He's got a lot of pressure, as I note the pressure from businesses, corporations especially to clear the parks. Then he's not running because after he was elected it came out he had an affair with an underage (or close to it) person and that prompted a recall, which failed.
I think the MSM has been turning the general public against OWS, but the good news is all of this light (literally they lit up the parks with huge lamps), on OWS shows these people are perfectly good citizens, simply trying to protest the outrageous hijack of economy, income inequality, lack of jobs, supports for citizens of the nation.
The piece was supposed to be about why we need illegals and Alabama is a bunch of racist xenophobes. Instead it shows Alabama and big Agriculture in particular, are so used to slave labor, they cannot even grasp that they need to offer wages and provide working conditions at least as good as what they would give their own dog.
This situation with anything immigration is so horrific, it's fairly clear corporations and special interests are gearing up for some unlimited migration, guest worker, whatever bill.
We'll stay true to labor econ 101, that yes, this affects labor supply and of course does and can squeeze out workers already here, now students too, all other factors static.
Strange thing is that the eviction of Occupy is being ordered by Mayor Sam Adams, who was earlier seen as a strong supporter of Occupy especially since two or three residences owned by him (with mortgages), one of those being his own home, were foreclosed on in the last couple of years.
But now Adams is saying that the occupiers have to get out of the park, counseling that the movement has to move beyond the occupy mode. (Like 'grow up'?)
Adams has recently announced that he won't be seeking a second term despite that he was elected as a populist with a strong majority in 2008 (58 % on first round of voting, with no need for a run-off) and despite that Portland is well-known for re-electing populist mayors. Adams survived two recall efforts since his election, probably to some extent inspired by his openly gay life-style.
It's like the congress critturs who decided not to run after voting for NAFTA and other FTAs. Somehow they managed to find highly remunerative employment soon after leaving Congress.
Don't just try them, apply RICO to them. A piece of land is worked by illegals for years but enforcement is impossible because all you can do is prosecute labor contractors (overseers of slaves) who disappear with the wind only to reemerge under a new name the next day ... EXCEPT ... yes, you can, it is lawful, to seize the land under RICO! But that possibility has only been attempted once that I know of, and that was by someone in an obscure Office of County Attorney in Idaho a few years ago, underreported of course.
Think about it: land repeatedly used to abuse immigration law and labor standards law and no way to successfully prosecute those responsible ... EXCEPT ... it's the textbook-perfect case for RICO seizure. And it would undoubtedly work! Just a few cases could do more to stop illegal immigration than any fence at the border! (And it'd be good for the budget deficit!)
Why doesn't it happen? Something to do with politics?
It's one thing for a bakery to want to cover itself against an unanticipated failure of the wheat crop, but gambling on indices with no real connection or investment in reality is something else entirely. In the traditional type of commodity 'derivative' (if we want to call it that), a bakery can protect against an unanticipated failure of the wheat crop by buying options, assuming that they can find takers for the contrary position. The wheat farmer can take the other side of the bakery's position, insuring the farmer against a bumper crop that drives down the price of wheat. (Of course, this is a simplified version for the purpose of demonstrating a rationale for the practice of commodity futures trading.) Theoretically, the end result is beneficial, allowing the bakery to maintain a more stable price of bread -- resulting in less volatility in CPI -- and the wheat farmer can similarly avoid volatility of income from year to year.
The big problem here is that financial derivatives today mostly work to increase volatility. Ancillary problems develop in that (1) problematic derivatives have been legalized around the world in this era of financial (casino) capitalism, and, (2) even when not permitted, problematic trading practices are allowed to continue by way of non-enforcement of the law. The latter problem of non-enforcement is what Numerian, Burton Leed and Robert Oak are all calling out -- in a word, "corruption."
Financial products called derivatives today have no rationale whatsoever! They are just plain gambling. Can anyone provide a rationale for CFDs that explains why CFDs are beneficial for the world economy while betting on football point spreads would, if claimed as a legitimate investment practice, cause a major scandal?
