Outsourcing

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So Levi-Strauss just closed their last two plants in the US (San Antonio I believe) and all the clothes will be manufactured by contractors overseas. The 'quintessential' American company is American no more.

Now, Fender Guitars manufactures a lot of the electrics and all of the acoustics overseas (in Mexico and Japan), but they still make "Fender USA" guitars in California. These guitars sell for much more and are coveted because they're made in the USA.

Did Levi's even TRY to release a USA label? Would you pay more for a US-made pair of jeans?

Is "Buy American" a reactionary, unionist Harley-riding 80's anachronism? Is the low-price Wallmart revolution the only thing that matters now?

andy, Friday, 9 January 2004 18:02 (twenty-two years ago)

the beauty is that prices won't even go down. prices never go down, except on electronics.

Huckleberry Mann (Horace Mann), Friday, 9 January 2004 18:05 (twenty-two years ago)

I'm really conflicted about this because generally speaking I think that corporations should keep jobs in the country and I'd like to buy American when possible because I still think that helps keep people employed. However, I found myself shockingly agreeing with Carly Fiorina & Craig Barrett in this article yesterday where they said they send jobs overseas because Americans aren't educated enough, then took the government to task for spending more money on farm subsidies than science research. They had pretty harsh words, I can't imagine any politicians being suicidal enough to agree with them though, because you don't get anywhere in America by calling Americans stupid, even if it is true.

anthony kyle monday (akmonday), Friday, 9 January 2004 18:15 (twenty-two years ago)

they send jobs overseas because Americans aren't educated enough

Aren't educated enough to work in a jeans factory?

Huckleberry Mann (Horace Mann), Friday, 9 January 2004 18:17 (twenty-two years ago)

in this article yesterday where they said they send jobs overseas because Americans aren't educated enough

(i.e. aren't educated enough but not willing to get a minimum wage salary by U.S. standards)

donut bitch (donut), Friday, 9 January 2004 18:18 (twenty-two years ago)

Sorry, but it really just comes to down to being able to hire really smart people for really cheap.

furthermore, there have been arguments that this will eventually "help Americans". The argument was hilarious cyclical.

donut bitch (donut), Friday, 9 January 2004 18:21 (twenty-two years ago)

*Insert a variety of passionate WTO related arguments here*

donut bitch (donut), Friday, 9 January 2004 18:21 (twenty-two years ago)

Well they were talking about high tech jobs and not jeans, so I kind of misdirected the thread, sorry.

I was under the impression that Levi's hasn't made the vast majority of their jeans in the US in years, and those two plants were mostly used for research or something, and some of those people are keeping their jobs. Someone correct me if I'm wrong about this because I might be.

anthony kyle monday (akmonday), Friday, 9 January 2004 18:24 (twenty-two years ago)

That said, I do think that the emptiness of American corporate culture (i.e. lack of American identity in what rules the country) is slowly but surely becoming more transparent to the world, and eventually most Americans themselves. While jobs may increase in the near future, they will start dipping again shortly after slowly but surely, creating a lower standard of living in the U.S. over time.

It's possible the shit will start hitting the fan within the next decade but who knows what will happen by then. But yeah, I am not committing myself to living in the U.S. forever. (In fact, one of my new year's resolutions is to just prepare on the side for any possibility that i might not live in the U.S. in the distant future...)

donut bitch (donut), Friday, 9 January 2004 18:26 (twenty-two years ago)

Ok, so ... Americans are stupid enough to not be able to do a repetitive job on a daily basis but smart enough to not want to work for very little money ... but non-American workers are smart enough to do the job but not smart enough to know that they should be paid more for their quality education?

dean! (deangulberry), Friday, 9 January 2004 18:28 (twenty-two years ago)

x-post

jeans research¿
what do you think they were doing, trying to unlock the denim code¿

dyson (dyson), Friday, 9 January 2004 18:28 (twenty-two years ago)

Ok, so ... Americans are stupid enough to not be able to do a repetitive job on a daily basis but smart enough to not want to work for very little money ... but non-American workers are smart enough to do the job but not smart enough to know that they should be paid more for their quality education?

