I appreciate your sharing about Cisco Systems, Inc. John Cisco's John Chambers has single-handedly given more jobs to foreign guest workers than most companies; others are listed below.
John Chambers has also just recently participated in getting the Commerce Department to "waive" the Buy America provision of the Stimulus Bill for Broadband. Do a google search on "broadband" and "stimulus bill" and "waiver"... it's disgusting.
I find Chambers particularly offensive since he made no apologies about telling his employees to go work in India during a quarterly earnings meeting. My former colleague was so disgusted, she left for another job. In a similar light, I met an Indian women who had been in the area for 15 years. She told me her cousin was in HR at Cisco and that even though she found very good, qualified "UC" (read: University of California) graduates, that the Cisco management chain would reject her UC citizen applicants from the UC system saying they were "too expensive"...
At the same time that John Chambers of Cisco is slamming American high-tech workers, he is actively and behind-the-scenes trying to get a publically-funded 49er football stadium built in the city of Santa Clara. The 49er football team has as it's PR person, Ms. Lang, wife of Stanford endowment fund fundraiser -- huge Rushlican. Yep, John Chambers wants a football stadium in his backyard and is working to get the 49ers south of San Francisco in order to put his name on the stadium. It is very disgusting.
Sun Microsystems (McNealy), Oracle (Ellison), eBay/Paypal (Meg Whitman), HP (Carly Firoina), Agilent, BMC, Motorola, Yahoo, and Juniper Networks all have predominantly guest foreign workers in their Silicon Valley offices.
According to the Census nearly 30% of the population in Santa Clara County is now Asian (http://quickfacts.census.gov/qfd/states/06/06085.html). 30% are citizens because there is far more than 30% of the population that is from some part of Asia in the county. The county is overcroweded; housing is still very, very expensive and development is continuing. Condo complexes are/were being built and squeezed into every square corner (note that the building has slowed this year.)
In closing I would like to leave you with these thoughts:
o when an American high-tech job is offshored to a third-world country, the corporation is offshoring not a job, but an American family.
o when an American high-tech employee is laid off/fired/gotten rid of in favor of a low-wage foreign guest worker, that high-tech employee and their family have no other country (read: no other "home" to go back to). If a low-wage foreign guest worker is laid off, they, in most cases, can go to their home country and live well... the American has no other country to go "home" to --- to live in --- to make a life in ...
The world economy cannot sustain any further rise in the oil price, the International Energy Agency’s chief economist warned as oil prices rose toward a record high for the year.
Fatih Birol told the Financial Times that prices higher than about $70 could dampen a world economic recovery.
“If we go one step further, if we see prices go much higher than that, we may see it slow down and strangle economic recovery,” he said of oil prices on Friday, when the European benchmark was around $70.
European oil on Monday reached a high for the year of $73.75, spurred by manufacturing data from China and construction data from the US.
Obama has to confront the two main problems why Americans and Locals don't have jobs: Market Flooded by Guest Workers and Outsourcing. Some say that illegals also contribute to unemployment if you are in the landscaping or construction business. Sooner or later Obama has to make a choice help Americans get jobs or help foreign countries.
I find people like you, all of the time, posting comments, hunting for posts. I know I did not send this particular story out at all to any professional labor group, yet we're getting comments from people who are obviously techies, even though we're an econ blog.
So, that said, I tried to put up a community site, http://www.noslaves.com, to get people to start writing and discussing just these sorts of experiences.
The real problem is Professional labor will not organize so they continuously get stomped on, so often with guest worker Visas and manipulation of the immigration system.
Not too long ago I was at Cisco's San Jose CA Headquarters.
That was a revelation. It seems every 2nd/3rd person was Indian or Paki. All by design I'm sure. All by Ciso applying political pressure on Government to increase visa quotas, I'm POSITIVE.
--
Cisco...you are either a US based company or you are not. None of this BS of your too smart MBA execs thinking they can play all sides/angles off against each other and prosper.
--
Fellow US citizens...this type of activity from a number of US companies has been going on for the last 30 years. Its resulted in CEO salary going from approximately 50 times line worker to 250 times. Its resulted in ostensibly US based companies hiding their tax liabilities even while they cut US based jobs and increased profits. Its resulted in the decimation of well paying US jobs. Its resulted in a small percentage of the population getting richer at the expense of the majority. They did this by buying Government.
Get involved and stop this... for your own survival.
Because they're taking the classes with the grants. Hell, I even hired a student to work at the school paper who was in this situation. Don't tell me they're not there.
"Yet here we have foreign exchange students, who from what I have seen, are now coming here also applying for the same pool of lending and grant money"
A cursory glance at the rules for Pell Grants and Federal Subsidized loans will show you that foreign nationals cannot receive either one. As far as Sallie Mae goes, foreign nationals must have a cosigners that is indeed a citizen.
and then this bomb, without a strong uptick in commercial paper issuance, there is no upturn in the economy.