The only rationale that I have found for CFDs is that some traders claim to have found them "useful." Useful toward what end? [NOTE: I am editing this comment to replace the word "profits" with the term "monetary ROI," that is, monetary Return On Investment, because profits are incurred in a productive endeavor, while 'monetary ROI refers to return on investment in monetary terms, regardless of any underlying production or value-adding activity.] The answer to that question is "toward the end of increasing profitsmonetary ROI while decreasing risk." That's all jiggy if you really believe the mantra of finance capitalism that the whole purpose of life is to increase profitsmonetary ROI while decreasing risk. That mantra comes down to the basic axiom of the von Mises school that the accumulation of capital in the hands of a few is, by definition, the best and only social or human 'good'. If, on the other hand, you believe that the financial sector, like every other sector of the economy, must somehow justify its existence by a record of contributions to such varied goods as wide-spread home-ownership or the happiness of the people ... you arrive at a very different view of whether derivatives should be allowed by law.
What's most troubling to me is the Enron limited-partnership scam, that is, the "heads I win, tails Enron loses" method of driving a corporation into bankruptcy by systematically draining its assets. In the case of Enron, the wins could not be traced beyond PO Boxes in the Grand Caymans (with no moneys recovered), and Enron went down with its losses (absorbed by the investing public and/or the tax-payer). IMO, it's generally only insiders who get to take advantage of such contracts. An ordinary investor would never imagine that such an instrument could even exist.
CFDs are not legal in the USA, thanks to SEC regulations, but they are legal in every major financial center in Europe (and in Hong Kong, Singapore and Tokyo). CFDs are not only legal but available with margin requirements as low as 0.05% for indices! We see currently how well this availability (encouragement) of derivatives -- exemplified by CFDs -- has worked to reduce volatility in interest rates in the current Euro crisis
Opportunities for corruption abound as long as derivatives like CFDs continue. Profits and losses from such derivatives trading should be taxed exactly as profits and losses from other gambling. I am not arguing for the elimination of regulated gambling or gaming -- that has its place in any economy. Problems arise because gambling is subject to being rigged -- it tends to promote fraud and corruption. Major players in the world of finance capitalism have no interest in winning fair and square, taking their losses with everyone else. Their interest is in increasing profitsmonetary ROI while decreasing risk, that is, their interest depends on fraud and corruption.
The deeper problem is that the culture of fraud and corruption works to undermine and ultimately destroy the culture of savings and investment. Ultimately, the culture of global finance capitalism works to destroy free-enterprise capitalism and to undermine real economic progress.
If anyone is watching local news for thing ongoing showdown, it's clear many in the media are really trying to portray the OWS movement as being a bunch of dirty, homeless scum. It's clear nothing is further from the truth. There is no human waste around, these guys are extremely organized, with plenty of bathrooms. They try to find needles and other horror stories to ignore this group's message.
It's clear if one watches other media, live stream, these people are from all sorts of backgrounds, some obviously highly educated too and considering there are hundreds of thousands of people around the country doing these protests, the crime element is extraordinarily low. Think about a city of 100,000 people and how much crime there is per day, then compare.
I'm fairly convinced there is some sort of corporate something trying to dismiss the protests as if the obvious fact we have the 99% of the people, regardless of how hard they work, how much education they obtained, are being wiped out financially.
Seems the protestors are whipping out the ammo, with voodoo donuts. These things are addictive, a local specialty, and they are passing boxes of 'em around, eating them and offering them to police.
Truly creative methods of resistance and protests from the occupiers. Who would of thunk of irresistible donuts?
I've checked the site for cell phone access and so far, so good on iPhone, iPad, Android and Symbian S60. That said, folks, please let me know any difficulty in reading EP while mobile. We'll make sure it's accessible.
I put this comment here because EP was started in 2008, after pure disgust with the lack of focus on economics and more importantly, accurate statistics and theory, in the MSM as well as the political movement sites/blogs/forums.
So, you might be interested in our articles. If I write any sort of economic fiction, I am strongly open to be corrected for accuracy, valid statistics is something I pay strong attention to.
There are way too many special interests out there promoting whatever it is whey want to promote, with number spin. Seriously, statistical number spin, which you will not find unless you dig into the bowels of the data.