Change the bold phrase to "not lucky enough"

donut bitch (donut), Friday, 9 January 2004 18:30 (twenty-two years ago)

No, it was all about the stone-wash enzymes... it's still not PERFECT.

andy, Friday, 9 January 2004 18:31 (twenty-two years ago)

Thank god we're about the pass the Denim Millenium act...

donut bitch (donut), Friday, 9 January 2004 18:32 (twenty-two years ago)

Change the bold phrase to "not lucky enough"

Okay, thanks for pointing out my very American point of view, but that still doesn't make it a valid moral standpoint, although I don't think anyone will challenge me on this point...

dean! (deangulberry), Friday, 9 January 2004 18:36 (twenty-two years ago)

I've heard that the Indians are starting to get a little uppity, too - you know, they've always been quite fond of Marx over there - and now want more money. This whole thing could blow up in HP's face.

One of the pitfalls of hiring an "eductated" workforce is that they read the paper, watch the news, and conspire in the breakroom. I read some economist's article saying that the conditions of which Karl Marx wrote are more prevalent today than in the 1880's... Look out!

andy, Friday, 9 January 2004 18:37 (twenty-two years ago)

Okay, thanks for pointing out my very American point of view, but that still doesn't make it a valid moral standpoint, although I don't think anyone will challenge me on this point...

You're expecting morality from globalization? Or maybe I misread you?

donut bitch (donut), Friday, 9 January 2004 18:41 (twenty-two years ago)

what would really fuck everything up is if countries like the u.s. had an "international minimum wage" for everything it imports.

dyson (dyson), Friday, 9 January 2004 18:42 (twenty-two years ago)

One of the pitfalls of hiring an "eductated" workforce is that they read the paper, watch the news, and conspire in the breakroom. I read some economist's article saying that the conditions of which Karl Marx wrote are more prevalent today than in the 1880's... Look out!

And before you know it, COMMIES all over the sink and bathroom.

donut bitch (donut), Friday, 9 January 2004 18:42 (twenty-two years ago)

DB, I was trying to clarify the argument for globalization as presented in that article to examine if it was being posed as something fair...

dean! (deangulberry), Friday, 9 January 2004 18:47 (twenty-two years ago)

Did Levi's even TRY to release a USA label?

Yes, for premium retailers in San Francisco, New York and Los Angeles.

Would you pay more for a US-made pair of jeans?

If "you" = the stereotypical american consumer, the answer is no. Price is the name of the game, marketing has shown that price rules over quality, brand recognition, dependability, etc.

the beauty is that prices won't even go down.

the united states apparel retail prices have been in deflation for 3 seasons (1.5 years).

I was under the impression that Levi's hasn't made the vast majority of their jeans in the US in years, and those two plants were mostly used for research or something, and some of those people are keeping their jobs. Someone correct me if I'm wrong about this because I might be.

Most of the domestic production (aside from the premium outlets mentioned above) in the last 2 years was exported to Japan, Hong Kong, Europe... places where "Made In America" is a strong selling point. These two points were sundry, sewing, and denim production.

Is the low-price Wallmart revolution the only thing that matters now?

The massmarket channel (comprised of Walmart, Target, etc.) over the past 5 years has risen to be one of the largest consumer channels of denim jeans.

loggedout, Friday, 9 January 2004 19:45 (twenty-two years ago)

That shit is no good.

Look at Converse.

Now looks at computer companies such as Dell(many more but not really worth listing). Have you called tech support for one of them lately? If you have you probably got to talk to an Indian...yes and Indian. They have outsourced all tech support to India. India. Fucking India.

El Spinktor (El Spinktor), Friday, 9 January 2004 19:47 (twenty-two years ago)

but did prices go down or merely not increase at the same rate as overall inflation?

Huckleberry Mann (Horace Mann), Friday, 9 January 2004 19:48 (twenty-two years ago)

retail price deflation of -18% vs. +1.6% inflation over the past 2 years.

loggedout, Friday, 9 January 2004 19:51 (twenty-two years ago)

Wrangler did the same thing.

El Spinktor (El Spinktor), Friday, 9 January 2004 19:52 (twenty-two years ago)

damn. I should be buying me some damn jeans.

Huckleberry Mann (Horace Mann), Friday, 9 January 2004 19:53 (twenty-two years ago)

Isn't this outsourcing overseas business a result of their deal with Wal-Mart?

Dale the Titled (cprek), Friday, 9 January 2004 19:53 (twenty-two years ago)

I stocked up on a couple pairs of Levi 505's before they are touched by the hands of someone that isnt elligeble for US Unemployment. Wait, nevermind...any day now illegal aliens will be able to do that too.

