Bloomberg has the goods on Ben Bernanke's report to congress:
The Federal Reserve chairman, delivering semiannual testimony required in legislation written by the late lawmakers, will describe a U.S. economy returning to growth next year without generating many new jobs. Even with credit markets thawing, Fed officials see unemployment persisting at 8 percent or higher through the final three months of 2010.
“We could have an awkward situation where the recession ends and the job-loss situation continues for some time,” says Christopher Rupkey, chief financial economist at Bank of Tokyo Mitsubishi UFJ Ltd. in New York. That “probably hasn’t been a factor that has pressured the Fed since the 1990-1991 recession.”
We have the new data for 2008 on H-1B. Computer World has published a searchable list of the top users of H-1B guest worker Visas.
Microsoft Corp. was the top U.S.-based recipient of H-1B visas in 2008, receiving approval for 1,037 visas, slightly more than in 2007. But the largest users of the program remain the major Indian offshore IT services firms -- and their use of H-1Bs appears to be increasing, according to government data.
The importance of the H-1B visa program to India-based outsourcers is clear from the fiscal 2008 approval list compiled by the U.S. Citizenship and Immigration Service (USCIS). That fiscal year ended Sept. 30.
I've lost count. How many times have we bailed out this so-called insurance company?
American Insurance Group, the insurance giant that is 80-percent owned by the US government, is in discussions with the government to secure additional funds so it can keep operating after next Monday, when it will report the largest loss in U.S. corporate history, CNBC has learned.
Sources close to the company said the loss will be near $60 billion due to writedowns on a variety of assets including commercial real estate.
That massive loss is likely to spur downgrades in its insurance and credit ratings that will force AIG to raise collateral that it doesn't have.
In addition, if AIG's book value falls below a certain level, as it seems certain to do, it will trigger default in certain of its debt instruments, say people familiar with the situation.
Do we really want our Stimulus money, U.S. taxpayer money going to India? Well, if they let IBM get at it we assuredly will.
As the economy continues to reel from the worst economic downturn since the Great Depression and jobless claims amass in droves, creating jobs for American workers has become a focal point of American recovery. As the stimulus money is being doled out, one notorious outsourcer has developed a media campaign to get stimulus money for smart grid technologies.
IBM announced that is planning to seek a portion of the $2.5 billion that was set aside to stimulate broadband rollouts for rural America. Smart grid systems deliver electricity from suppliers to consumers using digital technology to save energy and cost. This electricity network is being promoted by numerous governments as a way to address energy independence and global warming.
The Obama administration will be appointing a whistle blower to oversee the deployment of the Stimulus money. Wow!
President Barack Obama plans to announce Monday a former Secret Service agent who helped expose lobbyists' corruption at the Interior Department as his pick to oversee the $787 billion economic stimulus plan.
Obama is set to name Earl Devaney as chairman of the new Recovery Act Transparency and Accountability Board, an administration official said Sunday. Vice President Joe Biden also will be given a role coordinating oversight of stimulus spending.
Now my question, as notorious outsourcers like IBM and G.E. lobby and even run TV ads to get a piece of the pie in large contracts....will they award them to smaller corporations who hire U.S. citizens, do not labor arbitrage or incorporate offshore to avoid taxes?
Well how about this. Seems the bean counters and the HR folks at Microsoft screwed up when they laid off some employees. Turns out they somewhat overpaid on those severance checks. Now the company is demanding that these terminated employees refund the company the money.
For hundreds of thousands of workers losing their jobs during the recession, there's a new twist to their financial pain: Even as they're collecting unemployment benefits, they're paying bank fees just to get access to their money.
Thirty states have struck such deals with banks that include Citigroup Inc., Bank of America Corp., JPMorgan Chase and US Bancorp, an Associated Press review of the agreements found. All the programs carry fees, and in several states the unemployed have no choice but to use the debit cards. Some banks even charge overdraft fees of up to $20 — even though they could decline charges for more than what's on the card.
The top U.S. diplomat says Washington must incur more debt to China to boost the ailing U.S. economy and stimulate demand for Chinese products. She says it would not be in China's interest if the U.S. is unable to get its economy out of a recession.
China is the largest holder of U.S. Treasury bonds. Clinton says China's continued investment in U.S. Treasuries is a recognition of the interconnection of the U.S. and Chinese economies.
Chinese Foreign Minister Yang Jiechi told Clinton Saturday that both countries should boost economic policy coordination and reject protectionism in trade.
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