We can dig into the actual data, do have a statistical background, mathematical background, to see those various spin techniques with numbers.
Bottom line, we end up writing a host of articles proving the U.S. workforce, the U.S. middle class is being destroyed AND how that actually impedes the national economy and even the global economy. You count. You're over 70% of GDP. ;)
There is reports of violence, "hits", arrests by police in Portland now. So, it could go even more violent or other negatives. That said, at this moment, @ 2:30PM, PST, the live stream shows a swarm of people in support of the occupiers with police lined up in riot gear.
To see a live stream, the local news, KGW as well as others is live and then Occupy Portland is running a live stream.
If anyone has a video of people popping the cork on Champagne, I'd love to show that. It personally really surprised me to think, these people are smart in terms of protest strategy.
Most interesting, the more police push, the more a swarm of people, thousands, are coming down to the Occupy area in support of the protesters.
I think a more disturbing aspect is that no one seems to make a loss anymore and this determines behaviors. Does not matter how you view it....a bad investment, gambling, etc, the outcome is that there is no penalty or consequences to change behaviors. The bottom line is that any financial services investment seems to be bailed out at the taxpayers expense. The short term let alone the medium term to long term outcome of this is not a positive one (understatement).
I'd love to run a business where everyone of my actions is back stopped by the government....if I do well I make profits or if a screw up my losses are also covered.
The WSJ is running a series, generation jobless on NCG's and their denial of work and absurd student debt. Yeah, right, we need to bring in foreign guest workers on Visas who take these very jobs these people need.
Sorry for no articles yesterday, was out of office, so to speak.
The dates are imporant and GE, IBM, HP, Dell, I sincerely doubt they are hiring Americans from their patterns. They are probably bringing in foreign guest workers or those are facilities abroad and so on.
The financial sector offshore outsourced like mad as well, and GE? Seriously?
Caterpillar announced a new 1000 workers, they closed some offshored plant and brought it back, but this is a drop in their bucket.
A service EP can do Working America is to expose the biggest layoffs and to show who actually generates jobs. The numbers announced are large and even like the Roman Legions decimating the
villagers. there is a need to answer the question - who are the generals in the war on the middle class?
Layoffs:1. HSBC 25000 Farewell Manhattan! (HongKong, ShangHai BankCorp)
2. Merck 13000 F/Y New Jersey, we're going to China, Brazil
3 Borders 10700 Books in the New Dark Ages, I don't think so.
4. Cisco 6500 Really, Chambers just can't control his greed.
5. Lockheed Martin 6500 Pentagon Cuts
6. Pfizer 5530 All that Viagra, and can't get it up
7. Barclays 3000 Let's see, they wanted to buy Lehman.
8. Research in Motion 2000 Does anybody not in an MNC have a Blackberry?
9. Credit Suisse 2000 Do they ever stop firing U.S. Employees?
10 Delta Airlines 2000 Did you ever fly Delta?
11. Gannett Publishing 1400 Recycling
12 Boston Scientific 1400 A coronary event,just for the employees
13 Goldman Sachs 1000 No comments necessary.
14. Sears 700 Go in a Sears, try to find someone, anyone
In the U.S Corporate hiring list, there is no geography of where the hiring is. These are announcements, candidate beware! There is churning, and outsourcing afoot everywhere.
Hiring 1.JPMorgan Chase 15,500 can all be forgiven for the time being.?
2 Best Buy 13,919 Even more Blue and Yellow shirts everwhere
3. GE 8,320 But the Schenectady Diesel plant goes to Brasil!
4 IBM 8,320, They are hiring, really, trust me on this one. But where do they hire, and who?
5 HP 6,583 "administration, business planning, HR, sales, supply chain"
6 Target 6,300 merchandising, web development, engineers in technology services,
team leaders, pharmacists, interns.