El Spinktor (El Spinktor), Friday, 9 January 2004 19:54 (twenty-two years ago)

Isn't this outsourcing overseas business a result of their deal with Wal-Mart?

nope. the deal with wal-mart was to be able to sell jeans where the consumer is buying them. it had no bearing on production which by that point had shifted dramatically overseas (4 continents mind you, it's operated globally).

loggedout, Friday, 9 January 2004 19:57 (twenty-two years ago)

what about the other three continents?

Huckleberry Mann (Horace Mann), Friday, 9 January 2004 19:59 (twenty-two years ago)

Next thing you know ILX will outsource its moderation...

El Spinktor (El Spinktor), Friday, 9 January 2004 19:59 (twenty-two years ago)

but non-American workers are smart enough to do the job but not smart enough to know that they should be paid more for their quality education?

yes, but cost of living, so, in terms of their own cost of living, they are getting paid more

gareth (gareth), Friday, 9 January 2004 20:02 (twenty-two years ago)

outsourcing is endlessly fascinating, because a) people always talk about paying more to buy domestic, but never do, because the bottom line is money, and b) people say "well, thats the free market, its a good thing, keeping prices low" when it involves industries other than their own, but change tune very quickly when their own jobs start getting outsourced.

gareth (gareth), Friday, 9 January 2004 20:05 (twenty-two years ago)

why do people have such a limited comprehension of cause and effect?

Huckleberry Mann (Horace Mann), Friday, 9 January 2004 20:05 (twenty-two years ago)

Because the "Man" keeps blurring the line. Damn the man.

El Spinktor (El Spinktor), Friday, 9 January 2004 20:07 (twenty-two years ago)

Damn the Spinktor, asshole!

Huckleberry Mann (Horace Mann), Friday, 9 January 2004 20:08 (twenty-two years ago)

This aggression will not stand...Mann....

El Spinktor (El Spinktor), Friday, 9 January 2004 20:09 (twenty-two years ago)

I dont post for a couple days and now all of a sudden people are getting all aggro on my ass. Dang.

El Spinktor (El Spinktor), Friday, 9 January 2004 20:09 (twenty-two years ago)

hey, you damned me first...oh wait...

Huckleberry Mann (Horace Mann), Friday, 9 January 2004 20:10 (twenty-two years ago)

I damned the "Man"...not Mann. Check yoself, foooool.

El Spinktor (El Spinktor), Friday, 9 January 2004 20:12 (twenty-two years ago)

(i was making a joke)

Huckleberry Mann (Horace Mann), Friday, 9 January 2004 20:13 (twenty-two years ago)

Nah, you are dead to me now. Too late. Our friendship just crumbled to bits because of your little joke. I hope you're happy.

El Spinktor (El Spinktor), Friday, 9 January 2004 20:15 (twenty-two years ago)

Fine, but I'm keeping the ring.

Huckleberry Mann (Horace Mann), Friday, 9 January 2004 20:16 (twenty-two years ago)

And keep that fucking cat while youre at it...he keeps ripping up my fine linens and shitting on the armoire.

El Spinktor (El Spinktor), Friday, 9 January 2004 20:17 (twenty-two years ago)

An ass ready to belt out digested jerk potato hotsausage can be a weapon of ass destruction. If my life was in danger, i would get aggro on that ass, too.

donut bitch (donut), Friday, 9 January 2004 20:18 (twenty-two years ago)

"Japan, Hong Kong, Europe... places where "Made In America" is a strong selling point..."

God, that used to be places like Detroit, Little Rock, and Baltimore...

andy, Friday, 9 January 2004 20:19 (twenty-two years ago)

cities (well, 2/3) that suffered their own "outsourcing" dilemmas.

loggedout, Friday, 9 January 2004 20:24 (twenty-two years ago)

re: foreign workers: yes, but cost of living, so, in terms of their own cost of living, they are getting paid more

er.
i dysagree¡
but i'm at work and haven't the time right now to dig up numbers n stuff.

dyson (dyson), Friday, 9 January 2004 20:39 (twenty-two years ago)

I think what he means there is that anyone who has a job in the third world should be grateful and praise their employer as their one, true god.

Huckleberry Mann (Horace Mann), Friday, 9 January 2004 20:53 (twenty-two years ago)

an interesting angle, but not the one i meant. What i mean is, it is difficult to compare an american workers salary with an outsourced skilled indian workers salary, as you have to take the difference in currency, and standard of living into account. indian workers are able to price american workers out of the market, that is what the free market is supposedly all about, right?

gareth (gareth), Friday, 9 January 2004 21:15 (twenty-two years ago)

It will be interesting to see now that outsourcing is starting to impact so-called "white collar" jobs whether there will be a sea-change in attitudes towards free trade. There was an op-ed piece in the NY Times a few days ago co-authored by NY Senator Charles Schumer which basically questioned whether free trade principles are still a good thing if it involves exporting high-paying US jobs to places like India. Blue-collar workers have been very skeptical of free trade for years, but now that programmers and other white-collar workers are starting to feel the pinch, you may see this skepticism spreading.

