Randi Rhodes Forums

Outsourcing Now Hits The Semi-Wealthy: Goldman Sachs Laying Off US Bankers And Rehiring In Singapore



When the titans of capital started moving our low skilled manufacturing jobs overseas to the lands of China, Central America, and other bastions of pseudo slave labor, the lower middle class worker was not worried. After-all, that would never happen to them. Who cares if all those little plastic toys and utensils are made elsewhere.

When the titans of capital started outsourcing our more skilled manufacturing jobs, most of the middle class figured that just maybe it would end there. The textile factories were closing and little towns were dying. But like deer in the head lights no one knew what to do so they just stood there as they were just run over.

When the titans of capital started seeing the flexibility, speed, and efficiency of the Internet they found a structure to outsource Software Engineers, Doctors, Radiologists, Teachers, and many other professionals. These professionals took our loans to invest in their education. They did it the American way. They worked hard. Now they are lost and don’t know where to go from here.

When the titans of capital had no one else to outsource to maximize the profits of the few, their few, they start to eat their own. They started to outsource the up and coming titans of capital.

Goldman Sachs has begun the process of maximizing its profits by ridding itself of over 1000 high end investment banking jobs. These were some of the most devoted and staunch supporters of unfettered and unregulated capitalism. These are generally the staunch supporters of low taxes and a meager safety net. Ironically, many who thought they were immune to the excesses of supply side economics that pilfered the middle class and an immoral form of capitalism are the ones who will be dependent on the safety net and taxes they so abhorred


http://www.dailykos.com/story/2011/06/2 ... -Singapore

Last week in the New York Times, G.M. Stands Automaking on Its Head the article is about how GM is "bringing jobs back to America." How the Sonic will be the first sub-compact built in the United States since, well they don't say since when, but my guess is since the Pinto.
"Great," you say...well, hold on. There is a caveat to this car and these jobs.


The radically revamped factory here operates with fewer and cheaper workers, many of whom are paid $14 an hour rather than the full U.A.W. wage of $28 an hour.

$14 an hour...why $14 an hour?



The U.A.W. tried to persuade the Ford Motor Company to build the Fiesta subcompact in the United States. But Ford chose a plant in Mexico, where the combined wages and benefits of a production worker total less than $10 an hour. By contrast, a full-wage union member in the United States costs G.M. close to $60 an hour. Even an entry-level wage employee costs about $30 an hour in wages and benefits.


Free trade is why those UAW workers are making $14 an hour. Now $14 an hour equates to a $29,120 a year. To be considered in poverty a family of four has to earn less than $22,350 a year. So a job at the Orion plant is just a little outside of poverty wages. I am not sure I would consider someone earning $29,120 a year to even be middle class...that is working poor. Yes, you have a job, you do not have to be on public assistance; however, you really have no additional money to save for retirement, it is doubtful that you can even afford to take your family out to dinner on occasion on those wages.

The United States used to be a leader in the world; however, the greed of a few has started a race to the bottom. Instead of other countries looking to us in awe of our standard of living and trying to catch up to us - our corporate benefactors look at countries like Mexico and wonder how we can get down to their standard of living.

The final paragraph of the article frightens me for our future,


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http://www.dailykos.com/story/2011/07/2 ... the-bottom

Boston Scientific to lay off 1,200-plus


Yesterday’s move, a day after Boston Scientific disclosed it was investing $150 million and hiring 1,000 people in China, raised fears that the company will gradually shift more work to foreign sites with less government oversight and lower costs than the United States.

“I’ve asked for information on where they are cutting jobs,’’ said state Senator James B. Eldridge, an Acton Democrat. He has proposed so-called clawback legislation that would allow the state to recover money from businesses that receive tax breaks here - including Boston Scientific - and then reduce their workforces.

“My sense is, sadly, that like many other American companies, they are shedding jobs in Massachusetts and adding jobs overseas,’’ Eldridge said. “And this is a company making greater profits, so it’s even more outrageous.’’


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http://www.boston.com/business/healthca ... 1200_plus/

This thread is depressing. I got even more depressed when I read this.

Workers Running Hard to Hold Jobs in Maine

Obama may be staving off trade deals with Columbia and Korea, but apparently not Vietnam.

This needs to start affecting the rich before something will be done about it. Goldman Sachs is laying off? We need to see more of that before something is done.

Kinda reminds me of how you didn't see massive protests against the Vietnam war until kids from wealthy families were getting called to go.

Actually looks like we already had it just as with home values. Heard of students with $100k in loans after BA in past couple of years. Problem is dysfunctional GOP has fought every attempt to FUND and reform. And Dems keep "compromising" with no taxes and no govt sale job by consultants, lobbyists. So we aren't as bad but what's a couple of tens of thousands to a struggling student?

Good point. Seeing that on middle class homeowner front though homeowner crisis affects all income levels and communities. Still tea party/billionaires effectively set up divide and conquer w/ focus on TARP $2 trillion blaming it on deadbeat and minority homeowners instead of looking at good ol' fashion predatory lending and bankster fraud and profit of MOST of TARP if not mistaken and additional $10 TRILLION or more.

Oh yeah and outsourcing isn't a big deal anymore.



http://www.noslaves.com/content/citigroup-jpmorgan-chase-offshore-outsource-5-billion-more-india

Yes, reality can be hard to accept but look at the bright side (heavy sarcasm indeed)..............




European companies look to America for cheap labor



We worry about American jobs going overseas to lower-wage countries. But in the mean time, we're becoming the low-wage country that Germany and Sweden send jobs to—jobs Americans line up to take and feel lucky to get.


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http://www.dailykos.com/story/2011/08/1 ... via=blog_1

Huh ?

The Obama admin is all for FREE TRADE deals (and is currently pushing for them with 7 different nations) - "because they create so many jobs here".

The Dumbest 'Bipartisan' Move Since Repealing Glass-Steagall



This time it's the deceptively named "JOBS Act," introduced by the far-right Republicans in Congress and passed overwhelmingly by members of both parties. The President indicated his eagerness to sign the bill early on. Once again basic protections for investors, including individuals and families, are being recklessly overturned in a deregulating frenzy. Some of those protections were enacted in the wake of the Enron scandal, in which sociopathically unscrupulous business people conducted a hoax that ruined thousands of families and deprived many of their life's savings.

We haven't learned a damn thing


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http://ourfuture.org/blog-entry/2012031 ... s-steagall

Oh stiney stiney stiney, you silly liberal you


Dont you understand that rank and file right wingers hate unions!

Well, unless they are in one then they still hate them but wouldn't trade membership on your life...

Why do they hate unions, why do they hate one of the ONLY things on the planet that protect them? Because they are stupid, not anymore complicated than that, really.

Eff em at least i have the money to go to sears and buy the tools to work smarter not harder the right to work harder for less just to be blessed is not the best when they are taking home allot less. with no health care security none the less. bless their hearts their bosses are getting their share and they just don't care.

I like Obamacare too