7 Dell 4,887 All techies, no geography. Ireland closes, Poland opens production.
8 BofA 4,720 Can you trust this employer?
9 CitiBank 3,560 Banking, credit specialists, lending, IT, analysts. Boss's name sounds like Bandit.
When the one percent watch the OWS camp in Zucotti Park and 88 other cities around the world, the one percent denounce them the same way everywhere. The one percent, sipping their wine, look down on OWS with the insouciance of the the French Aristocracy of the 1780s. There are at least 77,000 homeless Vets according to VA estimates. Some of the more fortunate, live out their last days in VA hospitals. Vets, friends and colleagues who made their living once as valuable IT players, now languish in their last years as burned out shells in VA hospitals, victims of outsourcing.
The cruelest fate has fallen to those who are forced to train their offshore replacements, before becoming unemployed. The most tragic victims of unemployment turn their anger on themselves with suicide or killing a family member.
The one percent do not commit crimes without victims. Every CEO of a company who outsources or goes offshore, knows his bonus increases as the victims of his actions become jobless. The dynamic of this model of capitalism is stark: when the one percent gain, the 99 percent loses, because the 99 percent gains.
Buddy Roemer has gone to OWS at the park in NYC ... not to campaign but to listen. He is now urging all Americans to "listen to them." Here's from email received yesterday from Buddy Roemer for President campaign --
Team,
We released a new web ad today entitled, “America, Listen to Them.” As you know, Governor Roemer has been the only candidate on either side to get behind the spirit of Occupy Wall Street. Throughout our history, Americans have stood up against injustice and inequality. Some like to criticize the Occupy Wall Street movement, and although Governor Roemer does not endorse everything they stand for, you cannot criticize their frustration and anger with the status quo and corruption occurring. Lobbyists and Wall Street executives rule Washington and our political system, and Governor Roemer is the only candidate that will work to end this.
P.S. Please spread the link to everyone you know via email, Facebook, Twitter and any other social media outlets and ask them to consider joining the team and donating!
Thanks for your reply. Considering the size of the losses, I share your doubt about the second comment (at Indiviglio's blog) that F & F "would do even worse whenever interest rates rose."
I am trying to make sense of this story myself, and I'd like to strip away at least some of the devilish details. Major questions remain about the hedging. The story is a puzzlement that could use more research -- digging deep into F & F's books -- than I will be giving it, although I am going to search around for a more detailed explanation.
As you note, F & F took losses because of falling rates, not because of rising rates. But it's unclear what that means, since no one has yet clearly stated that F & F were gambling that long-term rates would actually rise (notwithstanding assurances from the Fed). The claim may be rather that the losses were mostly because of a greater absolute drop in interest rates than F & F anticipated ("as long-term interest rates declined more in the third quarter than in the second"). It seems likely that the hedging was all about Treasurys, but Treasurys do not equate to 'derivatives'. Maybe the losses reduce to that F & F were obligated somehow to purchase Treasurys at above-market.
I am not saying that F & F made judicious calls, because obviously they didn't. All I am saying is that there is probably some connection to the 3rd Quarter budget/debt limit games. In other words, F & F may have gambled that rates would continue low as guaranteed by the Fed, but missed how low rates would drop for their index of interest (as distinguished from index of effective Treasury rates, which were rising), at least in part because they failed to anticipate the extremes reached in the budget/debt limit battles.
I think you're right to focus on the longer term things. We've been hovering around the same stupid point since 2009, as you point out. So why the optimism every time there's a good week? And it's not just from the press, but the experts they quote, too.
Of course I hope things will get better but the only thing I see that may lead to even a medium term improvement is that evidently people are spending more -- but not making more, mind you, just tapping into savings or saving less, I forget which. There will be an uptick in hiring too because of part-timers for the holidays. There will be gushing about that, then come Jan-Feb, back to stagnation. The number of unemployed who aren't getting unemployment is now about 52%, I suppose we can look forward to that number rising.
He's got a lot of pressure, as I note the pressure from businesses, corporations especially to clear the parks. Then he's not running because after he was elected it came out he had an affair with an underage (or close to it) person and that prompted a recall, which failed.
I think the MSM has been turning the general public against OWS, but the good news is all of this light (literally they lit up the parks with huge lamps), on OWS shows these people are perfectly good citizens, simply trying to protest the outrageous hijack of economy, income inequality, lack of jobs, supports for citizens of the nation.