Here's a link to the op-ed piece:
http://www.nytimes.com/2004/01/06/opinion/06SCHU.html

o. nate (onate), Friday, 9 January 2004 21:24 (twenty-two years ago)

indian workers are able to price american workers out of the market, that is what the free market is supposedly all about, right?
right.
i actually know little about indian workers and their living conditions.
but i know laborers in places like the philippines live in awful conditions and couldn't even imagine having the dysposable income an american worker would garnish.
but you were talking about educated/skilled workers and i am not. so i'll shut it.

dyson (dyson), Friday, 9 January 2004 21:37 (twenty-two years ago)

Blue-collar workers have been very skeptical of free trade for years, but now that programmers and other white-collar workers are starting to feel the pinch, you may see this skepticism spreading.

The thing is, the white collar workers won't have a goddamn thing to do about it. Hence why I'm thinking the U.S. especially is in the midst of a slow decline in the future.

No worries. We have plenty of fun things to distract/excite/frighten us so that such secondary issues aren't given too much thought.

donut bitch (donut), Friday, 9 January 2004 21:58 (twenty-two years ago)

Well, if enough people feel strongly enough about it, we could in theory do something about it - ie., pass laws that limit or penalize exporting of jobs, couldn't we?

o. nate (onate), Friday, 9 January 2004 22:01 (twenty-two years ago)

Let's start that grass roots campaign now..

DOWN WITH HIRING SMARTER PEOPLE OUTSIDE MY COUNTRY AND THAT SORT OF THING!

donut bitch (donut), Friday, 9 January 2004 22:04 (twenty-two years ago)

x-post.
no. if you are among the masses being downsized, chances are you don't make the laws.

revolution my friend.
this is how america solves it's problems.

er, by revolution i mean violence.

dyson (dyson), Friday, 9 January 2004 22:06 (twenty-two years ago)

I doubt that campaign slogan would fly, d.b., but an across-the-board penalization of companies that export jobs might be politically feasible. Kerry has already proposed something like that in one of his speeches.

o. nate (onate), Friday, 9 January 2004 22:07 (twenty-two years ago)

DOWN WITH HIRING SMARTER PEOPLE OUTSIDE MY COUNTRY AND NOW I THROW THESE TWIGS AND STICKS AT YOU. ROWR!

donut bitch (donut), Friday, 9 January 2004 22:08 (twenty-two years ago)

I doubt that campaign slogan would fly, d.b., but an across-the-board penalization of companies that export jobs might be politically feasible. Kerry has already proposed something like that in one of his speeches.

B-b-b-b-ut we'd be IMPEDING PROGRESS!

donut bitch (donut), Friday, 9 January 2004 22:09 (twenty-two years ago)

Kerry, dean, and probably the several of the democrats running for office are in favor of cutting tax credits for corporations that do this. *HOWEVER*, do you really think you can get elected in the US by tackling big business anymore? Look at Nader.

anthony kyle monday (akmonday), Friday, 9 January 2004 22:11 (twenty-two years ago)

(i think my major point is kinda being missed. it doesn't matter. elected leaders of countries aren't really running their respective countries anymore. this is why people are protesting things like the WTO.)

(actually, never mind, anthony jumped in and approached it but said it better than me)

donut bitch (donut), Friday, 9 January 2004 22:12 (twenty-two years ago)

Tackling big business hasn't been a winning political proposition for the last several election cycles, that's true, but eventually the pendulum has to swing back the other way. I think when the middle class starts to perceive that there might be a gap between the interests of the big multinational corporations and its own interests, there could be a reversal.

It's true that institutions like the WTO are not democratically elected, but the WTO doesn't set policy, it only enforces the treaties that the member countries have ratified - and those treaties are ratified by Congress.

o. nate (onate), Friday, 9 January 2004 22:17 (twenty-two years ago)

I agree with you ideally, o. nate, but i think the middle class has had PLENTY of time to perceive it, and I think it's on the road to perceiving it less and less as time drags on by. I don't have much hope for "the masses".

