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Investments - dead capital that was creatively destroy and quickly redeployed
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Topic: Investments - dead capital that was creatively destroy and quickly redeployed (Read 1734 times)
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WhiskeyGirl
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Investments - dead capital that was creatively destroy and quickly redeployed
«
on:
February 12, 2009, 01:01:44 AM »
Quote
Anyone with brains, please help
By THOMAS L. FRIEDMAN
First published in print: Thursday, February 12, 2009
BANGALORE, India — Leave it to a brainy Indian to come up with the cheapest and surest way to stimulate our economy: immigration.
Quote
"All you need to do is grant visas to 2 million Indians, Chinese and Koreans," said Shekhar Gupta, editor of The Indian Express newspaper. "We will buy up all the subprime homes. We will work 18 hours a day to pay for them.
We will immediately improve your savings rate — no Indian bank today has more than 2 percent nonperforming loans, because not paying your mortgage is considered shameful here. And we will start new companies to create our own jobs and jobs for more Americans."
While his tongue was slightly in cheek, Gupta and many other Indian business people I spoke to this week were trying to make a point that sometimes non-Americans can make best:
"Dear America, please remember how you got to be the wealthiest country in history. It wasn't through protectionism, or state-owned banks or fearing free trade. No, the formula was very simple: Build this really flexible, really open economy,
tolerate creative destruction so dead capital is quickly redeployed to better ideas and companies,
pour into it the most diverse, smart and energetic immigrants from every corner of the world and then stir and repeat, stir and repeat, stir and repeat, stir and repeat."
Were the housing markets and other investments, dead capital that was creatively destroyed and redeployed elsewhere?
Who was the mastermind of this plan?
Maybe someone thought they needed to speed up the cash flow away from America? To new hot spots and didn't want to leave a penny behind? Every penny in every 401k or IRA was fair game? Didn't those pennies belong to someone? Someone with dreams of retirement?
Did the writer of this article miss the point that mortgage companies made liar loans? Loans that failed for many unknown reasons? Maybe he thinks all Americans think it's ok to not pay your mortgage. Maybe unemployment doesn't happen in India?
Quote
Bad signal. In an age when attracting the first-round intellectual draft choices from around the world is the most important competitive advantage that a knowledge economy can have, why would we add barriers against such brainpower — anywhere? That's called "Old Europe." That's spelled: S-T-U-P-I-D.
Does any one ethic group have more brainpower than another? I know many Americans that are highly educated and can't find a job. Lots of unused, potential being wasted.
Doesn't anyone make all the little things in life? The bread, candy, computers, socks, toys, curtains? Maybe people just wish those things into existence?
What's the advantage to coming to America? Why not build India? Innovate at home? With all the disadvantages in America, why worry about a visa?
Quote
"We protected our jobs for many years and look where it got us. Do you know that for an Indian company, it is still easier to do business with a company in the U.S. than it is to do business today with another Indian state?"
I would say that years of protectionism got you a growing economy. Robust job outlook and lots of upside. While you protected, we engaged in 'free trade' and watched jobs move overseas and the unemployment rate increase. Our economy is no longer robust, but weak and sickly - fewer jobs and an imbalance of trade.
Quote
...When the best brains in the world are on sale, you don't shut them out. You open your doors wider. We need to attack this financial crisis with green cards not just greenbacks, and with start-ups, not just bailouts.
I think some of the best brains don't get a chance.
I wonder how many immigrant start-ups hire Americans? Or, do they tend to hire people like themselves? I wonder if anyone studied that?
Can't no one give an American a job? American's are on sale too.
http://www.timesunion.com/AspStories/story.asp?storyID=769392&category=OPINION&TextPage=1
jmho
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
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Re: Investments - dead capital that was creatively destroy and quickly redeployed
«
Reply #1 on:
February 14, 2009, 10:11:19 PM »
What is the point of an American stimulus bill if it doesn't put Americans back to work?
Quote
Bailed-out US cos can't hire people on H1-B
15 Feb 2009, 0206 hrs IST, PTI
WASHINGTON: In what could be seen as a major blow to Indian IT professionals, the US Congress has prohibited banks and firms receiving federal
bailout money from hiring people on H-1B visas in place of Americans laid off by them due to the economic meltdown.
