If one doesn't know, this group, using Indians with U.S. citizenship, lobbies heavily to offshore outsource your job and also obtain guest worker Visas to displace U.S. workers.
Governor-Elect Tim Kaine of Virginia has appointed Mr. Aneesh Chopra, a leader of the Indian American community and an active member of the USINPAC Leadership Committee, as the first Indian American Secretary of Technology for the Commonwealth of Virginia. USINPAC congratulates Mr. Chopra on his appointment.
Well, well. All of you folks screaming your heads off about offshore outsourcing of Federal, State and customer service jobs are having an impact. Keep it up!
Department of Children and Families Secretary George Sheldon told reporters on Friday that JPMorgan Chase, which contracts a debit-like card for food stamp users in Florida, will stop routing the calls to India.
"I gather that technologically this is a bigger deal than just flipping a switch. I don't know how long this will take, but the process has begun," Sheldon told the US media.
"It's a very bad message, particularly in this economy but also across the board, to have call centers operating out of India," Sheldon said. "They have agreed that they will immediately begin the process of rerouting the calls so that no Florida calls will be going to India."
Maybe Congress is getting just a wee bit of a non-partisan message. House Speaker Pelosi is calling for an investigative commission on Wall Street irregularities (I thought it was business as usual!), due to Populist outrage (Congress hears the people?):
Pelosi, speaking to the Commonwealth Club of California, said she wants the panel to be modeled after the Pecora Commission, a bipartisan investigative body established by the U.S. Senate in 1932 to examine the causes and abuses of the Wall Street crash of 1929 and to prevent a repeat.
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Good Morning! Rise and Shine! Get that Cup O' Joe...
break out the O.J....hang out with the pooch...time to check out the Funnies!
"That flexibility could entail doing more to ease credit if the economy proves resistant to the monetary and fiscal stimulus now in train,"
How exactly is the Fed going to prevent a surge in inflation?
"The key to preventing inflation will be reversing the programs, reducing reserves, and raising interest rates in a timely fashion," Kohn said.
Easily said then done. The magnitude of the positions/purchases that the Fed has made indicates that it will not be that easy to reverse. Am I being to pessimistic?
“We are not taking significant credit risk that might end up being absorbed by the taxpayer,” Kohn said in a speech at a conference at Vanderbilt University. “For almost all the loans made by the Federal Reserve, we look first to sound borrowers for repayment and then to underlying collateral.”
Oh, I guess we are suppose to take his word for it. Lending to any financial conglomerate particularly one that is a zombie requires "significant credit risk". But Mr. Kohn says they only lend to "sound borrowers". What is the Fed's definition of "sound borrower"? I am not sure that Citigroup or Bank of America can be considered "sound borrowers" but that just speculation on my part. But is congress asking the right questions of the Fed? Again, what is the definition?
Petit Julien welcomes you to the first gathering at the Populist Pub. As an introduction, let me refer to this comment I made the other night. You can scroll up and down in that thread to get more context.
One of the things I like most about Naked Capitalism is the daily links that Yves provides. They are wide ranging, only sometimes graphical or analytical, but always apropros to the bigger picture.
So I was thinking if there is a way of doing something similar here at EP. Provide links to other reports, essays, analyses without paraphrasing and just invite general discussion or further original blog posts.
BLS has released March unemployment for states, and they are bad. Really bad. The 10% club has a new member: Indiana. And five other states will are close to joining the club: Florida (9.7%), Kentucky (9.8%),Mississippi (9.4%), Ohio(9.7%), and Tennessee (9.6%).
In addition to its finding that a bankruptcy-related shutdown of the U.S. motor vehicle industry could cost up to 3.3 million U.S. jobs, this study finds:
This is not good. Venture Capital has dropped to new lows:
Venture capital firms invested only $3 billion in 549 young companies in the first quarter, the lowest investment level since 1997, according to the analysis, done by the National Venture Capital Association and PricewaterhouseCoopers.
The amount invested was down 47 percent from the fourth quarter of 2008 and 61 percent from the first quarter last year.
Though investment in every major technology sector had double-digit declines, investment in clean-technology start-ups, which reached record highs last year, took the steepest dive.
In the first quarter, only $154 million went into 33 companies, an 84 percent decline from the fourth quarter and the lowest level since 2005, just before clean technology began to take off.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
This week's videos are a series on naked shorts, or bear raids causing the collapse of Lehman Brothers and Bear Stearns, a video showing the SEC response to Congress asking them how precisely they missed the biggest fraud and Ponzi scheme in history and Congressional Oversight Panel Chair Elizabeth Warren on the Daily show.
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It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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