The piece was supposed to be about why we need illegals and Alabama is a bunch of racist xenophobes. Instead it shows Alabama and big Agriculture in particular, are so used to slave labor, they cannot even grasp that they need to offer wages and provide working conditions at least as good as what they would give their own dog.
This situation with anything immigration is so horrific, it's fairly clear corporations and special interests are gearing up for some unlimited migration, guest worker, whatever bill.
We'll stay true to labor econ 101, that yes, this affects labor supply and of course does and can squeeze out workers already here, now students too, all other factors static.
Strange thing is that the eviction of Occupy is being ordered by Mayor Sam Adams, who was earlier seen as a strong supporter of Occupy especially since two or three residences owned by him (with mortgages), one of those being his own home, were foreclosed on in the last couple of years.
But now Adams is saying that the occupiers have to get out of the park, counseling that the movement has to move beyond the occupy mode. (Like 'grow up'?)
Adams has recently announced that he won't be seeking a second term despite that he was elected as a populist with a strong majority in 2008 (58 % on first round of voting, with no need for a run-off) and despite that Portland is well-known for re-electing populist mayors. Adams survived two recall efforts since his election, probably to some extent inspired by his openly gay life-style.
It's like the congress critturs who decided not to run after voting for NAFTA and other FTAs. Somehow they managed to find highly remunerative employment soon after leaving Congress.
Could $$$$ be involved?
Don't just try them, apply RICO to them. A piece of land is worked by illegals for years but enforcement is impossible because all you can do is prosecute labor contractors (overseers of slaves) who disappear with the wind only to reemerge under a new name the next day ... EXCEPT ... yes, you can, it is lawful, to seize the land under RICO! But that possibility has only been attempted once that I know of, and that was by someone in an obscure Office of County Attorney in Idaho a few years ago, underreported of course.
Think about it: land repeatedly used to abuse immigration law and labor standards law and no way to successfully prosecute those responsible ... EXCEPT ... it's the textbook-perfect case for RICO seizure. And it would undoubtedly work! Just a few cases could do more to stop illegal immigration than any fence at the border! (And it'd be good for the budget deficit!)
Why doesn't it happen? Something to do with politics?
See, excellent Wikipedia article on 'Contract for Difference'
en.wikipedia.org/wiki/Talk:Contract_for_difference
It's one thing for a bakery to want to cover itself against an unanticipated failure of the wheat crop, but gambling on indices with no real connection or investment in reality is something else entirely. In the traditional type of commodity 'derivative' (if we want to call it that), a bakery can protect against an unanticipated failure of the wheat crop by buying options, assuming that they can find takers for the contrary position. The wheat farmer can take the other side of the bakery's position, insuring the farmer against a bumper crop that drives down the price of wheat. (Of course, this is a simplified version for the purpose of demonstrating a rationale for the practice of commodity futures trading.) Theoretically, the end result is beneficial, allowing the bakery to maintain a more stable price of bread -- resulting in less volatility in CPI -- and the wheat farmer can similarly avoid volatility of income from year to year.
The big problem here is that financial derivatives today mostly work to increase volatility. Ancillary problems develop in that (1) problematic derivatives have been legalized around the world in this era of financial (casino) capitalism, and, (2) even when not permitted, problematic trading practices are allowed to continue by way of non-enforcement of the law. The latter problem of non-enforcement is what Numerian, Burton Leed and Robert Oak are all calling out -- in a word, "corruption."
Financial products called derivatives today have no rationale whatsoever! They are just plain gambling. Can anyone provide a rationale for CFDs that explains why CFDs are beneficial for the world economy while betting on football point spreads would, if claimed as a legitimate investment practice, cause a major scandal?
