Greenspan: Offshoring laws could harm U.S.

Federal Reserve Chairman Alan Greenspan said on Friday that efforts to stem the tide of overseas outsourcing could damage the U.S. economy instead of help protect American workers.
Greenspan detailed his views on the politically charged topic at Boston College's Finance Conference 2004, where he was awarded an honorary degree by the school. Measures such as the U.S. Workers Protection Act might do more harm than good, he said

http://zdnet.com.com/2100-1104-5172975.html


This jerk thinks letting all the jobs go does not harm us?

Might as well since all the jobs and money are being generated
overseas. What good is a Fed chairman of a broke country? :shrug:

n/t

We couldn't pay somebody to take Bushco.

China and India are growing faster than we are. And we could probably hire two very qualified economists for less they we're paying him.

Offshore Greenspan - Yes!!!

After so many years in his current position he's beginning to think he's royalty. Just like all the members of the Bush Family Evil Empire.

... if this means that he's also in favor of paying tax dollars to firms to locate offshore, which is the case now.

I long ago came to the realization that "economy" is a buzz word on the right for "the wealthy."

Wonder when the rest of country is going to wake up, too?

,...and one very poor assumption: that corporatists will actually serve human interests. He is a poor judge of human character because he is limited by economic theory.

unemployable. :puke:

If you want to do something to keep more of those outsourced jobs in the United States, Greenspan said, improve education. Make sure our young people acquire the skills that would enable them to undertake those jobs that are leaving our shores for lack of qualified applicants.

Greenspan makes great good sense on this issue, just as he made great good sense in advising Congress that it should cut spending and avoid tax hikes. Treat the marketplace well by keeping it free and flush with capital, and it will repay the population many times over.

http://www.capitolhillblue.com/artman/publish/article_4220.shtml

As much as I'm in favor of supporting education, how is it supposed to help American workers compete with countries which have neither environmental nor labor protection laws and whose workers are consequently little more than slaves in a desolate wasteland? Especially since the only economic index Repukes consider to be meaningful is the consumer price index? By their own philosophy, consumers are supposed to be willing to pay more for goods to avoid supporting sweatshops in the less developed world? Isn't that going to be tough since Americans, having lost their jobs, aren't going to have enough money to buy anything but the cheapest of the cheap goods, no matter how they're produced? The only solution would be for us to adopt the same slave labor practices and reduce our environment to a smoking desolation... oh yeah, that's right, that's exactly what we are doing. :eyes:

...PRODUCTIVITY problem more than an "outsourcing" problem.

There is a very recent report (Alliance Capital) that concluded that while the US had lost 12% of it's manufacturing jobs over the most recent five year period, and the EU 13%, China had lost 15%!

Where did all of those jobs go, Mexico? Not really.

...to the economy because....aha...because...if workers are protected...then they would...aha....uhmmm....oh I know...They would not have any desire to work and if we have a work force that's not working, that's definitely bad for the economy. Right?:-) ...Wait, by outsourcing though aren't we putting workers out of work Mr Greenspam, and you are saying that's good for the U.S. economy. So I still don't get it.:dunce:

Take the technology field. We brought in lots of workers on visa programs (H1B) with the excuse there weren't enough American workers. So the foreign workers get some great experience. They go back to India. Start a company to do what they were ding in the US but at a much lower cost.

India turns out a ton of computer science graduates.

Corps saved (still do) using foreign workers but save big-time exporting the work.

There has been a deflation in compensation throughout the technology arena (some of it warranted). It will continue as we try to compete.

We don't build much. We need something new. Things will get ugly without some new technology to build our econmy around.

I'm going to open up a fleet of jinrikshas.

just throw 'em in anywhere, no need to make complete or coherent sentences...

So which do you pick? So far it is clear that we can't "win" in a contest against prison/slave wages and countries that do have trade barriers.

snip
Outsourcing is the practice of sending American jobs overseas to increase corporate profits. By definition, it cuts jobs. Its benefits are that it can increase profits, help businesses remain competitive with lower costs, and benefit shareholders. However, the long-term gains made by companies laying off Americans will only reinforce and not reverse the trend itself. And while many business tactics that maximize profits generally result in a re-investment in America, this one will do the exact opposite.

This particular issue is far less theoretical and partisan than others. Every political party wants to create jobs. Outsourcing's fallout includes foreclosures, erosion of the (income) tax base, lost careers and taxpayer-funded unemployment benefits. These are bipartisan problems.

The current administration's Job Creation program is a disaster. The president has the embarrassing distinction of being the first American president since the Great Depression to produce negative job growth during his term. At best, we have a jobless recovery, and if policies aren't changed, we risk indefinite downturn.

Outsourcing, like many of the president's policy decisions, has the predictable and sometimes designed effect of job loss. With this president, it's always business owner over business worker. His plan for getting rid of overtime will result in employers hiring fewer employees to work more hours to save on wages and benefits. His immigration proposal will mean more Mexicans working more American jobs for less money. In each case, American jobs will be sacrificed for business profits with no measurable re-investment into our economy.


more...
http://www.townonline.com/lynnfield/news/opinion/nss_letnsstringrs03122004.htm

who have amassed so much loot on the backs of slaves that nobody they claim to know or their children's children will ever need a job. All they'll ever want is lower taxes and lower prices. He's using Bushco buzzwords like "erecting walls to foreign trade" but outsourcing isn't trade at all. It's handing out people's livelihoods to the lowest bidder. When Greenspin says "reaching for new levels of prosperity" it's pretty clear he is not thinking of the unemployed, the underemployed, or small businesses that do not outsource. No siree, he's looking out for that 1%.

:puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke:

With all due respect, Greenspan is parroting cliches from the depression era. He doesn't even address the details of the policy issues. He's losing his faculties.