I'm feeling rather politically pessimistic today, so forgive me.

donut bitch (donut), Friday, 9 January 2004 22:25 (twenty-two years ago)

I'm rather conflicted about the whole thing myself. On the one hand, certainly the prospect of having salaries in the US driven down by international labor competition is not appealing. But on the other hand, I think that having increasing incomes in developing countries is a worthy ideal in itself. In principle - in the long run - I think free trade will have good effects for the global economy as a whole, but I fear for the short term pain in my own little corner of the globe. Certainly this points up the shortsightedness of our country's chronic underfunding of education - in terms of both our public schools and financial aid for higher education.

o. nate (onate), Friday, 9 January 2004 22:36 (twenty-two years ago)

underfunding of education? the us spends more on education per pupil than any other country in the world, it has gone up 63% under bush, it's a lousy investment, for the current results. maybe they should demand some improvement before giving them even more money. i million more students on pell grants than in 1996. protectionism is choosing winners and losers, why is it important to save steel jobs over those jobs lost in companies that had to pay more for steel as a result? because all fo these decisions are driven by political forces which make even less sense than the market. why is brachs closing all of it's plants here? because the sugar farmers are protected so brachs pays six times as much for sugar as competitors in other nations. if you want to stop corporations from moving, then lower corporate taxes and remove the incentive for them to cheat or bail. levis is a poorly run company, they haven't introduced any upscale products which is where the jean market is now.

keith m (keithmcl), Saturday, 10 January 2004 01:11 (twenty-two years ago)

sounds like a no-win situation to me.

donut bitch (donut), Saturday, 10 January 2004 01:20 (twenty-two years ago)

i am the last man in the shire bookshop who still likes to ride bill the pony and wear levi's.

jack cole (jackcole), Saturday, 10 January 2004 01:43 (twenty-two years ago)

Keith, I don't know where you got your numbers from, but some of them are way off. The US does not spend the most on education of any country - not even close. As a % of GDP, the US is ranked 47th in education spending. See this graph.

While federal spending on education has gone up under Bush, 93% of the funding for education comes from the state and local level. So that 63% increase you mentioned is only a 63% increase on 7% of the total, in other words about a 4.3% increase. Not very impressive.

As for financial aid for college, the amount given per Pell Grant has remained level, while tuitions have skyrocketed. This is putting college out of reach for more and more students. On the state level, you have people like Governor Arnold Schwarzenegger proposing tuition increases at California colleges combined with cuts to financial aid programs. Government needs to budget more money for financial aid to keep pace with tuitions, as well as to study why the tuitions are increasing so rapidly in the first place and perhaps propose new policies to limit them.

o. nate (onate), Saturday, 10 January 2004 04:10 (twenty-two years ago)

Also, if you look at how much the US spends on education per pupil, it does even worse. In that category, it is ranked 50th. Graph is here.

o. nate (onate), Saturday, 10 January 2004 04:20 (twenty-two years ago)

that is a crazy website.

dyson (dyson), Saturday, 10 January 2004 08:03 (twenty-two years ago)

Just to give you guys a bit of a perspective from the local newspaper's POV about the whole Levi-Strauss plant closing:

S.A. loses an American institution

By Elizabeth Allen
Express-News Business Writer

Web Posted : 01/09/2004 12:00 AM

Martha Huizar and Armandina Rodriguez had been work pals for almost 24 years, so it's fitting that on the official closing day of operations at the last Levi Strauss & Co. plant in the United States they showed up together to pick up their final paychecks.

The two women were among hundreds who finalized paperwork and talked to potential employers at a job and education fair sponsored by Alamo Workforce Development at the Levi's sewing plant on Old Hwy 90. The company announced in September it would close the San Antonio plant.

"We weren't surprised," Huizar said. "We were like, 'Well, it's time to go on with our lives.' We'd always heard rumors."

Levi Strauss officials said in September that the San Francisco-based company would close its last factories in the United States and Canada, while emphasizing the firm tried as long as possible to make jeans in San Antonio. Now, only the company's three Canadian plants remain open, and those are slated to close in the spring.

Global economic pressures have forced Levi's hand. It no longer could compete with jeans manufacturers that have shifted production to other countries where labor is cheaper.

Levi Strauss once operated 63 U.S. manufacturing plants. In Texas, its plants ranged from El Paso to San Angelo to the Rio Grande Valley. In San Antonio, Levi Strauss was a stalwart in the city's thin manufacturing sector, providing work for 26 years and, at its height, employing 2,400 workers.