The only rationale that I have found for CFDs is that some traders claim to have found them "useful." Useful toward what end? [NOTE: I am editing this comment to replace the word "profits" with the term "monetary ROI," that is, monetary Return On Investment, because profits are incurred in a productive endeavor, while 'monetary ROI refers to return on investment in monetary terms, regardless of any underlying production or value-adding activity.] The answer to that question is "toward the end of increasing
profitsmonetary ROI while decreasing risk." That's all jiggy if you really believe the mantra of finance capitalism that the whole purpose of life is to increaseprofitsmonetary ROI while decreasing risk. That mantra comes down to the basic axiom of the von Mises school that the accumulation of capital in the hands of a few is, by definition, the best and only social or human 'good'. If, on the other hand, you believe that the financial sector, like every other sector of the economy, must somehow justify its existence by a record of contributions to such varied goods as wide-spread home-ownership or the happiness of the people ... you arrive at a very different view of whether derivatives should be allowed by law.What's most troubling to me is the Enron limited-partnership scam, that is, the "heads I win, tails Enron loses" method of driving a corporation into bankruptcy by systematically draining its assets. In the case of Enron, the wins could not be traced beyond PO Boxes in the Grand Caymans (with no moneys recovered), and Enron went down with its losses (absorbed by the investing public and/or the tax-payer). IMO, it's generally only insiders who get to take advantage of such contracts. An ordinary investor would never imagine that such an instrument could even exist.
CFDs are not legal in the USA, thanks to SEC regulations, but they are legal in every major financial center in Europe (and in Hong Kong, Singapore and Tokyo). CFDs are not only legal but available with margin requirements as low as 0.05% for indices! We see currently how well this availability (encouragement) of derivatives -- exemplified by CFDs -- has worked to reduce volatility in interest rates in the current Euro crisis
Opportunities for corruption abound as long as derivatives like CFDs continue. Profits and losses from such derivatives trading should be taxed exactly as profits and losses from other gambling. I am not arguing for the elimination of regulated gambling or gaming -- that has its place in any economy. Problems arise because gambling is subject to being rigged -- it tends to promote fraud and corruption. Major players in the world of finance capitalism have no interest in winning fair and square, taking their losses with everyone else. Their interest is in increasing
profitsmonetary ROI while decreasing risk, that is, their interest depends on fraud and corruption.The deeper problem is that the culture of fraud and corruption works to undermine and ultimately destroy the culture of savings and investment. Ultimately, the culture of global finance capitalism works to destroy free-enterprise capitalism and to undermine real economic progress.
If anyone is watching local news for thing ongoing showdown, it's clear many in the media are really trying to portray the OWS movement as being a bunch of dirty, homeless scum. It's clear nothing is further from the truth. There is no human waste around, these guys are extremely organized, with plenty of bathrooms. They try to find needles and other horror stories to ignore this group's message.
It's clear if one watches other media, live stream, these people are from all sorts of backgrounds, some obviously highly educated too and considering there are hundreds of thousands of people around the country doing these protests, the crime element is extraordinarily low. Think about a city of 100,000 people and how much crime there is per day, then compare.
I'm fairly convinced there is some sort of corporate something trying to dismiss the protests as if the obvious fact we have the 99% of the people, regardless of how hard they work, how much education they obtained, are being wiped out financially.
Seems the protestors are whipping out the ammo, with voodoo donuts. These things are addictive, a local specialty, and they are passing boxes of 'em around, eating them and offering them to police.
Truly creative methods of resistance and protests from the occupiers. Who would of thunk of irresistible donuts?
I've checked the site for cell phone access and so far, so good on iPhone, iPad, Android and Symbian S60. That said, folks, please let me know any difficulty in reading EP while mobile. We'll make sure it's accessible.
I put this comment here because EP was started in 2008, after pure disgust with the lack of focus on economics and more importantly, accurate statistics and theory, in the MSM as well as the political movement sites/blogs/forums.
So, you might be interested in our articles. If I write any sort of economic fiction, I am strongly open to be corrected for accuracy, valid statistics is something I pay strong attention to.
There are way too many special interests out there promoting whatever it is whey want to promote, with number spin. Seriously, statistical number spin, which you will not find unless you dig into the bowels of the data.
We can dig into the actual data, do have a statistical background, mathematical background, to see those various spin techniques with numbers.