I also saw a few articles that the BoE (England) didn't buy anything for weeks.
Ya know, I'm looking at all of these indicators, reading various highly credible posts, they all make sense for the most part (with a variance of disagreement for margin of error).
But I cannot shake this awful feeling that this "new normal" is built upon a gigantic volcano, about to cave in on a cool crust giving some illusion.
I've become obsessed at looking at trends, indicators as a result.
That we passed the * usable productive increase* of computers for 90% of the population some time ago. You just don't need a 3 Ghz processor and 4GB of Ram to play solitaire and read e-mail.
-------------------------------------
Maximum jobs, not maximum profits.
There really is something funky going on and didn't Krugman support "free trade" and economies of scale, trying to claim there would just be "regional adjustments" which might cause "short term pain" and "pockets of localities" might be "temporarily affected"
(and no one adding up all of those "localities" to be the United States of America?)
So, in other words, are some of these people sticking with their philosophy, just ignoring the data, stats and the possibility their "theoretical advancements" are skewed or missing something ...with some incredible assumptions?
(like let's say regional pain as a time window happens to be 50+ years?)
Since Exxon's profits dropped 66% plus hearings on the hill on oil/energy speculation and stopping certain hedge funds from engaging in futures trading....
are we sure on the facts of physical supply?
Perhaps some graphs on demand, imports, etc.on oil...I know global demand is down but haven't looked at those current statistics....
It is amazing to me that Krugman accepted the thesis of this essay -- that structurally the US economy now requires 2% GDP growth to create jobs -- and then waved it off with the one word, "productivity."
OK, we all got computers in the 90s. But how many people got super duper extra caffeine productive computers in the last 5 years?
The GDP revisions "added" 1.1% to the recession, turning it into a decline of -4.0% total. That should translate into a 2% increase in unemployment, not the actual 4.6%.
Both of them refuse, absolutely refuse to recognize contained within Productivity figures is labor arbitrage. Continually they will claim it's "technological advances" instead of outsourcing, global supply chain or the importing of foreign labor to undercut U.S. wages.
Looks like I have an exercise for the reader, but I have read multiple papers showing the increases in productivity can be attributed to outsourcing, the percentages vary but it is a factor.
I believe this is one of those "religious" themes....it's like they cannot utter the "O" word.
Did you read Krugman's posts? I did and they still do not add up. He's missing a good 1% unemployment from what I saw, never mind the fact unemployment has changed so U3 is deflated.
From the increase in outsourcing statistics, now tax revenues, imply the estimate is already low, out of date....
but that shows roughly 0.5% GDP is wrongly attributed to U.S. GDP when it should be attributed to foreign nations.
Then, we tore apart, as did many good diligent bloggers the Q2 GDP and then again, saw the exports, imports, were both in decline, yet because the difference implied U.S. exports were decreasing at a lesser rate than imports...it "puffed up" the GDP.
But, declining exports....means declining exports, i.e. layoffs, less jobs.
So, in my view, NDD is onto something here.
So, GDP, Q1, 2009 was revised to -6.4% from -5.5%.
It seems to get closer but still it appears Okun isn't holding to me.
I think this is a great post regardless of using the unrevised GDP numbers.
Looking at the pattern, the overall causes of jobless "recovery" & linking it up with the ballooning trade deficit....
This topic is very important to me, simply because the Stimulus was created using some "multiplier" or "throw money at it" type of theory, when we see from the various reports (we don't have an aggregate number yet) that jobs & money from the Stimulus is going offshore.
NDD, I think this is a great post, but I do believe you need to update it with the revised GDP numbers. I suspect the conclusion is going to be the same.
(oh yeah, you shouldn't go over to that Bonddad character, Bonddad should come over here. ;))
Believe it or not, this article is already dated. When the BEA came out with the recent GDP report, they also revised the entire recession.
It turns out the GDP loss so far was twice as bad as first reported.
For instance, our "liberal immigration policy" could stand to join the 21st century and automate it's bureaucracy somewhat- I guarantee you that if guest visas and green card applications were available on the World Wide Web an application as bad as this one would have been rejected by server-side scripting with nobody having to look at it at all. And in so doing, "good immigrants" who are trying to come to this country legally, could have their visa in 30 seconds or less instead of 3 years or more.
Having said that, though, the demographics argument doesn't hold water for me. If you're truly worried about declining population in the northern hemisphere, have more children!
-------------------------------------
Maximum jobs, not maximum profits.
I appreciate your sharing about Cisco Systems, Inc. John Cisco's John Chambers has single-handedly given more jobs to foreign guest workers than most companies; others are listed below.