Quote
Senator Bernie Sanders, who along with another Senator Charles Grassley had moved the proposal for such restrictions, said that
about a dozen banks which are getting over USD 150 billion as the bailout money have sought visas for over 21,800 foreign workers in past six years to replace sacked Americans
.
Quote
"With thousands of financial services workers unemployed, it is absurd for banks to claim they can't find qualified American workers," Sanders said.
"While we are suffering through the worst economic crisis since the Great Depression, the very least we can do is to make sure that banks receiving a taxpayer bailout are not allowed to import cheaper labour from overseas while they are throwing American workers out on the street," he said.
http://economictimes.indiatimes.com/Economy/Bailed-out_US_cos_cant_hire_people_on_H1-B/articleshow/4130368.cms
Won't nobody give a highly educated American a job? A job to gain experience so they may compete in the global arena?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
nonesuche
Monkey All Star Jr.
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Re: Investments - dead capital that was creatively destroy and quickly redeployed
«
Reply #2 on:
February 15, 2009, 09:39:29 AM »
Obama will need to make a stand on this and soon, the offshoring of jobs and HB1 visas cannot continue in these economic stresses for our country.
BoFA was the first US bank to frog-leap their IT operations offshore to India, even if you remove the lost jobs from the equation for that decision was totally driven by a desire to lower costs at the Board level, the larger concern is the safety of our personal and private fiscal information in an unstable political environment.
The other glaring lesson learned is that India operates on what I call "siesta time". Their productivity levels do not exeed ours but it's been proven now that they do not even equal ours. That's why India IT outsourcing companies hedge on ever providing breakdowns for headcount within contracts. Some US companies are wising up which will ease some of this eventually for they aren't as quick to outsource to India anymore or to renew those contracts.........but Obama does need to step in and stand behind but US citizens who not only need those jobs but likely can fulfill those jobs at an equal rate of dollar to dollar for RESULTS and not fishy contacts allowing for and supporting the siesta time approach.
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I continue to stand with the girl.
WhiskeyGirl
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Posts: 7754
Re: Investments - dead capital that was creatively destroy and quickly redeployed
«
Reply #3 on:
February 15, 2009, 11:24:59 AM »
When I think back about "free trade" - there doesn't seem to be any upside for those left behind without jobs. It doesn't matter how many highly educated or skilled people there are, they may not have jobs, just like those with few or low skills. No working person can compete with slave or very low paid workers.
I recall a documentary years ago about opposition and support for slavery.
One of the problems with slavery for the free or working man was that they could not support a family when their competition was in slavery. Slaves didn't need to worry about a roof over their head, clothing on their back, food on the table, education, or healthcare. For better or worse, it was provided or not provided by their owners.
Is it likely that highly educated skilled workers will ever compete for American business with low paid, no benefits workers anywhere?
How can "free trade" exist when one employer/taxpayer is forced to provide healthcare, retirement, disability, a living wage, and other benefits, and another in competition has labor in abundance and can pay little to nothing, no benefits?
There used to be a slogan on the tv from the Internation Ladies Garment Union about "looking or shopping for the Union label". Are there any garment workers left in America? That used to be a job that supported many families.
In simple terms, the Union label meant supporting those business and industries that shared the same values - living wages, good benefits and prosperity.
Today, there are some that promote "free trade" and I believe it is for the same reason - living wages, good benefits, prosperity, and the ability to support a family through hard work.
I don't understand why some insist that "free trade" is the way to go. It isn't free for anyone. It just seems to cause the U.S. national debt/trade imbalance to rise, debts that will be paid by future generations.
What's the upside for American's today and in the future? Nothing that I can see. Debt has to be repaid one way or another.
Would you choose expensive healthcare at high prices today if you knew there would be no healthcare for future generations? Poor housing? No food? A nation who's future is owned by foreign interests? Foreign bankers? Loan sharks?
Who really owns the Federal Reserve?
No one, no freeman, can compete with slave wages. It was an argument to keep slavery out of many states, and I think it is still a good argument.
Slave masters have every reason to promote "free trade".
just my humble opinions
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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