Bottom line, we end up writing a host of articles proving the U.S. workforce, the U.S. middle class is being destroyed AND how that actually impedes the national economy and even the global economy. You count. You're over 70% of GDP. ;)
There is reports of violence, "hits", arrests by police in Portland now. So, it could go even more violent or other negatives. That said, at this moment, @ 2:30PM, PST, the live stream shows a swarm of people in support of the occupiers with police lined up in riot gear.
To see a live stream, the local news, KGW as well as others is live and then Occupy Portland is running a live stream.
If anyone has a video of people popping the cork on Champagne, I'd love to show that. It personally really surprised me to think, these people are smart in terms of protest strategy.
Most interesting, the more police push, the more a swarm of people, thousands, are coming down to the Occupy area in support of the protesters.
I think a more disturbing aspect is that no one seems to make a loss anymore and this determines behaviors. Does not matter how you view it....a bad investment, gambling, etc, the outcome is that there is no penalty or consequences to change behaviors. The bottom line is that any financial services investment seems to be bailed out at the taxpayers expense. The short term let alone the medium term to long term outcome of this is not a positive one (understatement).
I'd love to run a business where everyone of my actions is back stopped by the government....if I do well I make profits or if a screw up my losses are also covered.
The Layoffs are claimed to come from Challenger Gray from the ABC New Site - but CG does not report by company. See http://www.challengergray.com/press/PressRelease.aspx?PressUid=195 October Data
The Hirings from CNN Money : Http://money.cnn.com/galleries/2011/pf/jobs/1101gallery.best_companies_most_hiring.fortune/index.html
No Dates on the Hiring Timeframes - these are 'annual announcements'.
Layoffs - Challenger Gray as reported on ABC news site.
Hiring - CNNMoney but the content the timing is vague
http://money.cnn.com/galleries/2011/pf/jobs/1101/gallery.best_companies_...
The WSJ is running a series, generation jobless on NCG's and their denial of work and absurd student debt. Yeah, right, we need to bring in foreign guest workers on Visas who take these very jobs these people need.
Sorry for no articles yesterday, was out of office, so to speak.
The dates are imporant and GE, IBM, HP, Dell, I sincerely doubt they are hiring Americans from their patterns. They are probably bringing in foreign guest workers or those are facilities abroad and so on.
The financial sector offshore outsourced like mad as well, and GE? Seriously?
Caterpillar announced a new 1000 workers, they closed some offshored plant and brought it back, but this is a drop in their bucket.
A service EP can do Working America is to expose the biggest layoffs and to show who actually generates jobs. The numbers announced are large and even like the Roman Legions decimating the
villagers. there is a need to answer the question - who are the generals in the war on the middle class?
Layoffs:1. HSBC 25000 Farewell Manhattan! (HongKong, ShangHai BankCorp)
2. Merck 13000 F/Y New Jersey, we're going to China, Brazil
3 Borders 10700 Books in the New Dark Ages, I don't think so.
4. Cisco 6500 Really, Chambers just can't control his greed.
5. Lockheed Martin 6500 Pentagon Cuts
6. Pfizer 5530 All that Viagra, and can't get it up
7. Barclays 3000 Let's see, they wanted to buy Lehman.
8. Research in Motion 2000 Does anybody not in an MNC have a Blackberry?
9. Credit Suisse 2000 Do they ever stop firing U.S. Employees?
10 Delta Airlines 2000 Did you ever fly Delta?
11. Gannett Publishing 1400 Recycling
12 Boston Scientific 1400 A coronary event,just for the employees
13 Goldman Sachs 1000 No comments necessary.
14. Sears 700 Go in a Sears, try to find someone, anyone
In the U.S Corporate hiring list, there is no geography of where the hiring is. These are announcements, candidate beware! There is churning, and outsourcing afoot everywhere.
Hiring 1.JPMorgan Chase 15,500 can all be forgiven for the time being.?
2 Best Buy 13,919 Even more Blue and Yellow shirts everwhere
3. GE 8,320 But the Schenectady Diesel plant goes to Brasil!
4 IBM 8,320, They are hiring, really, trust me on this one. But where do they hire, and who?
5 HP 6,583 "administration, business planning, HR, sales, supply chain"
6 Target 6,300 merchandising, web development, engineers in technology services,
team leaders, pharmacists, interns.