John Chambers has also just recently participated in getting the Commerce Department to "waive" the Buy America provision of the Stimulus Bill for Broadband. Do a google search on "broadband" and "stimulus bill" and "waiver"... it's disgusting.
I find Chambers particularly offensive since he made no apologies about telling his employees to go work in India during a quarterly earnings meeting. My former colleague was so disgusted, she left for another job. In a similar light, I met an Indian women who had been in the area for 15 years. She told me her cousin was in HR at Cisco and that even though she found very good, qualified "UC" (read: University of California) graduates, that the Cisco management chain would reject her UC citizen applicants from the UC system saying they were "too expensive"...
At the same time that John Chambers of Cisco is slamming American high-tech workers, he is actively and behind-the-scenes trying to get a publically-funded 49er football stadium built in the city of Santa Clara. The 49er football team has as it's PR person, Ms. Lang, wife of Stanford endowment fund fundraiser -- huge Rushlican. Yep, John Chambers wants a football stadium in his backyard and is working to get the 49ers south of San Francisco in order to put his name on the stadium. It is very disgusting.
Sun Microsystems (McNealy), Oracle (Ellison), eBay/Paypal (Meg Whitman), HP (Carly Firoina), Agilent, BMC, Motorola, Yahoo, and Juniper Networks all have predominantly guest foreign workers in their Silicon Valley offices.
According to the Census nearly 30% of the population in Santa Clara County is now Asian (http://quickfacts.census.gov/qfd/states/06/06085.html). 30% are citizens because there is far more than 30% of the population that is from some part of Asia in the county. The county is overcroweded; housing is still very, very expensive and development is continuing. Condo complexes are/were being built and squeezed into every square corner (note that the building has slowed this year.)
In closing I would like to leave you with these thoughts:
o when an American high-tech job is offshored to a third-world country, the corporation is offshoring not a job, but an American family.
o when an American high-tech employee is laid off/fired/gotten rid of in favor of a low-wage foreign guest worker, that high-tech employee and their family have no other country (read: no other "home" to go back to). If a low-wage foreign guest worker is laid off, they, in most cases, can go to their home country and live well... the American has no other country to go "home" to --- to live in --- to make a life in ...
It's really serious and really sad...
This Financial Times article.
Obama has to confront the two main problems why Americans and Locals don't have jobs: Market Flooded by Guest Workers and Outsourcing. Some say that illegals also contribute to unemployment if you are in the landscaping or construction business. Sooner or later Obama has to make a choice help Americans get jobs or help foreign countries.
I find people like you, all of the time, posting comments, hunting for posts. I know I did not send this particular story out at all to any professional labor group, yet we're getting comments from people who are obviously techies, even though we're an econ blog.
So, that said, I tried to put up a community site, http://www.noslaves.com, to get people to start writing and discussing just these sorts of experiences.
The real problem is Professional labor will not organize so they continuously get stomped on, so often with guest worker Visas and manipulation of the immigration system.
Not too long ago I was at Cisco's San Jose CA Headquarters.
That was a revelation. It seems every 2nd/3rd person was Indian or Paki. All by design I'm sure. All by Ciso applying political pressure on Government to increase visa quotas, I'm POSITIVE.
--
Cisco...you are either a US based company or you are not. None of this BS of your too smart MBA execs thinking they can play all sides/angles off against each other and prosper.
--
Fellow US citizens...this type of activity from a number of US companies has been going on for the last 30 years. Its resulted in CEO salary going from approximately 50 times line worker to 250 times. Its resulted in ostensibly US based companies hiding their tax liabilities even while they cut US based jobs and increased profits. Its resulted in the decimation of well paying US jobs. Its resulted in a small percentage of the population getting richer at the expense of the majority. They did this by buying Government.
Get involved and stop this... for your own survival.
Because they're taking the classes with the grants. Hell, I even hired a student to work at the school paper who was in this situation. Don't tell me they're not there.
--------------------------------------------
www.venomopolis.com
"Yet here we have foreign exchange students, who from what I have seen, are now coming here also applying for the same pool of lending and grant money"
A cursory glance at the rules for Pell Grants and Federal Subsidized loans will show you that foreign nationals cannot receive either one. As far as Sallie Mae goes, foreign nationals must have a cosigners that is indeed a citizen.
Seeking Alpha says it's indicator of the incredible shrinking workforce due to it's short term use for payroll....
and then this bomb, without a strong uptick in commercial paper issuance, there is no upturn in the economy.
I also saw a few articles that the BoE (England) didn't buy anything for weeks.
Ya know, I'm looking at all of these indicators, reading various highly credible posts, they all make sense for the most part (with a variance of disagreement for margin of error).
But I cannot shake this awful feeling that this "new normal" is built upon a gigantic volcano, about to cave in on a cool crust giving some illusion.
I've become obsessed at looking at trends, indicators as a result.