At the company's 121,151-square-foot sewing plant, workers made more than 4 million pairs of men's jeans each year, and workers at Levi's nearby 200,000 square-foot finishing center took the jeans and applied a variety of washes and treatments to them.

Work at the sewing plant stopped just before Thanksgiving and at the laundry plant just a week later.

When the company shut down operations, more than 800 people were thrown out of work. They received several weeks' notice and severance packages that include extended health benefits, along with two weeks of pay for each year worked.

Now, Levi's is working with Alamo Workforce to help the workers get job and educational opportunities.

Almost 40 employers and schools manned booths at the job fair, said Ramon and Sunita Trevino, who attended the fair representing Primerica Financial Services.

It will be a tough transition for many, though.

Hundreds of employees had been at Levi's for 20 years or more, and earned more than $10 an hour with little education. Some don't speak English, others don't speak it well, and it will be difficult for them to find jobs with comparable pay.

"They have to go back to the beginning," said Alma Martinez, who'd worked at Levi's for five years.

San Antonio College's Anelia Luna said most of the people she talked to needed General Educational Development diplomas, and about half of those needed classes in English as a second language.

She handed out a lot of information Thursday, but doesn't expect to see many applicants for a few weeks. The hundreds of Levi's workers first must make appointments with a job counselor from Alamo Workforce, and the appointments stretch into mid-February.

Other schools sending representatives to the job fair included Baptist Health System School, Southern Methodist University, Project Quest, and Roadmasters Drivers School. Companies that staffed the fair included H.E. Butt Grocery Co., Bexar County Civil Services, Southwest Airlines and VIP Staffing.

--------------------------------------------------------------------------------
eallen@express-news.net
The Associated Press contributed to this report.

Tenacious Dee (Dee the Lurker), Saturday, 10 January 2004 10:08 (twenty-two years ago)

one year passes...
this is an old article but I thought it was worth posting:
http://www.iht.com/articles/529970.html

teeny (teeny), Thursday, 13 January 2005 02:14 (twenty-one years ago)

three years pass...

Why not Journalism too?

http://www.nytimes.com/2008/11/30/opinion/30dowd.html?_r=1&hp

Indiespace Administratester (Hurting 2), Sunday, 30 November 2008 14:44 (seventeen years ago)

I checked in with one of his workers in Mysore City in southern India, 40-year-old G. Sreejayanthi, who puts together Pasadena events listings. She said she had a full-time job in India and didn’t think of herself as a journalist. “I try to do my best, which need not necessarily be correct always,” she wrote back. “Regarding Rose Bowl, my first thought was it was related to some food event but then found that is related to Sports field.”

Indiespace Administratester (Hurting 2), Sunday, 30 November 2008 14:44 (seventeen years ago)

one month passes...

The bank help person I just spoke with kept telling me that my address was on "Clinton Suh-treet." It was strange, because her accent was somewhat convincing otherwise.

ichard Thompson (Hurting 2), Friday, 16 January 2009 03:49 (seventeen years ago)

two years pass...

from Matt taibbi's blog mailbag:

"Hi Matt,
In your last mailbag you stated that you believe Lloyd Blankfein was at the White House state dinner for Chinese president Hu Jintao to ensure the "removal of the American manufacturing job market to a slave-labor state." Could you elaborate on this? I mean, what does Goldman Sachs have to do with outsourcing manufacturing jobs? If we were talking about Steve Jobs, the CEO of Nike or even Martha Stewart I would see the connection. Does Goldman Sachs have influence over the running of other corporations? If so, how?

Keep up the great work.
Thanks,
Ryan

Ryan,
I have more coming on this, but the short answer is that the big banks are all heavily invested in companies that outsource their operations to China, they're invested in China itself, and they continually lobby the government to made outsourcing to China easier. I remember speaking to Bernie Sanders about this issue and he was going crazy over the notion that banks like Goldman and companies like GE get public support from the U.S. taxpayer when they do not pledge to abstain from exporting jobs to China. Goldman incidentally was itself a major outsourcer; they moved a huge operation to India years ago. But the major contribution of banks like Goldman to the outsourcing problem is that they finance the export of jobs overseas."

kind of shrill and very self-righteous (Dr Morbius), Wednesday, 9 February 2011 20:50 (fifteen years ago)

So much wrongness in the OP, glad that "loggedout" was there to set the record straight.

i love you but i have chosen snarkness (Steve Shasta), Wednesday, 9 February 2011 21:32 (fifteen years ago)


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