in a more general way to the Owners like Goldman Sachs. And sorry you're facing the same fate so many other Americans are. Planned obsolescence has been the plan since we all began working our jobs. We were supposed to be setting ourselves up for more leisure time and less work. Isn't that what Star Trek promised? Instead, we're getting less work and less money and all the leisure time we need, whether we want it or not. I can't wait for my job to go to Indonesia.
     
  20. Titus Pullo

    Titus Pullo Banned

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    what we can learn from painfully dumb threads like these:

    evaporation of U.S. industry jobs under GOP rule = normal free market correction

    evaporation of U.S. industry jobs under Democrat rule = flawed policy forcing them to leave
     

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