I lost track but maybe you are watchdogging the FDIC private equity rules.
This seems to imply some "private equity council" is now...well, basically writing them.
Can you dig around and write up an Instapopulist (at least) with what the latest is going on?
I feel we're getting any financial reforms whatsoever "canceled until further notice" and they are doing this piecemeal.
This is the headline on the Huffington Post:
Biggest Tax Revenue Drop since Great Depression....
But.....no mention whatsoever on the increase of both corporate and even income taxes in foreign nations!
That we passed the * usable productive increase* of computers for 90% of the population some time ago. You just don't need a 3 Ghz processor and 4GB of Ram to play solitaire and read e-mail.
-------------------------------------
Maximum jobs, not maximum profits.
There really is something funky going on and didn't Krugman support "free trade" and economies of scale, trying to claim there would just be "regional adjustments" which might cause "short term pain" and "pockets of localities" might be "temporarily affected"
(and no one adding up all of those "localities" to be the United States of America?)
So, in other words, are some of these people sticking with their philosophy, just ignoring the data, stats and the possibility their "theoretical advancements" are skewed or missing something ...with some incredible assumptions?
(like let's say regional pain as a time window happens to be 50+ years?)
Seriously.
Since Exxon's profits dropped 66% plus hearings on the hill on oil/energy speculation and stopping certain hedge funds from engaging in futures trading....
are we sure on the facts of physical supply?
Perhaps some graphs on demand, imports, etc.on oil...I know global demand is down but haven't looked at those current statistics....
It is amazing to me that Krugman accepted the thesis of this essay -- that structurally the US economy now requires 2% GDP growth to create jobs -- and then waved it off with the one word, "productivity."
OK, we all got computers in the 90s. But how many people got super duper extra caffeine productive computers in the last 5 years?
The GDP revisions "added" 1.1% to the recession, turning it into a decline of -4.0% total. That should translate into a 2% increase in unemployment, not the actual 4.6%.
New normal for economic growth = More income inequality = More destruction of middle class.
RebelCapitalist.com - Financial Information for the Rest of Us.
Both of them refuse, absolutely refuse to recognize contained within Productivity figures is labor arbitrage. Continually they will claim it's "technological advances" instead of outsourcing, global supply chain or the importing of foreign labor to undercut U.S. wages.
Looks like I have an exercise for the reader, but I have read multiple papers showing the increases in productivity can be attributed to outsourcing, the percentages vary but it is a factor.
I believe this is one of those "religious" themes....it's like they cannot utter the "O" word.
Did you read Krugman's posts? I did and they still do not add up. He's missing a good 1% unemployment from what I saw, never mind the fact unemployment has changed so U3 is deflated.
I wrote up a post as well, GDP, Productivity, jobs & outsourcing, which also shows that roughly 0.5% GDP is phantom, or wrongly attributed GDP.
From the increase in outsourcing statistics, now tax revenues, imply the estimate is already low, out of date....
but that shows roughly 0.5% GDP is wrongly attributed to U.S. GDP when it should be attributed to foreign nations.
Then, we tore apart, as did many good diligent bloggers the Q2 GDP and then again, saw the exports, imports, were both in decline, yet because the difference implied U.S. exports were decreasing at a lesser rate than imports...it "puffed up" the GDP.
But, declining exports....means declining exports, i.e. layoffs, less jobs.
So, in my view, NDD is onto something here.
So, GDP, Q1, 2009 was revised to -6.4% from -5.5%.
It seems to get closer but still it appears Okun isn't holding to me.
I think this is a great post regardless of using the unrevised GDP numbers.
Looking at the pattern, the overall causes of jobless "recovery" & linking it up with the ballooning trade deficit....
This topic is very important to me, simply because the Stimulus was created using some "multiplier" or "throw money at it" type of theory, when we see from the various reports (we don't have an aggregate number yet) that jobs & money from the Stimulus is going offshore.
NDD, I think this is a great post, but I do believe you need to update it with the revised GDP numbers. I suspect the conclusion is going to be the same.
(oh yeah, you shouldn't go over to that Bonddad character, Bonddad should come over here. ;))
Believe it or not, this article is already dated. When the BEA came out with the recent GDP report, they also revised the entire recession.
It turns out the GDP loss so far was twice as bad as first reported.
For instance, our "liberal immigration policy" could stand to join the 21st century and automate it's bureaucracy somewhat- I guarantee you that if guest visas and green card applications were available on the World Wide Web an application as bad as this one would have been rejected by server-side scripting with nobody having to look at it at all. And in so doing, "good immigrants" who are trying to come to this country legally, could have their visa in 30 seconds or less instead of 3 years or more.
Having said that, though, the demographics argument doesn't hold water for me. If you're truly worried about declining population in the northern hemisphere, have more children!
-------------------------------------
Maximum jobs, not maximum profits.
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