8 BofA 4,720 Can you trust this employer?
9 CitiBank 3,560 Banking, credit specialists, lending, IT, analysts. Boss's name sounds like Bandit.
When the one percent watch the OWS camp in Zucotti Park and 88 other cities around the world, the one percent denounce them the same way everywhere. The one percent, sipping their wine, look down on OWS with the insouciance of the the French Aristocracy of the 1780s. There are at least 77,000 homeless Vets according to VA estimates. Some of the more fortunate, live out their last days in VA hospitals. Vets, friends and colleagues who made their living once as valuable IT players, now languish in their last years as burned out shells in VA hospitals, victims of outsourcing.
The cruelest fate has fallen to those who are forced to train their offshore replacements, before becoming unemployed. The most tragic victims of unemployment turn their anger on themselves with suicide or killing a family member.
The one percent do not commit crimes without victims. Every CEO of a company who outsources or goes offshore, knows his bonus increases as the victims of his actions become jobless. The dynamic of this model of capitalism is stark: when the one percent gain, the 99 percent loses, because the 99 percent gains.
Buddy Roemer has gone to OWS at the park in NYC ... not to campaign but to listen. He is now urging all Americans to "listen to them." Here's from email received yesterday from Buddy Roemer for President campaign --
Team,
We released a new web ad today entitled, “America, Listen to Them.” As you know, Governor Roemer has been the only candidate on either side to get behind the spirit of Occupy Wall Street. Throughout our history, Americans have stood up against injustice and inequality. Some like to criticize the Occupy Wall Street movement, and although Governor Roemer does not endorse everything they stand for, you cannot criticize their frustration and anger with the status quo and corruption occurring. Lobbyists and Wall Street executives rule Washington and our political system, and Governor Roemer is the only candidate that will work to end this.
Web Video – “America, Listen to Them”
Video Link: http://www.youtube.com/watch?v=bAXR_czUR9c
Enjoy,
Carlos Sierra
Campaign Manager
P.S. Please spread the link to everyone you know via email, Facebook, Twitter and any other social media outlets and ask them to consider joining the team and donating!
Robert Oak,
Thanks for your reply. Considering the size of the losses, I share your doubt about the second comment (at Indiviglio's blog) that F & F "would do even worse whenever interest rates rose."
I am trying to make sense of this story myself, and I'd like to strip away at least some of the devilish details. Major questions remain about the hedging. The story is a puzzlement that could use more research -- digging deep into F & F's books -- than I will be giving it, although I am going to search around for a more detailed explanation.
As you note, F & F took losses because of falling rates, not because of rising rates. But it's unclear what that means, since no one has yet clearly stated that F & F were gambling that long-term rates would actually rise (notwithstanding assurances from the Fed). The claim may be rather that the losses were mostly because of a greater absolute drop in interest rates than F & F anticipated ("as long-term interest rates declined more in the third quarter than in the second"). It seems likely that the hedging was all about Treasurys, but Treasurys do not equate to 'derivatives'. Maybe the losses reduce to that F & F were obligated somehow to purchase Treasurys at above-market.
I am not saying that F & F made judicious calls, because obviously they didn't. All I am saying is that there is probably some connection to the 3rd Quarter budget/debt limit games. In other words, F & F may have gambled that rates would continue low as guaranteed by the Fed, but missed how low rates would drop for their index of interest (as distinguished from index of effective Treasury rates, which were rising), at least in part because they failed to anticipate the extremes reached in the budget/debt limit battles.
I think you're right to focus on the longer term things. We've been hovering around the same stupid point since 2009, as you point out. So why the optimism every time there's a good week? And it's not just from the press, but the experts they quote, too.
Of course I hope things will get better but the only thing I see that may lead to even a medium term improvement is that evidently people are spending more -- but not making more, mind you, just tapping into savings or saving less, I forget which. There will be an uptick in hiring too because of part-timers for the holidays. There will be gushing about that, then come Jan-Feb, back to stagnation. The number of unemployed who aren't getting unemployment is now about 52%, I suppose we can look forward to that number rising.
Pages